Republic of Korea: Starch Manufacture Residues Market 2024

Starch Manufacture Residues Market Size in Republic of Korea

In 2022, the South Korean starch manufacture residues market increased by 21% to $X, rising for the sixth year in a row after three years of decline. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +97.4% against 2016 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in the immediate term.

Starch Manufacture Residues Production in Republic of Korea

In value terms, starch manufacture residues production stood at $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a pronounced expansion. The pace of growth was the most pronounced in 2016 with an increase of 47%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Starch Manufacture Residues Exports

Exports from Republic of Korea

In 2022, approx. X tons of residues of starch manufacture were exported from South Korea; picking up by 2.6% against the previous year's figure. Over the period under review, exports posted strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 75%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, starch manufacture residues exports surged to $X in 2022. Overall, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 96%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for starch manufacture residues exports from South Korea, accounting for a 66% share of total exports. Moreover, starch manufacture residues exports to Japan exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+19.5% per year) and Malaysia (+1.3% per year).

In value terms, Japan ($X) remains the key foreign market for residues of starch manufacture exports from South Korea, comprising 66% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports. It was followed by Malaysia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+24.3% per year) and Malaysia (+4.1% per year).

Export Prices by Country

In 2022, the average starch manufacture residues export price amounted to $X per ton, with an increase of 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2021 an increase of 21%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Malaysia ($X per ton) and Myanmar ($X per ton), while the average price for exports to Vietnam ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Starch Manufacture Residues Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in supplies from abroad of residues of starch manufacture, when their volume increased by 20% to X tons. The total import volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, starch manufacture residues imports skyrocketed to $X in 2022. Overall, imports continue to indicate a temperate increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main starch manufacture residues supplier to South Korea, accounting for a 100% share of total imports. It was followed by the United States (X kg), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +1.9%.

In value terms, China ($X) constituted the largest supplier of residues of starch manufacture to South Korea, comprising 99% of total imports. The second position in the ranking was held by the United States ($X), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +3.0%.

Import Prices by Country

The average starch manufacture residues import price stood at $X per ton in 2022, rising by 7.8% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, starch manufacture residues import price increased by +114.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 29% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%).

Source: IndexBox Platform

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