Report Update Apr 1, 2024

Republic of Korea - Crude Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Republic of Korea

In 2022, the South Korean crude palm oil market decreased by X% to $X, falling for the third year in a row after two years of growth. In general, consumption showed a sharp downturn. Crude palm oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Crude Palm Oil Exports

Exports from Republic of Korea

In 2020, approx. X kg of crude palm oil were exported from South Korea; stabilizing at the previous year. In general, exports recorded a precipitous setback. The smallest decline of X% was in 2019. Over the period under review, the exports hit record highs at X kg in 2018; however, from 2019 to 2020, the exports remained at a lower figure.

In value terms, crude palm oil exports amounted to $X in 2020. Overall, exports saw a dramatic setback. The smallest decline of X% was in 2019. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2020, the exports remained at a lower figure.

Exports by Country

Japan (X kg) was the main destination for crude palm oil exports from South Korea, with a approx. X% share of total exports.

From 2018 to 2020, the average annual rate of growth in terms of volume to Japan was relatively modest.

From 2018 to 2020, the average annual rate of growth in terms of value to Japan was relatively modest.

Export Prices by Country

In 2020, the average crude palm oil export price amounted to $X per ton, remaining constant against the previous year. Overall, the export price enjoyed significant growth. The pace of growth appeared the most rapid in 2019 when the average export price decreased by X%. The export price peaked in 2020 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Japan.

From 2018 to 2020, the rate of growth in terms of prices for Japan amounted to X% per year.

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Crude Palm Oil Imports

Imports into Republic of Korea

In 2022, purchases abroad of crude palm oil decreased by X% to X tons, falling for the third year in a row after four years of growth. Over the period under review, imports showed a dramatic setback. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, crude palm oil imports contracted rapidly to $X in 2022. Overall, imports faced a sharp downturn. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X tons) was the main supplier of crude palm oil to South Korea, with a X% share of total imports. It was followed by the United States (X kg), with a X% share of total imports. Indonesia (X kg) ranked third in terms of total imports with a X% share.

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

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

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

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price posted a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude palm oil in the world?

Indonesia remains the largest crude palm oil consuming country worldwide, accounting for 54% of total volume. Moreover, crude palm oil consumption in Indonesia exceeded the figures recorded by the second-largest consumer, Malaysia, threefold. India ranked third in terms of total consumption with an 8.5% share.

What are the largest producers of crude palm oil in the world?

The country with the largest volume of crude palm oil production was Indonesia, accounting for 59% of total volume. Moreover, crude palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia, twofold. The third position in this ranking was held by Thailand, with a 3.6% share.

What are the leading suppliers of crude palm oil to Republic of Korea?

In value terms, Japan constituted the largest supplier of crude palm oil to South Korea, comprising 98% of total imports. The second position in the ranking was taken by the United States $168), with a 0.7% share of total imports. It was followed by Indonesia, with a 0.3% share.

What is the average export price for crude palm oil in Republic of Korea?

The average crude palm oil export price stood at $767 per ton in 2020, remaining relatively unchanged against the previous year.

What is the average import price for crude palm oil in Republic of Korea?

In 2022, the average crude palm oil import price amounted to $3,798 per ton, increasing by 405% against the previous year.

This report provides an in-depth analysis of the crude palm oil 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 257 - Oil of palm

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