Republic of Korea: Potato Starch Market 2024

Potato Starch Market Size in Republic of Korea

The South Korean potato starch market expanded modestly to $X in 2022, rising by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Potato Starch Production in Republic of Korea

In value terms, potato starch production amounted to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt curtailment. The growth pace was the most rapid in 2018 when the production volume increased by X%. Potato starch production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Potato Starch Exports

Exports from Republic of Korea

In 2022, after three years of growth, there was significant decline in overseas shipments of potato starch, when their volume decreased by X% to X tons. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, potato starch exports fell notably to $X in 2022. In general, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

The United States (X tons) was the main destination for potato starch exports from South Korea, accounting for a X% share of total exports. Moreover, potato starch exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), tenfold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.

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

In value terms, the United States ($X) emerged as the key foreign market for potato starch exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with a X% share of total exports. It was followed by New Zealand, with a X% share.

From 2012 to 2022, 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 New Zealand (X% per year).

Export Prices by Country

In 2022, the average potato starch export price amounted to $X per ton, jumping by X% against the previous year. In general, the export price, however, continues to indicate a mild setback. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Vietnam ($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 New Zealand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Potato Starch Imports

Imports into Republic of Korea

In 2022, supplies from abroad of potato starch decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, potato starch imports expanded significantly to $X in 2022. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Germany (X tons), Denmark (X tons) and Poland (X tons) were the main suppliers of potato starch imports to South Korea, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Denmark ($X) and Poland ($X) appeared to be the largest potato starch suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, Denmark, 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 potato starch import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Poland ($X per ton) and Denmark ($X per ton), while the price for France ($X per ton) and Germany ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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