Republic of Korea: Chick Peas Market 2024

Chick Peas Market Size in Republic of Korea

In 2022, the South Korean chick peas market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a significant increase. Chick peas consumption peaked at $X in 2021, and then dropped rapidly in the following year.

Chick Peas Production in Republic of Korea

In value terms, chick peas production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight curtailment. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

The average yield of chick peas in South Korea totaled less than X kg per ha in 2022, leveling off at 2021 figures. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the chick peas harvested area in South Korea was estimated at less than X ha, remaining stable against 2021 figures. Over the period under review, the harvested area saw a relatively flat trend pattern.

Chick Peas Exports

Exports from Republic of Korea

In 2022, chick peas exports from South Korea was estimated at X kg, stabilizing at the previous year. Over the period under review, exports continue to indicate a significant decrease. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chick peas exports amounted to $X in 2022. Overall, exports continue to indicate a dramatic shrinkage. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X kg) and Hong Kong SAR (X kg) were the main destinations of chick peas exports from South Korea.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of X%).

In value terms, Hong Kong SAR ($X) and the United States ($X) were the largest markets for chick peas exported from South Korea worldwide.

The United States, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average chick peas export price amounted to $X per ton, approximately equating the previous year. In general, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2018 an increase of X%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%).

Chick Peas Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in supplies from abroad of chick peas, when their volume decreased by X% to X tons. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, chick peas imports dropped markedly to $X in 2022. Over the period under review, imports, however, posted significant growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, Canada (X tons) constituted the largest chick peas supplier to South Korea, with a X% share of total imports. Moreover, chick peas imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was taken by Australia (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Australia (X% per year).

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

From 2012 to 2022, the average annual growth rate of value from Canada totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Australia (X% per year).

Import Prices by Country

In 2022, the average chick peas import price amounted to $X per ton, with an increase of X% against the previous year. In general, import price indicated a perceptible increase from 2012 to 2022: its price 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, chick peas import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per ton) and Canada ($X per ton), while the price for Australia ($X per ton) and the United States ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform