Republic of Korea: Non-Wheat Groats Market 2024

Non-Wheat Groats Market Size in Republic of Korea

The South Korean non-wheat groats market totaled $X in 2022, picking up by X% against the previous year. Over the period under review, consumption enjoyed a measured expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Non-Wheat Groats Production in Republic of Korea

In value terms, non-wheat groats production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable expansion. The pace of growth appeared the most rapid in 2018 with an increase of X%. Non-wheat groats production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Non-Wheat Groats Exports

Exports from Republic of Korea

For the sixth consecutive year, South Korea recorded decline in overseas shipments of groats and meal of cereals (excluding wheat), which decreased by X% to X tons in 2022. In general, exports faced a precipitous curtailment. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, non-wheat groats exports reduced notably to $X in 2022. Over the period under review, exports showed a precipitous descent. The growth pace was the most rapid in 2016 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for non-wheat groats exports from South Korea, with a X% share of total exports. Moreover, non-wheat groats exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), threefold. Japan (X tons) ranked third in terms of total exports with a X% share.

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

In value terms, the largest markets for non-wheat groats exported from South Korea were the United States ($X), Japan ($X) and the UK ($X), with a combined X% share of total exports. Malaysia and Canada lagged somewhat behind, together accounting for a further X%.

Canada, with a CAGR of X%, saw the highest growth rate of 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

The average non-wheat groats export price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price, however, posted resilient growth. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The export price peaked at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the UK ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Wheat Groats Imports

Imports into Republic of Korea

In 2022, supplies from abroad of groats and meal of cereals (excluding wheat) decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, non-wheat groats imports soared to $X in 2022. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest non-wheat groats supplier to South Korea, with a X% share of total imports. Moreover, non-wheat groats imports from India exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a X% share.

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

In value terms, the United States ($X), France ($X) and India ($X) were the largest non-wheat groats suppliers to South Korea, with a combined X% share of total imports.

The United States, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average non-wheat groats import price amounted to $X per ton, jumping by X% against the previous year. In general, the import price, however, showed a abrupt downturn. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, 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 a decline.

Source: IndexBox Platform

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