Report Update Apr 1, 2024

Republic of Korea - Refined Groundnut Oil - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Republic of Korea

The South Korean refined groundnut oil market dropped to $X in 2022, with a decrease of X% against the previous year. Overall, consumption enjoyed a resilient expansion. Refined groundnut oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Groundnut Oil Production in Republic of Korea

In value terms, refined groundnut oil production shrank to $X in 2022 estimated in export price. Overall, production showed buoyant growth. The pace of growth was the most pronounced in 2016 with an increase of X%. Refined groundnut oil production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Groundnut Oil Exports

Exports from Republic of Korea

Refined groundnut oil exports from South Korea shrank sharply to X kg in 2022, waning by X% compared with the year before. Over the period under review, exports saw a dramatic decline. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined groundnut oil exports shrank notably to $X in 2022. In general, exports faced a abrupt decline. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked at $X in 2021, and then fell markedly in the following year.

Exports by Country

Canada (X kg) was the main destination for refined groundnut oil exports from South Korea, accounting for a approx. X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Canada stood at X%.

In value terms, Canada ($X) emerged as the key foreign market for refined groundnut oil exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled X%.

Export Prices by Country

In 2022, the average refined groundnut oil export price amounted to $X per ton, rising by X% against the previous year. Overall, the export price enjoyed a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to X% per year.

Refined Groundnut Oil Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in overseas purchases of refined groundnut oil, when their volume increased by X% to X tons. Overall, imports recorded a mild expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined groundnut oil imports surged to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest refined groundnut oil supplier to South Korea, with a X% share of total imports. Moreover, refined groundnut oil imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

In value terms, China ($X) constituted the largest supplier of refined groundnut oil to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with an X% share of total imports. It was followed by Germany, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average refined groundnut oil import price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price saw a slight setback. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined groundnut oil in the world?

The countries with the highest volumes of consumption in 2023 were China, the United States and India, with a combined 31% share of global consumption. Japan, Germany, Pakistan, Nigeria, Indonesia, Bangladesh, Brazil, the UK, France and Russia lagged somewhat behind, together accounting for a further 25%.

What are the largest producers of refined groundnut oil in the world?

The countries with the highest volumes of production in 2022 were China, the United States and India, with a combined 32% share of global production. Japan, Pakistan, Germany, Brazil, Nigeria, Indonesia, Bangladesh, France, the UK and Russia lagged somewhat behind, together comprising a further 25%.

What are the leading suppliers of refined groundnut oil to Republic of Korea?

In value terms, China constituted the largest supplier of refined groundnut oil to South Korea, comprising 79% of total imports. The second position in the ranking was held by the United States, with an 8.3% share of total imports. It was followed by Germany, with an 8% share.

What are the leading importers of refined groundnut oil from Republic of Korea?

In value terms, Canada emerged as the key foreign market for refined groundnut oil exports from South Korea.

What is the average export price for refined groundnut oil in Republic of Korea?

The average refined groundnut oil export price stood at $66,663 per ton in 2022, jumping by 1,743% against the previous year.

What is the average import price for refined groundnut oil in Republic of Korea?

The average refined groundnut oil import price stood at $4,831 per ton in 2022, dropping by -31.2% against the previous year.

This report provides an in-depth analysis of the refined groundnut oil market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10415200 - Refined groundnut oil and its fractions (excluding chemically modified)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023