Report Update Nov 1, 2024

Republic of Korea - Tallow - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Tallow Market 2024

Tallow Market Size in Republic of Korea

In 2022, the South Korean tallow market decreased by -72% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption faced a precipitous contraction. Tallow consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tallow Production in Republic of Korea

In value terms, tallow production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild decrease. The pace of growth was the most pronounced in 2016 when the production volume increased by 9.6% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Tallow Exports

Exports from Republic of Korea

In 2022, shipments abroad of tallow increased by 16% to X tons, rising for the third year in a row after four years of decline. In general, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 230%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tallow exports surged to $X in 2022. Over the period under review, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 370%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Japan (X tons) was the main destination for tallow exports from South Korea, with a 72% share of total exports. Moreover, tallow exports to Japan exceeded the volume sent to the second major destination, Malaysia (X tons), threefold.

From 2013 to 2022, the average annual growth rate of volume to Japan amounted to +57.8%.

In value terms, Japan ($X) remains the key foreign market for tallow exports from South Korea, comprising 74% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 26% share of total exports.

From 2013 to 2022, the average annual growth rate of value to Japan totaled +68.0%.

Export Prices by Country

The average tallow export price stood at $X per ton in 2022, surging by 44% against the previous year. In general, the export price saw buoyant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia amounted to $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+36.1%), while the prices for the other major destinations experienced mixed trend patterns.

Tallow Imports

Imports into Republic of Korea

Tallow imports into South Korea shrank dramatically to X tons in 2022, falling by -15.8% on the previous year's figure. Overall, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by 60% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, tallow imports contracted to $X in 2022. In general, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 118% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Australia (X tons) was the main tallow supplier to South Korea, accounting for a 99.9% share of total imports. It was followed by the United States (X kg), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Australia stood at -3.8%.

In value terms, Australia ($X) constituted the largest supplier of tallow to South Korea, comprising 99.9% of total imports. The second position in the ranking was held by the United States ($X), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia totaled -2.7%.

Import Prices by Country

The average tallow import price stood at $X per ton in 2022, surging by 12% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow import price increased by +112.8% against 2018 indices. The most prominent rate of growth was recorded in 2021 an increase of 52%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Australia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+51.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for tallow in the world?

The United States constituted the country with the largest volume of tallow consumption, comprising approx. 50% of total volume. Moreover, tallow consumption in the United States exceeded the figures recorded by the second-largest consumer, Brazil, fivefold. Singapore ranked third in terms of total consumption with a 7.1% share.

What are the largest producers of tallow in the world?

The United States remains the largest tallow producing country worldwide, comprising approx. 51% of total volume. Moreover, tallow production in the United States exceeded the figures recorded by the second-largest producer, Brazil, fivefold. The third position in this ranking was occupied by Australia, with a 7.4% share.

What are the leading suppliers of tallow to Republic of Korea?

In value terms, Australia constituted the largest supplier of tallow to South Korea, comprising 75% of total imports. The second position in the ranking was occupied by Canada, with a 22% share of total imports. It was followed by the United States, with a 1.9% share.

What are the leading importers of tallow from Republic of Korea?

In value terms, Malaysia emerged as the key foreign market for tallow exports from South Korea, comprising 75% of total exports. The second position in the ranking was occupied by Japan, with a 25% share of total exports.

What is the average export price for tallow in Republic of Korea?

In 2021, the average tallow export price amounted to $707 per ton, declining by -2.3% against the previous year.

What is the average import price for tallow in Republic of Korea?

In 2021, the average tallow import price amounted to $632 per ton, waning by -13.4% against the previous year.

This report provides an in-depth analysis of the tallow market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 1225 - Tallow

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023