Republic of Korea: Market for Oleic, Linoleic Or Linolenic Acids, Their Salts And Esters 2024

Market Size for Oleic, Linoleic Or Linolenic Acids, Their Salts And Esters in Republic of Korea

The South Korean market for oleic, linoleic or linolenic acids, their salts and esters expanded markedly to $X in 2021, picking up by 8.9% against the previous year. Overall, consumption, however, continues to indicate a pronounced curtailment. Oleic, linoleic or linolenic acids consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Oleic, Linoleic Or Linolenic Acids, Their Salts And Esters in Republic of Korea

In value terms, oleic, linoleic or linolenic acids production rose modestly to $X in 2021 estimated in export price. In general, production recorded a pronounced decrease. The pace of growth appeared the most rapid in 2019 with an increase of 12% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Oleic, Linoleic Or Linolenic Acids, Their Salts And Esters

Exports from Republic of Korea

In 2021, shipments abroad of oleic, linoleic or linolenic acids, their salts and esters increased by 36% to X tons, rising for the second consecutive year after two years of decline. Overall, exports showed a moderate expansion. The most prominent rate of growth was recorded in 2016 with an increase of 101% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, oleic, linoleic or linolenic acids exports skyrocketed to $X in 2021. Over the period under review, exports showed a noticeable expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for oleic, linoleic or linolenic acids exports from South Korea, with a 96% share of total exports. It was followed by China (X tons), with a 1.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-14.1% per year) and Taiwan (Chinese) (-8.8% per year).

In value terms, Japan ($X) remains the key foreign market for oleic, linoleic or linolenic acids, their salts and esters exports from South Korea, comprising 92% of total exports. The second position in the ranking was held by China ($X), with a 2.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-11.7% per year) and Taiwan (Chinese) (-8.8% per year).

Export Prices by Country

In 2021, the average export price for oleic, linoleic or linolenic acids, their salts and esters amounted to $X per ton, with an increase of 30% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.8%), while the prices for the other major destinations experienced a decline.

Imports of Oleic, Linoleic Or Linolenic Acids, Their Salts And Esters

Imports into Republic of Korea

In 2021, the amount of oleic, linoleic or linolenic acids, their salts and esters imported into South Korea surged to X tons, jumping by 100% on the previous year. Over the period under review, imports posted a prominent expansion. The pace of growth was the most pronounced in 2017 when imports increased by 101% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, oleic, linoleic or linolenic acids imports skyrocketed to $X in 2021. In general, imports recorded strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), China (X tons) and the Netherlands (X tons) were the main suppliers of oleic, linoleic or linolenic acids imports to South Korea, with a combined 70% share of total imports. Japan, Belgium, Italy, France and the UK lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +103.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest oleic, linoleic or linolenic acids suppliers to South Korea were Japan ($X), Malaysia ($X) and China ($X), together comprising 58% of total imports. The Netherlands, Belgium, France, Italy and the UK lagged somewhat behind, together accounting for a further 24%.

In terms of the main suppliers, Italy, with a CAGR of +82.2%, 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 2021, the average import price for oleic, linoleic or linolenic acids, their salts and esters amounted to $X per ton, jumping by 18% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 32%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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