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Republic of Korea - Salt - Market Analysis, Forecast, Size, Trends and Insights
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Republic of Korea: Salt Market Overview 2021

Salt Market Size in Republic of Korea

In 2019, the South Korean salt market increased by X% to $X, rising for the second consecutive year after four years of decline. In general, consumption showed tangible growth. The pace of growth appeared the most rapid in 2011 with an increase of X% against the previous year. As a result, consumption attained the peak level of $X. From 2012 to 2019, the growth of the market failed to regain the momentum.

Salt Production in Republic of Korea

In value terms, salt production fell sharply to $X in 2019 estimated in export prices. Over the period under review, production recorded a noticeable downturn. The pace of growth appeared the most rapid in 2008 when the production volume increased by X% y-o-y. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2019, production remained at a lower figure.

Salt Exports

Exports from Republic of Korea

In 2019, salt exports from South Korea shrank rapidly to X tonnes, which is down by -X% compared with 2018 figures. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2010 with an increase of X% against the previous year. Exports peaked at X tonnes in 2007; however, from 2008 to 2019, exports stood at a somewhat lower figure.

In value terms, salt exports declined markedly to $X in 2019. Overall, total exports indicated a modest increase from 2007 to 2019: its value decreased at an average annual rate of -X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X% y-o-y. As a result, exports attained the peak of $X. From 2014 to 2019, the growth exports remained at a somewhat lower figure.

Exports by Country

The U.S. (X tonnes), Japan (X tonnes) and Russia (X tonnes) were the main destinations of salt exports from South Korea, with a combined X% share of total exports. Micronesia, China, Kiribati and the Philippines lagged somewhat behind, together accounting for a further X 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines, while exports for the other leaders experienced more modest paces of growth.

In value terms, the U.S. ($X), China ($X) and Japan ($X) appeared to be the largest markets for salt exported from South Korea worldwide, together comprising X% of total exports. Russia, Micronesia, the Philippines and Kiribati lagged somewhat behind, together accounting for a further X saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average salt export price stood at $X per tonne in 2019, growing by X% against the previous year. Over the period under review, the export price posted a resilient expansion. The most prominent rate of growth was recorded in 2009 an increase of X% y-o-y. As a result, export price reached the peak level of $X per tonne. From 2010 to 2019, the growth in terms of the average export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was the U.S. ($X per tonne), while the average price for exports to Kiribati ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Japan, while the prices for the other major destinations experienced more modest paces of growth.

Salt Imports

Imports into Republic of Korea

In 2019, the amount of salt and pure sodium chloride imported into South Korea declined slightly to X tonnes, almost unchanged from the year before. Overall, imports showed a perceptible decline. The most prominent rate of growth was recorded in 2011 with an increase of X% y-o-y. As a result, imports attained the peak of X tonnes. From 2012 to 2019, the growth imports remained at a somewhat lower figure.

In value terms, salt imports stood at $X in 2019. Over the period under review, imports showed a temperate expansion. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2012 to 2019, the growth imports remained at a somewhat lower figure.

Imports by Country

India (X tonnes), China (X tonnes) and Australia (X tonnes) were the main suppliers of salt imports to South Korea, together accounting for X% of total imports.

From 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India, while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X), Australia ($X) and China ($X) were the largest salt suppliers to South Korea, with a combined X% share of total imports.

In terms of the main suppliers, India 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 salt import price stood at $X per tonne in 2019, picking up by X% against the previous year. In general, import price indicated a strong increase from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, salt import price decreased by -X% against 2017 indices. The growth pace was the most rapid in 2011 an increase of X% against the previous year. The import price peaked at $X per tonne in 2017; afterwards, it flattened through to 2019.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Australia ($X per tonne), while the price for China ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Australia, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for salt and pure sodium chloride in the world?
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The countries with the highest volumes of salt consumption in 2019 were China (77M tonnes), the U.S. (62M tonnes) and India (18M tonnes), together comprising 51% of global consumption. These countries were followed by Australia, Germany, Canada, Brazil, Mexico, France, the UK and Turkey, which together accounted for a further 22%.
What are the largest producers of salt and pure sodium chloride in the world?
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The countries with the highest volumes of salt production in 2019 were China (69M tonnes), the U.S. (42M tonnes) and India (31M tonnes), together comprising 47% of global production. Canada, Germany, Australia, Chile, Mexico, Brazil, Egypt, Turkey, France and the Netherlands lagged somewhat behind, together comprising a further 29%.
What are the leading suppliers of salt and pure sodium chloride to Republic of Korea?
+
In value terms, India ($62M), Australia ($58M) and China ($25M) were the largest salt suppliers to South Korea, with a combined 86% share of total imports.
What are the leading importers of salt and pure sodium chloride from Republic of Korea?
+
In value terms, the largest markets for salt exported from South Korea were the U.S. ($2.2M), China ($1.2M) and Japan ($941K), together comprising 69% of total exports. These countries were followed by Russia, Micronesia, the Philippines and Kiribati, which together accounted for a further 11%.
What is the average export price for salt and pure sodium chloride in Republic of Korea?
+
In 2019, the average salt export price amounted to $674 per tonne, with an increase of 5.8% against the previous year.
What is the average import price for salt and pure sodium chloride in Republic of Korea?
+
The average salt import price stood at $79 per tonne in 2019, with an increase of 3.7% against the previous year.

Product coverage:
• Prodcom 08931000 - Salt (including denatured salt but excluding salt suitable for human consumption) and pure sodium chloride, whether or not in aqueous solution or containing added anti-caking or free-flowing agents
• Prodcom 10843000 - Salt suitable for human consumption

This report provides an in-depth analysis of the salt 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 2025.


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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2019
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2019
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2019
Table 2:
Market Volume, In Physical Terms, 2007–2019
Table 3:
Market Value, 2007–2019
Table 4:
Per Capita Consumption In 2007–2019
Table 5:
Imports, In Physical Terms, By Country, 2007–2019
Table 6:
Imports, In Value Terms, By Country, 2007–2019
Table 7:
Import Prices, By Country Of Origin, 2007–2019
Table 8:
Exports, In Physical Terms, By Country, 2007–2019
Table 9:
Exports, In Value Terms, By Country, 2007–2019
Table 10:
Export Prices, By Country Of Destination, 2007–2019
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2019
Figure 2:
Market Value, 2007–2019
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2019
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2019
Figure 5:
Trade Balance, In Physical Terms, 2007–2019
Figure 6:
Trade Balance, In Value Terms, 2007–2019
Figure 7:
Per Capita Consumption, 2007–2019
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2007–2019
Figure 21:
Production, In Value Terms, 2007–2019
Figure 22:
Imports, In Physical Terms, 2007–2019
Figure 23:
Imports, In Value Terms, 2007–2019
Figure 24:
Imports, In Physical Terms, By Country, 2019
Figure 25:
Imports, In Physical Terms, By Country, 2007–2019
Figure 26:
Imports, In Value Terms, By Country, 2007–2019
Figure 27:
Import Prices, By Country Of Origin, 2007–2019
Figure 28:
Exports, In Physical Terms, 2007–2019
Figure 29:
Exports, In Value Terms, 2007–2019
Figure 30:
Exports, In Physical Terms, By Country, 2019
Figure 31:
Exports, In Physical Terms, By Country, 2007–2019
Figure 32:
Exports, In Value Terms, By Country, 2007–2019
Figure 33:
Export Prices, By Country Of Destination, 2007–2019

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