Republic of Korea: Lentil Market 2024

Lentil Market Size in Republic of Korea

In 2022, the South Korean lentil market decreased by -27.3% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, saw a significant expansion. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Lentil Production in Republic of Korea

In value terms, lentil production reached $X in 2022 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 38%. Lentil production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

The average yield of lentils in South Korea was estimated at less than X kg per ha in 2022, remaining stable against 2021 figures. Overall, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of lentils were harvested in South Korea; remaining constant against the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern.

Lentil Exports

Exports from Republic of Korea

In 2022, lentil exports from South Korea dropped rapidly to X kg, falling by -96.9% against 2021. Over the period under review, exports continue to indicate a precipitous decrease. The growth pace was the most rapid in 2019 when exports increased by 988%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, lentil exports reduced rapidly to $X in 2022. In general, exports recorded a sharp decrease. The growth pace was the most rapid in 2014 when exports increased by 875% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X kg) was the main destination for lentil exports from South Korea, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR stood at -35.0%.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for lentils exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to -32.0%.

Export Prices by Country

The average lentil export price stood at $X per ton in 2022, picking up by 361% against the previous year. In general, the export price enjoyed a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to +4.6% per year.

Lentil Imports

Imports into Republic of Korea

In 2022, overseas purchases of lentils decreased by -43.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 3,350%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, lentil imports shrank significantly to $X in 2022. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2014 with an increase of 4,120%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of lentil to South Korea, accounting for a 60% share of total imports. Moreover, lentil imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by Australia (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled +41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+69.7% per year) and Australia (+6.8% per year).

In value terms, Canada ($X) constituted the largest supplier of lentils to South Korea, comprising 61% of total imports. The second position in the ranking was taken by the United States ($X), with a 26% share of total imports. It was followed by Australia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada amounted to +45.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+52.6% per year) and Australia (+13.9% per year).

Import Prices by Country

The average lentil import price stood at $X per ton in 2022, rising by 29% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lentil import price increased by +53.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Nepal ($X per ton) and Australia ($X per ton), while the price for the United States ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :