Republic of Korea: Vegetable Oils Market 2025

Vegetable Oils Market Size in Republic of Korea

The South Korean vegetable oils market stood at $X in 2022, rising by X% against the previous year. Over the period under review, consumption, however, recorded a abrupt contraction. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Vegetable Oils Production in Republic of Korea

In value terms, vegetable oils production declined modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt slump. The growth pace was the most rapid in 2021 with an increase of X%. Vegetable oils production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Vegetable Oils Exports

Exports from Republic of Korea

In 2022, the amount of vegetable fats and oils exported from South Korea fell rapidly to X tons, with a decrease of X% against 2021. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, vegetable oils exports dropped to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for vegetable oils exports from South Korea, accounting for a X% share of total exports. Moreover, vegetable oils exports to Mexico exceeded the volume sent to the second major destination, Egypt (X tons), sixfold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and Vietnam (X% per year).

In value terms, Mexico ($X) remains the key foreign market for vegetable fats and oils exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Egypt ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Republic of Korea

Vegetable oils imports into South Korea skyrocketed to X tons in 2022, jumping by X% compared with 2021. Overall, imports showed strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, vegetable oils imports soared to $X in 2022. In general, imports continue to indicate a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest vegetable oils supplier to South Korea, accounting for a X% share of total imports. Moreover, vegetable oils imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and India (X% per year).

In value terms, Indonesia ($X) constituted the largest supplier of vegetable fats and oils to South Korea, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and India (X% per year).

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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