Republic of Korea: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Republic of Korea

The South Korean soybean oilcake market surged to $X in 2021, growing by 20% against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Soybean Oilcake Production in Republic of Korea

In value terms, soybean oilcake production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, saw a slight contraction. The growth pace was the most rapid in 2019 with an increase of 84%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Soybean Oilcake Exports

Exports from Republic of Korea

In 2021, the amount of soybean oilcake exported from South Korea skyrocketed to X tons, increasing by 39% compared with 2020. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 161%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, soybean oilcake exports surged to $X in 2021. Overall, exports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2013 with an increase of 139%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for soybean oilcake exports from South Korea, with a 98% share of total exports. It was followed by Indonesia (X tons), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-44.8% per year) and Vietnam (-62.2% per year).

In value terms, Japan ($X) remains the key foreign market for soybean oilcake exports from South Korea, comprising 97% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-43.2% per year) and Vietnam (-62.5% per year).

Export Prices by Country

In 2021, the average soybean oilcake export price amounted to $X per ton, jumping by 26% against the previous year. In general, the export price, however, saw a noticeable slump. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan ($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 Indonesia (+3.0%), while the prices for the other major destinations experienced a decline.

Soybean Oilcake Imports

Imports into Republic of Korea

In 2021, after three years of growth, there was significant decline in overseas purchases of soybean oilcake, when their volume decreased by -6.9% to X tons. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 9.9% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) was the main soybean oilcake supplier to South Korea, with a 91% share of total imports. Moreover, soybean oilcake imports from Brazil exceeded the figures recorded by the second-largest supplier, Argentina (X tons), more than tenfold. The third position in this ranking was taken by India (X tons), with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-18.8% per year) and India (-14.2% per year).

In value terms, Brazil ($X) constituted the largest supplier of soybean oilcake to South Korea, comprising 88% of total imports. The second position in the ranking was held by Argentina ($X), with a 4.4% share of total imports. It was followed by India, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value from Brazil stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-18.3% per year) and India (-9.2% per year).

Import Prices by Country

The average soybean oilcake import price stood at $X per ton in 2021, picking up by 27% against the previous year. Overall, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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