Republic of Korea: Roasted Malt Market 2024

Roasted Malt Market Size in Republic of Korea

The South Korean roasted malt market expanded slightly to $X in 2022, picking up by 3.8% against the previous year. In general, consumption, however, saw a slight setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Roasted Malt Production in Republic of Korea

In value terms, roasted malt production expanded rapidly to $X in 2022 estimated in export price. In general, production, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by 25% against the previous year. Roasted malt production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Roasted Malt Exports

Exports from Republic of Korea

In 2022, overseas shipments of roasted malt were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 581% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, roasted malt exports soared to $X in 2022. In general, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2015 with an increase of 271%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for roasted malt exports from South Korea, with a 76% share of total exports. Moreover, roasted malt exports to Vietnam exceeded the volume sent to the second major destination, Canada (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Indonesia (-13.4% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for roasted malt exports from South Korea, comprising 63% of total exports. The second position in the ranking was taken by Canada ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +28.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Indonesia (-17.5% per year).

Export Prices by Country

The average roasted malt export price stood at $X per ton in 2022, picking up by 21% against the previous year. Over the period under review, the export price showed a strong expansion. The growth pace was the most rapid in 2021 an increase of 72%. The export price peaked in 2022 and is likely to continue growth in the near future.

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 Canada ($X per ton), while the average price for exports to Indonesia ($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 (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Roasted Malt Imports

Imports into Republic of Korea

In 2022, after five years of growth, there was significant decline in purchases abroad of roasted malt, when their volume decreased by -7.1% to X tons. In general, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 92% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, roasted malt imports dropped modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 93%. Imports peaked at $X in 2019; afterwards, it flattened through to 2022.

Imports by Country

Germany (X tons), Australia (X tons) and the UK (X tons) were the main suppliers of roasted malt imports to South Korea, together accounting for 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +32.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Australia ($X) and the UK ($X) appeared to be the largest roasted malt suppliers to South Korea, with a combined 93% share of total imports. China lagged somewhat behind, accounting for a further 5.4%.

China, with a CAGR of +38.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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 roasted malt import price amounted to $X per ton, increasing by 6.5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 27%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the UK ($X per ton) and China ($X per ton), while the price for Australia ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :