Republic of Korea: Skim Milk Market 2024

Skim Milk Market Size in Republic of Korea

After six years of decline, the South Korean skim milk market increased by 1.2% to $X in 2021. Over the period under review, consumption, however, continues to indicate a noticeable decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Skim Milk Production in Republic of Korea

In value terms, skim milk production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, saw a noticeable shrinkage. The pace of growth was the most pronounced in 2014 when the production volume increased by 17% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Skim Milk Exports

Exports from Republic of Korea

In 2021, shipments abroad of skim milk decreased by -40.9% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2014 when exports increased by 159%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, skim milk exports contracted sharply to $X in 2021. In general, exports, however, posted strong growth. The growth pace was the most rapid in 2014 when exports increased by 180% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for skim milk exports from South Korea, accounting for a 72% share of total exports. Moreover, skim milk exports to China exceeded the volume sent to the second major destination, Russia (X tons), sixfold. The third position in this ranking was taken by the Philippines (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+33.7% per year) and the Philippines (+3.8% per year).

In value terms, China ($X) remains the key foreign market for skim milk exports from South Korea, comprising 70% of total exports. The second position in the ranking was held by Russia ($X), with a 12% share of total exports. It was followed by the Philippines, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+26.3% per year) and the Philippines (+2.9% per year).

Export Prices by Country

In 2021, the average skim milk export price amounted to $X per ton, surging by 5.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 8.2%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while the average price for exports to the Philippines ($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 Brunei Darussalam (+7.1%), while the prices for the other major destinations experienced a decline.

Skim Milk Imports

Imports into Republic of Korea

In 2021, the amount of skim milk imported into South Korea soared to X tons, jumping by 31% on 2020. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 450% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, skim milk imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a slight contraction. The pace of growth was the most pronounced in 2019 when imports increased by 462% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Australia (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of skim milk imports to South Korea, with a combined 90% share of total imports. These countries were followed by Thailand, the United Arab Emirates, Singapore, the United States and Indonesia, which together accounted for a further 3%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +74.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Australia ($X) and the Netherlands ($X) constituted the largest skim milk suppliers to South Korea, with a combined 80% share of total imports. These countries were followed by Thailand, the United Arab Emirates, Singapore, the United States and Indonesia, which together accounted for a further 3.6%.

Thailand, with a CAGR of +88.7%, saw the highest rates of growth with regard to 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 2021, the average skim milk import price amounted to $X per ton, increasing by 14% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 50% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 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 the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+36.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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