Republic of Korea: Coconut Oil Market 2024

Coconut Oil Market Size in Republic of Korea

In 2022, the South Korean coconut oil market increased by X% to $X, rising for the second year in a row after three years of decline. The market 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. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Coconut Oil Production in Republic of Korea

In value terms, coconut oil production fell sharply to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Republic of Korea

In 2022, shipments abroad of coconut (copra) oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a slight curtailment. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, coconut oil exports shrank significantly to $X in 2022. Over the period under review, exports, however, posted a tangible expansion. The pace of growth appeared the most rapid in 2020 with an increase of X%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for coconut oil exports from South Korea, accounting for a X% share of total exports. Moreover, coconut oil exports to China exceeded the volume sent to the second major destination, the United States (X kg), more than tenfold. The third position in this ranking was held by Thailand (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Thailand (X% per year).

In value terms, China ($X) emerged as the key foreign market for coconut (copra) oil exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

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

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price continues to indicate a measured expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Japan ($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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Republic of Korea

In 2022, coconut oil imports into South Korea declined slightly to X tons, which is down by X% against the year before. In general, imports saw a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports stood at $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value 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 increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Indonesia (X tons), the Philippines (X tons) and Malaysia (X tons) were the main suppliers of coconut oil imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest coconut oil suppliers to South Korea were Indonesia ($X), the Philippines ($X) and Malaysia ($X), together accounting for X% of total imports.

Among the main suppliers, the Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, import price indicated a notable expansion 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, coconut oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% 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 the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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