Republic of Korea: Vegetable Tanning Extracts Market 2025

Vegetable Tanning Extracts Market Size in Republic of Korea

The South Korean vegetable tanning extracts market surged to $X in 2022, jumping by 63% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.9% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Vegetable Tanning Extracts Exports

Exports from Republic of Korea

Vegetable tanning extracts exports from South Korea contracted markedly to X tons in 2022, which is down by -79.4% on 2021 figures. In general, exports continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2021 when exports increased by 92%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, vegetable tanning extracts exports reduced sharply to $X in 2022. Overall, exports continue to indicate a significant decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 140%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for vegetable tanning extracts exports from South Korea, with a 97% share of total exports. It was followed by Pakistan (X kg), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh amounted to +8.9%.

In value terms, Bangladesh ($X) emerged as the key foreign market for tanning extracts of vegetable origin, tannins and their salts other derivatives exports from South Korea, comprising 89% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bangladesh stood at +6.0%.

Export Prices by Country

In 2022, the average vegetable tanning extracts export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price showed a modest expansion. The pace of growth was the most pronounced in 2018 an increase of 34%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+0.8%), while the prices for the other major destinations experienced a decline.

Vegetable Tanning Extracts Imports

Imports into Republic of Korea

In 2022, approx. X tons of tanning extracts of vegetable origin, tannins and their salts other derivatives were imported into South Korea; increasing by 4.9% against the previous year. Overall, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 16% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vegetable tanning extracts imports surged to $X in 2022. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +121.6% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

South Africa (X tons), Argentina (X tons) and Brazil (X tons) were the main suppliers of vegetable tanning extracts imports to South Korea, together comprising 66% of total imports. China, Italy, France and India lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +14.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of tanning extracts of vegetable origin, tannins and their salts other derivatives to South Korea, comprising 57% of total imports. The second position in the ranking was held by Argentina ($X), with an 11% share of total imports. It was followed by South Africa, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+0.1% per year) and South Africa (-1.0% per year).

Import Prices by Country

In 2022, the average vegetable tanning extracts import price amounted to $X per ton, rising by 100% against the previous year. In general, the import price continues to indicate prominent growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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