Republic of Korea: Non-Wheat Flour Market 2024

Non-Wheat Flour Market Size in Republic of Korea

The South Korean non-wheat flour market rose slightly to $X in 2023, with an increase of X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Non-Wheat Flour Production in Republic of Korea

In value terms, non-wheat flour production expanded slightly to $X in 2023 estimated in export price. Overall, production, however, recorded a mild decline. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2023, production growth failed to regain momentum.

Non-Wheat Flour Exports

Exports from Republic of Korea

Non-wheat flour exports from South Korea reduced modestly to X tons in 2023, with a decrease of X% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a perceptible expansion. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2023, the exports remained at a lower figure.

In value terms, non-wheat flour exports dropped modestly to $X in 2023. Overall, exports, however, recorded a slight increase. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

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

From 2012 to 2023, 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: Canada (X% per year) and Germany (X% per year).

In value terms, the United States ($X) remains the key foreign market for non-wheat flours exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports. It was followed by Germany, with an X% share.

From 2012 to 2023, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Germany (X% per year).

Export Prices by Country

In 2023, the average non-wheat flour export price amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Wheat Flour Imports

Imports into Republic of Korea

After five years of growth, supplies from abroad of non-wheat flours decreased by X% to X tons in 2023. Over the period under review, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2022, and then shrank modestly in the following year.

In value terms, non-wheat flour imports contracted to $X in 2023. Overall, imports, however, posted a strong increase. The growth pace was the most rapid in 2019 with an increase of X%. Imports peaked at $X in 2022, and then shrank in the following year.

Imports by Country

India (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of non-wheat flour imports to South Korea, together accounting for X% of total imports.

From 2012 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

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

Among the main suppliers, India, 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 more modest paces of growth.

Import Prices by Country

The average non-wheat flour import price stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2019 when the average import price increased by X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, 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 more modest paces of growth.

Source: IndexBox Platform