Republic of Korea: Soya Bean Market 2025

Soya Bean Market Size in Republic of Korea

In 2021, the South Korean soya bean market increased by 3.6% to $X, rising for the second year in a row after five years of decline. In general, consumption showed a slight reduction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Soya Bean Production in Republic of Korea

In value terms, soya bean production stood at $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2017 with an increase of 13%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

In 2021, the average yield of soya beans in South Korea rose markedly to X tons per ha, picking up by 12% compared with 2020. In general, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by 27%. As a result, the yield attained the peak level of X tons per ha. From 2014 to 2021, the growth of the average soya bean yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of soya beans production in South Korea stood at X ha, increasing by 3.2% on 2020. Overall, the harvested area, however, continues to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2019 when the harvested area increased by 16%. The soya bean harvested area peaked at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Soya Bean Exports

Exports from Republic of Korea

In 2021, overseas shipments of soya beans were finally on the rise to reach X tons after three years of decline. In general, exports posted pronounced growth. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, soya bean exports surged to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for soya bean exports from South Korea, with a 97% share of total exports. It was followed by Canada (X tons), with a 0.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Russia was relatively modest.

In value terms, Russia ($X) emerged as the key foreign market for soya bean exports from South Korea, comprising 96% of total exports. The second position in the ranking was held by Canada ($X), with a 1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Russia was relatively modest.

Export Prices by Country

In 2021, the average soya bean export price amounted to $X per ton, falling by -29.3% against the previous year. In general, the export price showed a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 133% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then shrank dramatically in the following year.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to Russia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+77.5%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Republic of Korea

In 2021, purchases abroad of soya beans decreased by -2.3% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then declined in the following year.

In value terms, soya bean imports rose slightly to $X in 2021. In general, imports recorded a mild decline. The growth pace was the most rapid in 2014 when imports increased by 8.6%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Brazil (X tons), the United States (X tons) and China (X tons) were the main suppliers of soya bean imports to South Korea, together comprising 98% of total imports.

From 2012 to 2021, the biggest increases were in Brazil (with a CAGR of +7.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest soya bean suppliers to South Korea were Brazil ($X), the United States ($X) and China ($X), with a combined 97% share of total imports.

Among the main suppliers, Brazil, with a CAGR of +4.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average soya bean import price stood at $X per ton in 2021, picking up by 7.2% against the previous year. Overall, the import price, however, showed a pronounced setback. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (+6.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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