Republic of Korea - Millet - Market Analysis, Forecast, Size, Trends and Insights
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View PricingMillet Price in South Korea - 2022
Contents:
- Millet Price in South Korea (CIF) - 2022
- Millet Price in South Korea (FOB) - 2022
- Millet Imports in South Korea
- Millet Exports in South Korea
Millet Price in South Korea (CIF) - 2022
The average millet import price stood at $850 per ton in 2022, with an increase of 5.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The pace of growth was the most pronounced in 2014 when the average import price increased by 28% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.
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 China ($1,055 per ton), while the price for Ukraine ($539 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Millet Price in South Korea (FOB) - 2022
The average millet export price stood at $6,480 per ton in 2022, increasing by 22% against the previous year. In general, the export price showed a strong increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 187%. The export price peaked in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($7,742 per ton), while the average price for exports to Guam ($4,487 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 China (+39.2%), while the prices for the other major destinations experienced more modest paces of growth.
Millet Imports in South Korea
In 2022, overseas purchases of millet decreased by -19% to 11K tons, falling for the second year in a row after two years of growth. Overall, imports recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by 14%. As a result, imports reached the peak of 14K tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, millet imports declined to $8.9M in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 39% against the previous year. As a result, imports reached the peak of $11M. From 2021 to 2022, the growth of imports remained at a lower figure.
Import of Millet in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 6.5 | 8.8 | 7.2 | 5.9 | -3.2% |
Ukraine | N/A | 0.5 | 2.0 | 1.6 | 78.9% |
United States | 1.2 | 1.5 | 0.7 | 0.9 | -9.1% |
Australia | N/A | N/A | 0.2 | 0.3 | 50.0% |
India | 0.1 | 0.1 | 0.2 | 0.2 | 26.0% |
Others | N/A | N/A | 0.1 | 0.1 | 0.0% |
Total | 7.9 | 10.9 | 10.4 | 8.9 | 4.1% |
Top Suppliers of Millet to South Korea in 2022:
- China (5.6K tons)
- Ukraine (2.9K tons)
- United States (1.1K tons)
- Australia (0.4K tons)
- India (0.3K tons)
Millet Exports in South Korea
After three years of growth, shipments abroad of millet decreased by -37.8% to 15 tons in 2022. Overall, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2020 when exports increased by 71% against the previous year.
In value terms, millet exports declined rapidly to $100K in 2022. In general, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 49% against the previous year.
Export of Millet in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 31.6 | 62.3 | 103 | 64.6 | 26.9% |
Philippines | N/A | 15.4 | 5.5 | 9.0 | -23.6% |
United Arab Emirates | 0.8 | N/A | N/A | 7.0 | 106.1% |
United Kingdom | 4.8 | 4.0 | 6.4 | 6.6 | 11.2% |
Canada | 5.4 | 4.6 | 6.0 | 6.1 | 4.1% |
Guam | 4.7 | 3.2 | 3.0 | 3.5 | -9.4% |
Japan | 10.7 | N/A | 0.6 | 1.1 | -53.2% |
Others | 4.3 | 3.4 | 7.0 | 1.9 | -23.8% |
Total | 62.4 | 92.8 | 132 | 100 | 17.0% |
Top Export Markets for Millet from South Korea in 2022:
- United States (9.1 tons)
- Philippines (1.6 tons)
- United Kingdom (1.3 tons)
- Canada (1.2 tons)
- United Arab Emirates (0.9 tons)
- Guam (0.8 tons)
- Japan (0.2 tons)
This report provides an in-depth analysis of the millet 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:
- FCL 79 - Millet
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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