Report Update Nov 1, 2024

Republic of Korea - Refined Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Republic of Korea

The South Korean refined palm oil market reached $X in 2022, picking up by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded buoyant growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Refined Palm Oil Exports

Exports from Republic of Korea

In 2022, overseas shipments of refined palm oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a deep downturn. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 371% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Guam (X tons) was the main destination for refined palm oil exports from South Korea, with a 62% share of total exports. Moreover, refined palm oil exports to Guam exceeded the volume sent to the second major destination, Vietnam (X kg), twofold.

From 2012 to 2022, the average annual growth rate of volume to Guam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-19.1% per year) and Peru (0.0% per year).

In value terms, the largest markets for refined palm oil exported from South Korea were Guam ($X), Vietnam ($X) and Peru ($X), with a combined 91% share of total exports.

Among the main countries of destination, Guam, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, which is down by -59.2% against the previous year. Overall, the export price saw a pronounced curtailment. The most prominent rate of growth was recorded in 2021 an increase of 118% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Republic of Korea

In 2022, the amount of refined palm oil imported into South Korea dropped to X tons, falling by -6.5% compared with 2021. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 30% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, refined palm oil imports soared to $X in 2022. In general, imports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 64%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Malaysia (X tons) and Indonesia (X tons) were the main suppliers of refined palm oil imports to South Korea.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +22.1%).

In value terms, Malaysia ($X) and Indonesia ($X) appeared to be the largest refined palm oil suppliers to South Korea.

Indonesia, with a CAGR of +25.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, rising by 28% against the previous year. Overall, the import price saw pronounced growth. The growth pace was the most rapid in 2021 when the average import price increased by 59% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.1%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined palm oil in the world?

China constituted the country with the largest volume of refined palm oil consumption, accounting for 12% of total volume. Moreover, refined palm oil consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. The third position in this ranking was occupied by India, with a 5.6% share.

What are the largest producers of refined palm oil in the world?

Indonesia remains the largest refined palm oil producing country worldwide, comprising approx. 28% of total volume. Moreover, refined palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia, twofold. The third position in this ranking was occupied by India, with a 5.2% share.

What are the leading suppliers of refined palm oil to Republic of Korea?

In value terms, Malaysia and Indonesia were the largest refined palm oil suppliers to South Korea.

What are the leading importers of refined palm oil from Republic of Korea?

In value terms, the United States, Ghana and Vietnam constituted the largest markets for refined palm oil exported from South Korea worldwide, with a combined 69% share of total exports. These countries were followed by Malaysia, India and Australia, which together accounted for a further 28%.

What is the average export price for refined palm oil in Republic of Korea?

In 2021, the average refined palm oil export price amounted to $826 per ton, with a decrease of -64% against the previous year.

What is the average import price for refined palm oil in Republic of Korea?

The average refined palm oil import price stood at $614 per ton in 2021, declining by -10.7% against the previous year.

This report provides an in-depth analysis of the refined palm 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 10415700 - Refined palm 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
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