Republic of Korea: Millet Market 2022

Millet Market Size in Republic of Korea

In 2021, the South Korean millet market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a abrupt contraction. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Millet Production in Republic of Korea

In value terms, millet production soared to $X in 2021 estimated in export price. Overall, production continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

The average yield of millet in South Korea stood at X tons per ha in 2021, stabilizing at 2020 figures. In general, the yield, however, saw a pronounced slump. The millet yield peaked at X tons per ha in 2013; however, from 2014 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of millet were harvested in South Korea; approximately mirroring 2020. In general, the harvested area recorded a pronounced shrinkage. Over the period under review, the harvested area dedicated to millet production reached the peak figure at X ha in 2012; however, from 2013 to 2021, the harvested area stood at a somewhat lower figure.

Millet Exports

Exports from Republic of Korea

In 2021, the amount of millet exported from South Korea expanded notably to X tons, picking up by X% against 2020 figures. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, millet exports amounted to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible descent. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for millet exports from South Korea, accounting for a X% share of total exports. Moreover, millet exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+X% per year) and Guam (+X% per year).

In value terms, the United States ($X), Japan ($X) and Guam ($X) appeared to be the largest markets for millet exported from South Korea worldwide, with a combined X% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average millet export price stood at $X per ton in 2021, dropping by -X% against the previous year. In general, the export price, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded 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 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-X%), while the prices for the other major destinations experienced a decline.

Millet Imports

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in supplies from abroad of millet, when their volume increased by X% to X tons. Over the period under review, imports, however, saw a abrupt decline. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, millet imports rose markedly to $X in 2021. Overall, imports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest millet supplier to South Korea, accounting for a X% share of total imports. Moreover, millet imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -X%.

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

From 2012 to 2021, the average annual growth rate of value from China amounted to -X%.

Import Prices by Country

In 2021, the average millet import price amounted to $X per ton, shrinking by -X% against the previous year. In general, the import price saw a slight reduction. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-X%).

Source: IndexBox Platform