Republic of Korea: Malt Market 2024

Malt Market Size in Republic of Korea

The South Korean malt market amounted to $X in 2022, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a slight slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Malt Exports

Exports from Republic of Korea

In 2022, malt exports from South Korea was estimated at X tons, remaining constant against the year before. Overall, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -0.4% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 31% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, malt exports reached $X in 2022. In general, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 151% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for malt exports from South Korea, with a 83% share of total exports. Moreover, malt exports to China exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was taken by Japan (X tons), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +59.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+35.3% per year) and Japan (+4.0% per year).

In value terms, China ($X) remains the key foreign market for malt exports from South Korea, comprising 52% of total exports. The second position in the ranking was held by the Philippines ($X), with a 15% share of total exports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+53.4% per year) and the United States (+39.7% per year).

Export Prices by Country

The average malt export price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 92% against the previous year. The export price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

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 the United States ($X per ton), while the average price for exports to India ($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 Russia (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Malt Imports

Imports into Republic of Korea

In 2022, the amount of malt imported into South Korea totaled X tons, therefore, remained relatively stable against the previous year's figure. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 35%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, malt imports stood at $X in 2022. Overall, imports, however, showed a pronounced downturn. The pace of growth appeared the most rapid in 2014 with an increase of 30%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Australia (X tons) constituted the largest supplier of malt to South Korea, with a 57% share of total imports. Moreover, malt imports from Australia exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. Canada (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Australia stood at -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+1.6% per year) and Canada (-12.3% per year).

In value terms, Australia ($X) constituted the largest supplier of malt to South Korea, comprising 52% of total imports. The second position in the ranking was taken by China ($X), with a 7.9% share of total imports. It was followed by Canada, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia totaled -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.7% per year) and Canada (-13.4% per year).

Import Prices by Country

In 2022, the average malt import price amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price, however, saw a slight decrease. The pace of growth was the most pronounced in 2017 an increase of 1.5%. The import price peaked at $X per ton in 2013; however, from 2014 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 the UK ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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