Report Update Nov 1, 2024

Republic of Korea - Refined Maize (Corn) Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Republic of Korea

In 2021, after eight years of decline, there was significant growth in the South Korean refined maize oil market, when its value increased by 20% to $X. Overall, consumption, however, faced a deep setback. Refined maize oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Republic of Korea

In value terms, refined maize oil production rose rapidly to $X in 2021 estimated in export price. Overall, production, however, recorded a deep reduction. Refined maize oil production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Republic of Korea

In 2021, the amount of refined maize (corn) oil exported from South Korea contracted significantly to X tons, falling by -16.3% compared with 2020 figures. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 42%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 34% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for refined maize oil exports from South Korea, with a 43% share of total exports. Moreover, refined maize oil exports to Malaysia exceeded the volume sent to the second major destination, Qatar (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-12.4% per year) and Singapore (-14.5% per year).

In value terms, Malaysia ($X) remains the key foreign market for refined maize (corn) oil exports from South Korea, comprising 47% of total exports. The second position in the ranking was taken by Singapore ($X), with an 11% share of total exports. It was followed by Indonesia, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-12.8% per year) and Indonesia (+21.9% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, with an increase of 56% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Qatar ($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 Qatar (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Republic of Korea

After two years of growth, supplies from abroad of refined maize (corn) oil decreased by -10.3% to X tons in 2021. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 267%. Over the period under review, imports hit record highs at X tons in 2020, and then dropped in the following year.

In value terms, refined maize oil imports surged to $X in 2021. Overall, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 210% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Spain (X tons) was the main supplier of refined maize oil to South Korea, accounting for a 98% share of total imports. It was followed by the United Arab Emirates (X tons), with a 0.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain stood at +56.0%.

In value terms, Spain ($X) constituted the largest supplier of refined maize (corn) oil to South Korea, comprising 93% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Spain stood at +57.0%.

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, increasing by 53% against the previous year. In general, the import price, however, showed a abrupt descent. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Spain stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+0.6%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined maize (corn) oil in the world?

The country with the largest volume of refined maize oil consumption was China, accounting for 18% of total volume. Moreover, refined maize oil consumption in China exceeded the figures recorded by the second-largest consumer, India, twofold. The United States ranked third in terms of total consumption with a 4% share.

What are the largest producers of refined maize (corn) oil in the world?

China remains the largest refined maize oil producing country worldwide, comprising approx. 19% of total volume. Moreover, refined maize oil production in China exceeded the figures recorded by the second-largest producer, India, twofold. The third position in this ranking was occupied by the United States, with a 4.9% share.

What are the leading suppliers of refined maize (corn) oil to Republic of Korea?

In value terms, Spain constituted the largest supplier of refined maize oil to South Korea.

What are the leading importers of refined maize (corn) oil from Republic of Korea?

In value terms, Malaysia, Hong Kong SAR and Singapore were the largest markets for refined maize oil exported from South Korea worldwide, together accounting for 70% of total exports. Qatar, the Philippines, Indonesia and the United Arab Emirates lagged somewhat behind, together accounting for a further 27%.

What is the average export price for refined maize (corn) oil in Republic of Korea?

In 2021, the average refined maize oil export price amounted to $1,001 per ton, declining by -5.4% against the previous year.

What is the average import price for refined maize (corn) oil in Republic of Korea?

In 2021, the average refined maize oil import price amounted to $1,062 per ton, dropping by -25.9% against the previous year.

This report provides an in-depth analysis of the refined maize 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:

Prodcom 10621460 - Refined maize (corn) oil and its fractions (excluding chemically modified)

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:

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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
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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