Republic of Korea: Vegetable Waxes Market 2024

Vegetable Waxes Market Size in Republic of Korea

The South Korean vegetable waxes market dropped markedly to $X in 2022, waning by X% against the previous year. In general, consumption continues to indicate a deep contraction. Vegetable waxes consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vegetable Waxes Production in Republic of Korea

In value terms, vegetable waxes production dropped dramatically to $X in 2022 estimated in export price. Overall, production saw a sharp decrease. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Vegetable waxes production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Vegetable Waxes Exports

Exports from Republic of Korea

After three years of growth, overseas shipments of vegetable waxes decreased by X% to X tons in 2022. Overall, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, vegetable waxes exports declined rapidly to $X in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then declined significantly in the following year.

Exports by Country

China (X tons) was the main destination for vegetable waxes exports from South Korea, accounting for a X% share of total exports. Moreover, vegetable waxes exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. Bangladesh (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and Bangladesh (X% per year).

In value terms, China ($X) remains the key foreign market for vegetable waxes exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and the United States (X% per year).

Export Prices by Country

The average vegetable waxes export price stood at $X per ton in 2022, waning by X% against the previous year. In general, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bangladesh ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Waxes Imports

Imports into Republic of Korea

In 2022, vegetable waxes imports into South Korea declined sharply to X tons, waning by X% on 2021 figures. Over the period under review, total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable waxes imports fell modestly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of vegetable waxes imports to South Korea, together comprising X% of total imports. Indonesia, Malaysia, Mexico, China and Italy lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable waxes suppliers to South Korea were Brazil ($X), the United States ($X) and Japan ($X), together comprising X% of total imports. Mexico, Indonesia, China, Malaysia and Italy lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vegetable waxes import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. 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 Mexico ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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