Republic of Korea: Market for Malt Extract And Food Preparations Of Flour, Meal, And Starch 2024

Market Size for Malt Extract And Food Preparations Of Flour, Meal, And Starch in Republic of Korea

The South Korean market for malt extract and food preparations of flour, meal, and starches expanded sharply to $X in 2022, with an increase of 7.7% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Production of Malt Extract And Food Preparations Of Flour, Meal, And Starch in Republic of Korea

In value terms, production of malt extract and food preparations of flour, meal, and starches expanded markedly to $X in 2022 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.3% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 50%. As a result, production reached the peak level of $X. From 2021 to 2022, production of growth remained at a lower figure.

Exports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Exports from Republic of Korea

In 2022, shipments abroad of malt extract and food preparations of flour, meal, and starches decreased by -2.2% to X tons for the first time since 2011, thus ending a ten-year rising trend. In general, exports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 48% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, exports of malt extract and food preparations of flour, meal, and starches declined slightly to $X in 2022. Overall, exports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 37%. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

The United States (X tons), Japan (X tons) and Vietnam (X tons) were the main destinations of exports of malt extract and food preparations of flour, meal, and starches from South Korea, with a combined 54% share of total exports. Canada, the Netherlands, Australia, Thailand, the Philippines, Malaysia, Hong Kong SAR, Indonesia, China and Singapore lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +66.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for malt extract and food preparations of flour, meal, and starches exports from South Korea, comprising 32% of total exports. The second position in the ranking was held by Japan ($X), with a 14% share of total exports. It was followed by Vietnam, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.2% per year) and Vietnam (+46.8% per year).

Export Prices by Country

In 2022, the average export price for malt extract and food preparations of flour, meal, and starches amounted to $X per ton, reducing by -2.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 11%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan ($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 Vietnam (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in supplies from abroad of malt extract and food preparations of flour, meal, and starches, when their volume decreased by -11.7% to X tons. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.1% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 23% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, imports of malt extract and food preparations of flour, meal, and starches reduced modestly to $X in 2022. Overall, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by 38%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

The UK (X tons), China (X tons) and Thailand (X tons) were the main suppliers of imports of malt extract and food preparations of flour, meal, and starches to South Korea, together accounting for 65% of total imports. The Netherlands, Germany, Japan, the United States, France, Australia, Lithuania and Spain lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +132.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest malt extract and food preparations of flour, meal, and starch suppliers to South Korea were China ($X), the UK ($X) and the Netherlands ($X), together comprising 66% of total imports. Germany, Japan, the United States, Thailand, France, Lithuania, Spain and Australia lagged somewhat behind, together accounting for a further 25%.

Among the main suppliers, Spain, with a CAGR of +111.5%, recorded 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 import price for malt extract and food preparations of flour, meal, and starches stood at $X per ton in 2022, with an increase of 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. The pace of growth appeared the most rapid in 2021 an increase of 13% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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