Republic of Korea: Margarine And Shortening Market 2025

Margarine And Shortening Market Size in Republic of Korea

The South Korean margarine and shortening market soared to $X in 2022, rising by 178% against the previous year. Over the period under review, consumption recorded prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Margarine And Shortening Production in Republic of Korea

In value terms, margarine and shortening production totaled $X in 2022 estimated in export price. In general, production saw a pronounced curtailment. The growth pace was the most rapid in 2013 with an increase of 38%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Margarine And Shortening Exports

Exports from Republic of Korea

In 2022, exports of margarine and shortening from South Korea shrank to X tons, with a decrease of -7.5% on the previous year. Overall, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.8% 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 +42.3% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 65% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, margarine and shortening exports skyrocketed to $X in 2022. In general, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 164%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for margarine and shortening exports from South Korea, with a 65% share of total exports. Moreover, margarine and shortening exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), eightfold. The third position in this ranking was held by Singapore (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+68.8% per year) and Singapore (+101.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for margarine and shortening exports from South Korea, comprising 43% of total exports. The second position in the ranking was held by Malaysia ($X), with a 10% share of total exports. It was followed by the United States, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam totaled +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+62.0% per year) and the United States (+40.3% per year).

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, with an increase of 36% against the previous year. In general, the export price saw a noticeable increase. The most prominent rate of growth was recorded in 2021 an increase of 71% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into Republic of Korea

In 2022, overseas purchases of margarine and shortening increased by 89% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, margarine and shortening imports surged to $X in 2022. Over the period under review, imports enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of margarine and shortening imports to South Korea, with a combined 64% share of total imports. The United States, China, Germany, Italy, France and the Philippines lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +60.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the United States ($X) and Singapore ($X) appeared to be the largest margarine and shortening suppliers to South Korea, together accounting for 48% of total imports. China, Indonesia, France, Italy, Germany and the Philippines lagged somewhat behind, together comprising a further 29%.

Among the main suppliers, Italy, with a CAGR of +81.5%, 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

In 2022, the average margarine and shortening import price amounted to $X per ton, with an increase of 55% against the previous year. Overall, the import price posted buoyant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 France ($X per ton), while the price for the Philippines ($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 Philippines (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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