Republic of Korea: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Republic of Korea

The South Korean refined rapeseed oil market rose to $X in 2022, with an increase of 3.1% against the previous year. Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.5% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Rapeseed Oil Production in Republic of Korea

In value terms, refined rapeseed oil production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.6% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 50% against the previous year. Refined rapeseed oil production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Republic of Korea

In 2022, exports of refined rape, colza or mustard oil from South Korea declined rapidly to X tons, which is down by -64.6% against the previous year's figure. In general, exports recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 380% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined rapeseed oil exports declined notably to $X in 2022. Overall, exports continue to indicate a slight slump. The pace of growth was the most pronounced in 2015 when exports increased by 280%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for refined rapeseed oil exports from South Korea, with a 50% share of total exports. Moreover, refined rapeseed oil exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+47.7% per year) and the United States (+34.2% per year).

In value terms, Japan ($X) remains the key foreign market for refined rape, colza or mustard oil exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by the United States ($X), with an 18% share of total exports. It was followed by Vietnam, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to +23.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+38.9% per year) and Vietnam (+33.1% per year).

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, rising by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($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 Australia (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Republic of Korea

In 2022, approx. X tons of refined rape, colza or mustard oil were imported into South Korea; reducing by -83.2% against the previous year. Over the period under review, imports, however, posted a modest expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 155% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined rapeseed oil imports shrank rapidly to $X in 2022. Overall, imports, however, recorded a noticeable expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 127%. As a result, imports reached the peak of $X, and then fell markedly in the following year.

Imports by Country

Australia (X tons), Canada (X tons) and the United Arab Emirates (X tons) were the main suppliers of refined rapeseed oil imports to South Korea, together comprising 91% of total imports. Italy, Malaysia and Spain lagged somewhat behind, together comprising a further 7.9%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +223.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Canada ($X) and Italy ($X) constituted the largest refined rapeseed oil suppliers to South Korea, together comprising 85% of total imports. The United Arab Emirates, Spain and Malaysia lagged somewhat behind, together accounting for a further 12%.

Among the main suppliers, Malaysia, with a CAGR of +228.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, picking up by 60% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil import price increased by +104.4% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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