Republic of Korea: Wool Grease Market 2024

Wool Grease Market Size in Republic of Korea

The South Korean wool grease market declined significantly to $X in 2022, dropping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a perceptible decline. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Wool Grease Exports

Exports from Republic of Korea

In 2022, the amount of wool grease and fatty substances exported from South Korea reduced remarkably to X kg, declining by X% on 2021. In general, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wool grease exports fell markedly to $X in 2022. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam (X kg) was the main destination for wool grease exports from South Korea, with a X% share of total exports. Moreover, wool grease exports to Vietnam exceeded the volume sent to the second major destination, China (X kg), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Russia (X% per year).

In value terms, the largest markets for wool grease exported from South Korea were Vietnam ($X), China ($X) and Russia ($X), together accounting for X% of total exports.

China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average wool grease export price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price, however, recorded a significant increase. The pace of growth appeared the most rapid in 2013 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 2021, and then dropped dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 China (X%).

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Wool Grease Imports

Imports into Republic of Korea

In 2022, the amount of wool grease and fatty substances imported into South Korea fell markedly to X tons, which is down by X% on the year before. Over the period under review, imports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, wool grease imports dropped to $X in 2022. Overall, imports recorded a perceptible decrease. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of wool grease to South Korea, accounting for a X% share of total imports. Moreover, wool grease imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).

In value terms, Japan ($X) constituted the largest supplier of wool grease and fatty substances to South Korea, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by India, 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: China (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average wool grease import price amounted to $X per ton, picking up by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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