Republic of Korea: Lactose Market 2024

Lactose Market Size in Republic of Korea

In 2022, the South Korean lactose market increased by 0.9% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Lactose Exports

Exports from Republic of Korea

In 2022, approx. X tons of lactose and lactose syrup were exported from South Korea; growing by 82% on the previous year's figure. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 4,228% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, lactose exports surged to $X in 2022. Overall, exports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of 3,741%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Mongolia (X tons) was the main destination for lactose exports from South Korea, accounting for a 90% share of total exports. Moreover, lactose exports to Mongolia exceeded the volume sent to the second major destination, Sudan (X tons), more than tenfold. Vietnam (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to Mongolia stood at +242.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (+23.0% per year) and Vietnam (-0.8% per year).

In value terms, the largest markets for lactose exported from South Korea were Mongolia ($X), Sudan ($X) and Vietnam ($X), together comprising 94% of total exports.

Mongolia, with a CAGR of +108.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average lactose export price stood at $X per ton in 2022, with a decrease of -16.6% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2014 when the average export price increased by 128%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sudan ($X per ton), while the average price for exports to Mongolia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.3%), while the prices for the other major destinations experienced a decline.

Lactose Imports

Imports into Republic of Korea

Lactose imports into South Korea dropped to X tons in 2022, declining by -6.7% against the previous year's figure. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 26% against the previous year. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, lactose imports totaled $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 19%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest lactose supplier to South Korea, accounting for a 71% share of total imports. Moreover, lactose imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), sevenfold. The third position in this ranking was held by Germany (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+7.0% per year) and Germany (+3.2% per year).

In value terms, the United States ($X) constituted the largest supplier of lactose and lactose syrup to South Korea, comprising 53% of total imports. The second position in the ranking was held by Germany ($X), with a 21% share of total imports. It was followed by the Netherlands, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.6% per year) and the Netherlands (+7.5% per year).

Import Prices by Country

The average lactose import price stood at $X per ton in 2022, picking up by 12% against the previous year. In general, the import price, however, recorded a pronounced contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 21%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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