Republic of Korea: Tapioca And Substitutes Market 2025

Tapioca And Substitutes Market Size in Republic of Korea

In 2021, the South Korean tapioca and substitutes market decreased by -17.3% to $X for the first time since 2015, thus ending a five-year rising trend. In general, consumption, however, recorded a significant increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted sharply in the following year.

Tapioca And Substitutes Exports

Exports from Republic of Korea

In 2021, approx. X tons of tapioca and substitutes were exported from South Korea; picking up by 73% on 2020. Over the period under review, exports recorded resilient growth. The growth pace was the most rapid in 2018 with an increase of 89%. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, tapioca and substitutes exports soared to $X in 2021. In general, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of 83%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Israel (X tons), Mongolia (X tons) and Thailand (X tons) were the main destinations of tapioca and substitutes exports from South Korea, with a combined 37% share of total exports. These countries were followed by Chile, the UK, France, Germany, the Netherlands, the United States, Japan, India and Canada, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +86.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tapioca and substitutes exported from South Korea were the UK ($X), Mongolia ($X) and Israel ($X), with a combined 38% share of total exports. These countries were followed by France, Japan, Germany, the Netherlands, Chile, Thailand, the United States, Canada and India, which together accounted for a further 36%.

Chile, with a CAGR of +90.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tapioca and substitutes export price stood at $X per ton in 2021, stabilizing at the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 13% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($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 Germany (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Tapioca And Substitutes Imports

Imports into Republic of Korea

In 2021, after three years of growth, there was significant decline in overseas purchases of tapioca and substitutes, when their volume decreased by -18.6% to X tons. Over the period under review, imports, however, showed a significant increase. The growth pace was the most rapid in 2013 when imports increased by 186%. Imports peaked at X tons in 2020, and then shrank notably in the following year.

In value terms, tapioca and substitutes imports reduced to $X in 2021. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 222%. Over the period under review, imports reached the peak figure at $X in 2020, and then shrank in the following year.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of tapioca and substitutes to South Korea, with a 78% share of total imports. Moreover, tapioca and substitutes imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) amounted to +30.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+20.3% per year) and China (-0.8% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of tapioca and substitutes to South Korea, comprising 86% of total imports. The second position in the ranking was taken by Thailand ($X), with a 2.9% share of total imports. It was followed by China, with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Taiwan (Chinese) amounted to +35.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.5% per year) and China (+5.1% per year).

Import Prices by Country

In 2021, the average tapioca and substitutes import price amounted to $X per ton, with an increase of 6.3% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 20%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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