Republic of Korea: Non-Cane Molasses Market 2025

Non-Cane Molasses Market Size in Republic of Korea

The South Korean non-cane molasses market contracted to $X in 2022, with a decrease of -3.8% against the previous year. In general, consumption saw a abrupt downturn. Non-cane molasses consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Non-Cane Molasses Production in Republic of Korea

In value terms, non-cane molasses production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a drastic downturn. The growth pace was the most rapid in 2014 when the production volume increased by 23% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Non-Cane Molasses Exports

Exports from Republic of Korea

Non-cane molasses exports from South Korea soared to X kg in 2022, jumping by 1,954% on 2021. Over the period under review, exports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 6,574%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, non-cane molasses exports skyrocketed to $X in 2022. In general, exports, however, faced a deep contraction. The growth pace was the most rapid in 2015 when exports increased by 7,116%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for non-cane molasses 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 the United States stood at -16.9%.

In value terms, the United States ($X) also remains the key foreign market for molasses (excluding cane molasses) exports from South Korea.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to -12.7%.

Export Prices by Country

The average non-cane molasses export price stood at $X per ton in 2022, reducing by -75.7% against the previous year. Overall, the export price, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 1,480% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Lao People's Democratic Republic amounted to +58.2% per year.

Non-Cane Molasses Imports

Imports into Republic of Korea

In 2022, approx. X tons of molasses (excluding cane molasses) were imported into South Korea; which is down by -14.5% against the previous year. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its volume 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, imports increased by +65.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 94% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, non-cane molasses imports amounted to $X in 2022. Overall, imports, however, posted a resilient increase. The growth pace was the most rapid in 2021 with an increase of 105% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, the United States (X tons) was the main non-cane molasses supplier to South Korea, with a 92% share of total imports. Moreover, non-cane molasses imports from the United States exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-19.9% per year) and Australia (+56.4% per year).

In value terms, the United States ($X) constituted the largest supplier of molasses (excluding cane molasses) to South Korea, comprising 90% of total imports. The second position in the ranking was taken by Australia ($X), with a 6.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+78.2% per year) and Taiwan (Chinese) (-18.4% per year).

Import Prices by Country

The average non-cane molasses import price stood at $X per ton in 2022, surging by 17% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-cane molasses import price increased by +24.1% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 52% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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