Report Update Nov 1, 2024

Republic of Korea - Olive Oil (Virgin) - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Republic of Korea

In 2022, the South Korean virgin olive oil market decreased by -12.3% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a buoyant expansion. Virgin olive oil consumption peaked at $X in 2021, and then shrank in the following year.

Virgin Olive Oil Exports

Exports from Republic of Korea

In 2022, virgin olive oil exports from South Korea dropped to X tons, declining by -2.8% on the previous year. In general, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2014 with an increase of 136% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports contracted to $X in 2022. Over the period under review, exports, however, recorded a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 148%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for virgin olive oil exports from South Korea, accounting for a 59% share of total exports. Moreover, virgin olive oil exports to China exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The third position in this ranking was held by Mongolia (X tons), with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.7% per year) and Mongolia (+34.8% per year).

In value terms, China ($X) remains the key foreign market for virgin olive oil exports from South Korea, comprising 60% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports. It was followed by Mongolia, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.0% per year) and Mongolia (+39.6% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, dropping by -2.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2015 an increase of 15% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Russia ($X per ton) and Mongolia ($X per ton), while the average price for exports to Vietnam ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into Republic of Korea

In 2022, purchases abroad of virgin olive oil decreased by -5.9% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 49%. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, virgin olive oil imports reduced to $X in 2022. Overall, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to South Korea, with a 78% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at +8.5%.

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to South Korea, comprising 69% of total imports. The second position in the ranking was held by Italy ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +11.7%.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, dropping by -8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The growth pace was the most rapid in 2013 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.0%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for virgin olive oil in the world?

The countries with the highest volumes of virgin olive oil consumption in 2021 were Italy, Spain and the United States, together accounting for 41% of global consumption. Morocco, Turkey, Greece, France, Tunisia, Syrian Arab Republic, Algeria, Portugal, Brazil and Germany lagged somewhat behind, together accounting for a further 37%.

What are the largest producers of virgin olive oil in the world?

Spain remains the largest virgin olive oil producing country worldwide, comprising approx. 35% of total volume. Moreover, virgin olive oil production in Spain exceeded the figures recorded by the second-largest producer, Tunisia, threefold. Italy ranked third in terms of total production with a 10% share.

What are the leading suppliers of virgin olive oil to Republic of Korea?

In value terms, Spain constituted the largest supplier of virgin olive oil to South Korea, comprising 69% of total imports. The second position in the ranking was occupied by Italy, with a 22% share of total imports.

What are the leading importers of virgin olive oil from Republic of Korea?

In value terms, China remains the key foreign market for virgin olive oil exports from South Korea, comprising 52% of total exports. The second position in the ranking was occupied by the United States, with a 15% share of total exports. It was followed by the Philippines, with a 9.5% share.

What is the average export price for virgin olive oil in Republic of Korea?

The average virgin olive oil export price stood at $5,640 per ton in 2021, rising by 8% against the previous year.

What is the average import price for virgin olive oil in Republic of Korea?

In 2021, the average virgin olive oil import price amounted to $4,008 per ton, with an increase of 3% against the previous year.

This report provides an in-depth analysis of the virgin olive oil market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 261 - Oil of Olives, Virgin

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023