Republic of Korea: Prepared Mustard Market 2024

Prepared Mustard Market Size in Republic of Korea

The South Korean prepared mustard market declined to $X in 2021, shrinking by -8.5% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Prepared mustard consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Prepared Mustard Production in Republic of Korea

In value terms, prepared mustard production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +42.6% against 2017 indices. The growth pace was the most rapid in 2020 when the production volume increased by 34% against the previous year. Prepared mustard production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Prepared Mustard Exports

Exports from Republic of Korea

In 2021, prepared mustard exports from South Korea rose remarkably to X tons, surging by 14% on 2020 figures. Over the period under review, exports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of 113% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, prepared mustard exports rose rapidly to $X in 2021. In general, exports showed a buoyant increase. The growth pace was the most rapid in 2013 with an increase of 79%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for prepared mustard exports from South Korea, accounting for a 25% share of total exports. Moreover, prepared mustard exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by China (X tons), with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +111.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+11.3% per year) and China (+25.8% per year).

In value terms, Japan ($X) emerged as the key foreign market for prepared mustard exports from South Korea, comprising 32% of total exports. The second position in the ranking was held by the United States ($X), with an 11% share of total exports. It was followed by China, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value to Japan stood at +95.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.5% per year) and China (+15.6% per year).

Export Prices by Country

The average prepared mustard export price stood at $X per ton in 2021, reducing by -5.7% against the previous year. In general, the export price saw a perceptible decline. The most prominent rate of growth was recorded in 2020 when the average export price increased by 59% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the United States ($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 Canada (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Mustard Imports

Imports into Republic of Korea

In 2021, the amount of prepared mustard imported into South Korea was estimated at X tons, surging by 12% against 2020. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, prepared mustard imports surged to $X in 2021. The total import value increased at an average annual rate of +4.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of prepared mustard to South Korea, with a 60% share of total imports. Moreover, prepared mustard imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+13.2% per year) and Canada (-4.2% per year).

In value terms, the United States ($X), France ($X) and Canada ($X) were the largest prepared mustard suppliers to South Korea, together comprising 68% of total imports.

France, with a CAGR of +13.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average prepared mustard import price amounted to $X per ton, surging by 13% against the previous year. Over the last nine years, it increased at an average annual rate of +3.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+1.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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