Republic of Korea: Tallow Market 2025

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

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