Republic of Korea - Soya Beans - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSoya Bean Price in South Korea - 2022
Contents:
- Soya Bean Price in South Korea (CIF) - 2022
- Soya Bean Price in South Korea (FOB) - 2022
- Soya Bean Imports in South Korea
- Soya Bean Exports in South Korea
Soya Bean Price in South Korea (CIF) - 2022
In 2022, the average soya bean import price amounted to $725 per ton, jumping by 23% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya bean import price increased by +64.6% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Paraguay ($1,628 per ton), while the price for Brazil ($673 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Soya Bean Price in South Korea (FOB) - 2022
In 2022, the average soya bean export price amounted to $1,817 per ton, rising by 19% against the previous year. Over the period under review, the export price continues to indicate a notable expansion. The growth pace was the most rapid in 2014 when the average export price increased by 140% against the previous year. As a result, the export price attained the peak level of $3,048 per ton. From 2015 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 ($13,689 per ton), while the average price for exports to Myanmar ($320 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 Thailand (+26.0%), while the prices for the other major destinations experienced more modest paces of growth.
Soya Bean Imports in South Korea
In 2022, soya bean imports into South Korea rose modestly to 1.3M tons, with an increase of 2.9% on the previous year's figure. The total import volume increased at an average annual rate of +1.0% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 5.1% against the previous year. As a result, imports attained the peak of 1.3M tons; afterwards, it flattened through to 2022.
In value terms, soya bean imports skyrocketed to $944M in 2022. Overall, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +19.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.
Import of Soya Bean in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 453 | 304 | 319 | 436 | -1.3% |
Brazil | 45.3 | 243 | 356 | 363 | 100.1% |
China | 39.5 | 38.9 | 47.8 | 97.4 | 35.1% |
Canada | 13.0 | 11.9 | 11.2 | 34.2 | 38.0% |
Others | 6.5 | 6.0 | 10.6 | 13.8 | 28.5% |
Total | 557 | 604 | 744 | 944 | 19.2% |
Top Suppliers of Soya Bean to South Korea in 2022:
- United States (635.5K tons)
- Brazil (538.7K tons)
- China (79.3K tons)
- Canada (35.1K tons)
Soya Bean Exports in South Korea
In 2022, overseas shipments of soya beans decreased by -48.9% to 110 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports showed a deep reduction. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. As a result, the exports attained the peak of 216 tons, and then dropped dramatically in the following year.
In value terms, soya bean exports fell remarkably to $200K in 2022. In general, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 72% against the previous year. As a result, the exports attained the peak of $329K, and then dropped significantly in the following year.
Export of Soya Bean in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | N/A | 158 | 223 | 115 | -14.7% |
United States | 21.6 | 14.2 | 44.1 | 37.2 | 19.9% |
Malaysia | 0.2 | 0.1 | 40.2 | 13.6 | 308.2% |
Myanmar | N/A | N/A | N/A | 7.2 | 0% |
Mongolia | 123 | N/A | N/A | N/A | 0% |
Others | 18.0 | 19.4 | 22.2 | 27.1 | 14.6% |
Total | 162 | 191 | 329 | 200 | 7.3% |
Top Export Markets for Soya Bean from South Korea in 2022:
- China (80.0 tons)
- Myanmar (22.5 tons)
- United States (2.7 tons)
- Malaysia (2.1 tons)
This report provides an in-depth analysis of the soya bean 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 236 - Soybeans
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
This report provides an in-depth analysis of the soya bean market in Republic of Korea.
This report provides an in-depth analysis of the global soya bean market.
This report provides an in-depth analysis of the soya bean market in Republic of Korea.
This report provides an in-depth analysis of the global soya bean market.
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