Republic of Korea: Dry Peas Market 2025

Dry Peas Market Size in Republic of Korea

The South Korean dry peas market skyrocketed to $X in 2021, increasing by 53% against the previous year. Overall, consumption recorded a temperate expansion. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Dry Peas Production in Republic of Korea

In value terms, dry peas production contracted to $X in 2021 estimated in export price. Over the period under review, production enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when the production volume increased by 77%. Dry peas production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Dry Peas Exports

Exports from Republic of Korea

In 2021, exports of peas (dry) from South Korea soared to X tons, with an increase of 51% against the previous year. Overall, exports, however, saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 306%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, dry peas exports surged to $X in 2021. Over the period under review, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2016 when exports increased by 368%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for dry peas exports from South Korea, with a 77% share of total exports. Moreover, dry peas exports to India exceeded the volume sent to the second major destination, the Philippines (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume to India totaled -23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+20.2% per year) and the United States (-21.9% per year).

In value terms, the Philippines ($X) remains the key foreign market for dry peas exports from South Korea, comprising 81% of total exports. The second position in the ranking was held by the United States ($X), with a 10% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the Philippines totaled +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-2.3% per year) and India (-28.1% per year).

Export Prices by Country

In 2021, the average dry peas export price amounted to $X per ton, dropping by -21.7% against the previous year. Overall, the export price, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 an increase of 630% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to India ($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 the United States (+25.1%), while the prices for the other major destinations experienced mixed trend patterns.

Dry Peas Imports

Imports into Republic of Korea

In 2021, approx. X tons of peas (dry) were imported into South Korea; increasing by 19% compared with 2020 figures. Overall, imports, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 293% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, dry peas imports skyrocketed to $X in 2021. In general, imports showed a temperate increase. The most prominent rate of growth was recorded in 2018 with an increase of 209%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, the United States (X tons) constituted the largest dry peas supplier to South Korea, with a 71% share of total imports. Moreover, dry peas imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), fourfold. The third position in this ranking was taken by Australia (X tons), with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+6.3% per year) and Australia (+22.6% per year).

In value terms, the United States ($X) constituted the largest supplier of dry peas to South Korea, comprising 59% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Canada, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.3% per year) and Canada (+7.3% per year).

Import Prices by Country

In 2021, the average dry peas import price amounted to $X per ton, picking up by 36% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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