Republic of Korea: Rice Bran Market 2024

Rice Bran Market Size in Republic of Korea

The South Korean rice bran market shrank modestly to $X in 2021, with a decrease of -3.7% against the previous year. The market value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Rice Bran Production in Republic of Korea

In value terms, rice bran production shrank to $X in 2021 estimated in export price. Overall, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% 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 +14.4% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 30% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then shrank in the following year.

Rice Bran Exports

Exports from Republic of Korea

For the seventh year in a row, South Korea recorded decline in overseas shipments of rice bran, which decreased by -21.8% to X kg in 2021. Over the period under review, exports recorded a sharp reduction. The pace of growth was the most pronounced in 2014 when exports increased by 50% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, rice bran exports declined to $X in 2021. In general, exports recorded a sharp downturn. The growth pace was the most rapid in 2014 with an increase of 30%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X kg) was the main destination for rice bran exports from South Korea, accounting for a 86% share of total exports. Moreover, rice bran exports to Japan exceeded the volume sent to the second major destination, the Netherlands (X kg), sevenfold. The third position in this ranking was held by the United States (X kg), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at -39.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+10.4% per year) and the United States (-44.0% per year).

In value terms, Japan ($X) remains the key foreign market for rice bran exports from South Korea, comprising 84% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-30.0% per year) and the Netherlands (+31.8% per year).

Export Prices by Country

In 2021, the average rice bran export price amounted to $X per ton, increasing by 21% against the previous year. In general, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2019 an increase of 62% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($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 the United States (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Bran Imports

Imports into Republic of Korea

In 2021, approx. X tons of rice bran were imported into South Korea; growing by 34% compared with the previous year's figure. In general, imports saw a measured expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 148%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, rice bran imports surged to $X in 2021. Over the period under review, imports recorded slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 104% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Australia (X tons) constituted the largest rice bran supplier to South Korea, with a 87% share of total imports. Moreover, rice bran imports from Australia exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold. The third position in this ranking was held by the United States (X tons), with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia totaled +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+10.4% per year) and the United States (-21.8% per year).

In value terms, Australia ($X) constituted the largest supplier of rice bran to South Korea, comprising 74% of total imports. The second position in the ranking was taken by Russia ($X), with a 15% share of total imports. It was followed by the United States, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Australia totaled +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+19.9% per year) and the United States (-25.0% per year).

Import Prices by Country

In 2021, the average rice bran import price amounted to $X per ton, surging by 5% against the previous year. Overall, the import price, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2019 when the average import price increased by 17% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+8.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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