Republic of Korea: Fats Preparation Machinery Market 2025

Fats Preparation Machinery Market Size in Republic of Korea

The South Korean fats preparation machinery market reduced to $X in 2022, with a decrease of -10.5% against the previous year. Over the period under review, consumption, however, enjoyed a strong increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Fats Preparation Machinery Production in Republic of Korea

In value terms, fats preparation machinery production dropped to $X in 2022 estimated in export price. In general, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Fats Preparation Machinery Exports

Exports from Republic of Korea

In 2022, the amount of machinery for the extraction or preparation of animal or fixed vegetable fats or oils exported from South Korea skyrocketed to X units, with an increase of 43% on the previous year's figure. Over the period under review, total exports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 54%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, fats preparation machinery exports soared to $X in 2022. Overall, exports enjoyed a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 550%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Philippines (X units), Myanmar (X units) and China (X units) were the main destinations of fats preparation machinery exports from South Korea, together comprising 38% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +25.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fats preparation machinery exported from South Korea were Myanmar ($X), China ($X) and the United States ($X), together comprising 89% of total exports. The Philippines, Vietnam, Russia, Norway, Indonesia, Mexico, Canada and Chile lagged somewhat behind, together comprising a further 7.5%.

In terms of the main countries of destination, Norway, with a CAGR of +133.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average fats preparation machinery export price stood at $X per unit in 2022, growing by 29% against the previous year. Overall, the export price showed a strong expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 460% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Chile ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+133.7%), while the prices for the other major destinations experienced more modest paces of growth.

Fats Preparation Machinery Imports

Imports into Republic of Korea

In 2022, fats preparation machinery imports into South Korea dropped dramatically to X units, declining by -72.1% compared with 2021. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2019 when imports increased by 459%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, fats preparation machinery imports contracted remarkably to $X in 2022. Over the period under review, imports showed a abrupt descent. The pace of growth was the most pronounced in 2019 with an increase of 462% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Denmark (X units), China (X units) and Germany (X units) were the main suppliers of fats preparation machinery imports to South Korea, with a combined 29% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +14.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Germany ($X) and China ($X) were the largest fats preparation machinery suppliers to South Korea, together comprising 92% of total imports.

Among the main suppliers, China, with a CAGR of +24.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fats preparation machinery import price stood at $X per unit in 2022, shrinking by -42.4% against the previous year. In general, the import price faced a deep reduction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 32% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average 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 ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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