Report Update Nov 1, 2024

Republic of Korea - Whey - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Whey Market 2024

Whey Market Size in Republic of Korea

The South Korean whey market shrank modestly to $X in 2022, which is down by -1.7% 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). Overall, consumption saw a noticeable slump. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Whey Exports

Exports from Republic of Korea

In 2022, shipments abroad of whey increased by 15% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 21,019%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, whey exports soared to $X in 2022. In general, exports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 14,647%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

China (X kg), the Philippines (X kg) and Thailand (X kg) were the main destinations of whey exports from South Korea, together comprising 98% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +314.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the Philippines ($X) remains the key foreign market for whey exports from South Korea, comprising 64% of total exports. The second position in the ranking was held by China ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Philippines stood at +312.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.9% per year) and Thailand (+53.3% per year).

Export Prices by Country

The average whey export price stood at $X per ton in 2022, increasing by 21% against the previous year. Overall, the export price continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 156% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($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 Japan (+38.3%), while the prices for the other major destinations experienced mixed trend patterns.

Whey Imports

Imports into Republic of Korea

In 2022, the amount of whey imported into South Korea declined to X tons, which is down by -3.8% on 2021 figures. In general, imports saw a mild curtailment. The growth pace was the most rapid in 2021 with an increase of 12%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, whey imports declined to $X in 2022. Over the period under review, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest whey supplier to South Korea, accounting for a 41% share of total imports. Moreover, whey imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+6.0% per year) and Spain (+8.7% per year).

In value terms, the United States ($X) constituted the largest supplier of whey to South Korea, comprising 29% of total imports. The second position in the ranking was held by Canada ($X), with a 13% share of total imports. It was followed by France, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+6.7% per year) and France (-6.0% per year).

Import Prices by Country

In 2022, the average whey import price amounted to $X per ton, picking up by 2.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 13% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for whey in the world?

The countries with the highest volumes of whey consumption in 2021 were China, the Netherlands and France, with a combined 39% share of global consumption. These countries were followed by Germany, Italy, Denmark, Indonesia, the Czech Republic, Malaysia, the UK, Australia, Poland and Thailand, which together accounted for a further 36%.

What are the largest producers of whey in the world?

The countries with the highest volumes of whey production in 2021 were France, the United States and Italy, together accounting for 39% of global production. Germany, the Netherlands, Poland, Belgium, Belarus, the Czech Republic, Ireland, Australia, the UK and Argentina lagged somewhat behind, together comprising a further 41%.

What are the leading suppliers of whey to Republic of Korea?

In value terms, the United States constituted the largest supplier of whey to South Korea, comprising 36% of total imports. The second position in the ranking was occupied by Canada, with a 12% share of total imports. It was followed by the Netherlands, with a 10% share.

What are the leading importers of whey from Republic of Korea?

In value terms, Japan remains the key foreign market for whey exports from South Korea.

What is the average export price for whey in Republic of Korea?

The average whey export price stood at $2,573 per ton in 2021, shrinking by -41.4% against the previous year.

What is the average import price for whey in Republic of Korea?

The average whey import price stood at $1,230 per ton in 2021, with a decrease of -2.3% against the previous year.

This report provides an in-depth analysis of the whey market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 890 - Whey, Condensed
FCL 900 - Dry Whey

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023