Republic of Korea - Rice - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Rice Market 2024
Rice Market Size in Republic of Korea
The South Korean rice market amounted to $X in 2023, therefore, remained relatively stable against the previous year. In general, consumption, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market remained at a lower figure.
Rice Production in Republic of Korea
In value terms, rice production declined to $X in 2023 estimated in export price. Over the period under review, production, however, saw a deep slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.
In 2023, the average rice yield in South Korea amounted to X tons per ha, growing by X% on the previous year's figure. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the average rice yield reached the peak level at X tons per ha in 2016; however, from 2017 to 2023, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
The rice harvested area in South Korea amounted to X ha in 2023, therefore, remained relatively stable against the year before. Over the period under review, the harvested area, however, saw a slight setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to rice production attained the peak figure at X ha in 2012; however, from 2013 to 2023, the harvested area stood at a somewhat lower figure.
Rice Exports
Exports from Republic of Korea
In 2023, shipments abroad of rice increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by X%. The exports peaked at X tons in 2020; however, from 2021 to 2023, the exports remained at a lower figure.
In value terms, rice exports rose sharply to $X in 2023. Overall, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports reached the peak of $X. From 2015 to 2023, the growth of the exports failed to regain momentum.
Exports by Country
Yemen (X tons), Kenya (X tons) and Uganda (X tons) were the main destinations of rice exports from South Korea, together comprising X% of total exports. The United States, Ethiopia, the Philippines and Australia lagged somewhat behind, together comprising a further X%.
From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ethiopia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.
In value terms, Yemen ($X), the United States ($X) and Kenya ($X) appeared to be the largest markets for rice exported from South Korea worldwide, with a combined X% share of total exports. Ethiopia, the Philippines, Uganda and Australia lagged somewhat behind, together accounting for a further X%.
Ethiopia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of 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
In 2023, the average rice export price amounted to $X per ton, falling by X% against the previous year. In general, the export price showed a abrupt decrease. The growth pace was the most rapid in 2022 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Uganda ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced mixed trend patterns.
Rice Imports
Imports into Republic of Korea
In 2023, supplies from abroad of rice increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, total imports indicated a resilient expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.
In value terms, rice imports fell to $X in 2023. Over the period under review, total imports indicated resilient growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then reduced in the following year.
Imports by Country
China (X tons), the United States (X tons) and Vietnam (X tons) were the main suppliers of rice imports to South Korea, together comprising X% of total imports. Thailand and Australia lagged somewhat behind, together comprising a further X%.
From 2012 to 2023, the biggest increases were recorded for Australia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest rice suppliers to South Korea were China ($X), the United States ($X) and Vietnam ($X), together comprising X% of total imports. Thailand and Australia lagged somewhat behind, together accounting for a further X%.
Australia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The average rice import price stood at $X per ton in 2023, waning by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2022, and then declined in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.
From 2012 to 2023, 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
This report provides an in-depth analysis of the rice 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 27 - Rice, paddy
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
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