Republic of Korea: Pig Fat Market 2020

Pig Fat Market Size in Republic of Korea

The revenue of the pig fat market in South Korea amounted to $X in 2018, stabilizing at the previous year. Overall, pig fat consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. Pig fat consumption peaked at $X in 2012; however, from 2013 to 2018, consumption failed to regain its momentum.

Pig Fat Production in Republic of Korea

In value terms, pig fat production amounted to $X in 2018 estimated in export prices. Overall, the total output indicated modest growth from 2007 to 2018: its value decreased at an average annual rate of -X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, pig fat production decreased by -X% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of X% year-to-year. In that year, pig fat production reached its peak level of $X. From 2014 to 2018, pig fat production growth remained at a lower figure.

Pig Fat Exports

Exports from Republic of Korea

In 2018, the amount of pig fat exported from South Korea amounted to X tonnes, increasing by X% against the previous year. In general, pig fat exports, however, continue to indicate a precipitous downturn. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Exports peaked at X tonnes in 2007; however, from 2008 to 2018, exports failed to regain their momentum.

In value terms, pig fat exports stood at $X in 2018. Overall, pig fat exports, however, continue to indicate an abrupt drop. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, pig fat exports attained their maximum at $X in 2007; however, from 2008 to 2018, exports failed to regain their momentum.

Exports by Country

Algeria (X kg) and Micronesia (Federated States of) (X kg) were the main destinations of pig fat exports from South Korea, with a combined X% share of total exports.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by Micronesia (Federated States of) (+X% per year).

In value terms, Algeria ($X) remains the key foreign market for pig fat exports from South Korea, comprising X% of total pig fat exports. The second position in the ranking was occupied by Micronesia (Federated States of) ($X), with a X% share of total exports.

From 2007 to 2018, the average annual rate of growth in terms of value to Algeria amounted to -X%.

Export Prices by Country

The average pig fat export price stood at $X per tonne in 2018, shrinking by -X% against the previous year. Over the period under review, the pig fat export price, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by X% y-o-y. The export price peaked at $X per tonne in 2013; however, from 2014 to 2018, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Algeria ($X per tonne), while the average price for exports to Micronesia (Federated States of) stood at $X per tonne.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Micronesia (Federated States of).

Pig Fat Imports

Imports into Republic of Korea

In 2018, the amount of pig fat imported into South Korea totaled X tonnes, jumping by X% against the previous year. Over the period under review, pig fat imports continue to indicate an outstanding expansion. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, pig fat imports reached their peak figure in 2018 and are expected to retain its growth in the immediate term.

In value terms, pig fat imports stood at $X in 2018. In general, pig fat imports continue to indicate an outstanding increase. The most prominent rate of growth was recorded in 2008 with an increase of X% year-to-year. Over the period under review, pig fat imports reached their maximum in 2018 and are likely to continue its growth in the immediate term.

Imports by Country

The U.S. (X tonnes), Canada (X tonnes) and Chile (X tonnes) were the main suppliers of pig fat imports to South Korea, together accounting for X% of total imports.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main suppliers, was attained by the U.S. (+X% per year), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pig fat suppliers to South Korea were Canada ($X), the U.S. ($X) and France ($X), together accounting for X% of total imports.

The U.S. (+X% per year) experienced the highest growth rate of market size, among the main suppliers over the period under review, while imports for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the average pig fat import price amounted to $X per tonne, lowering by -X% against the previous year. In general, the import price indicated a conspicuous increase from 2007 to 2018: its price increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, pig fat import price increased by +X% against 2015 indices. The pace of growth was the most pronounced in 2008 when the average import price increased by X% y-o-y. The import price peaked at $X per tonne in 2014; however, from 2015 to 2018, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was Canada ($X per tonne), while the price for Chile ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Chile, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform