Price for Butter and Other Fats and Oils Derived from Milk in South Korea - 2022
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in South Korea (CIF) - 2022
- Price for Butter and Other Fats and Oils Derived from Milk in South Korea (FOB) - 2022
- Imports of Butter and Other Fats and Oils Derived from Milk in South Korea
- Exports of Butter and Other Fats and Oils Derived from Milk in South Korea
Price for Butter and Other Fats and Oils Derived from Milk in South Korea (CIF) - 2022
The average import price for butter and other fats and oils derived from milk stood at $7,601 per ton in December 2022, remaining relatively unchanged against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.8%. The pace of growth was the most pronounced in June 2022 when the average import price increased by 9% against the previous month. The import price peaked in December 2022.
Prices varied noticeably by the country of origin: the country with the highest price was Italy ($11,602 per ton), while the price for New Zealand ($6,079 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Italy (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Butter and Other Fats and Oils Derived from Milk in South Korea (FOB) - 2022
In 2022, the average export price for butter and other fats and oils derived from milk amounted to $2,674 per ton, with a decrease of -73.6% against the previous year. Overall, the export price saw a deep setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 94% against the previous year. Over the period under review, the average export prices attained the maximum at $18,541 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($8,623 per ton), while the average price for exports to Russia ($1,799 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 Russia (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Butter and Other Fats and Oils Derived from Milk in South Korea
In 2022, approx. 30K tons of butter and other fats and oils derived from milk were imported into South Korea; picking up by 24% against the previous year's figure. Overall, imports showed a significant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 58%. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of butter and other fats and oils derived from milk surged to $202M in 2022. Over the period under review, imports showed a significant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 63% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are likely to continue growth in the near future.
| Import of Butter and Other Fats and Oils Derived from Milk in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 33.4 | 27.5 | 41.4 | 65.7 | 25.3% |
| France | 25.7 | 31.1 | 55.5 | 58.8 | 31.8% |
| United States | 10.3 | 8.3 | 12.6 | 32.4 | 46.5% |
| Germany | 2.3 | 8.2 | 8.8 | 10.7 | 66.9% |
| Australia | 4.8 | 3.5 | 9.3 | 8.3 | 20.0% |
| Denmark | 2.6 | 3.0 | 3.8 | 6.3 | 34.3% |
| Italy | 1.7 | 2.0 | 4.4 | 5.3 | 46.1% |
| United Kingdom | 3.0 | 1.9 | 2.5 | 4.4 | 13.6% |
| Others | 2.3 | 3.6 | 6.4 | 10.4 | 65.4% |
| Total | 86.1 | 88.9 | 145 | 202 | 32.9% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to South Korea in 2022:
- New Zealand (10.8K tons)
- France (6.8K tons)
- United States (5.3K tons)
- Australia (1.8K tons)
- Germany (1.6K tons)
- Denmark (1.0K tons)
- Italy (0.7K tons)
- United Kingdom (0.6K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in South Korea
In 2022, approx. 25 tons of butter and other fats and oils derived from milk were exported from South Korea; increasing by 142% against 2021 figures. Overall, exports, however, faced a precipitous curtailment.
In value terms, exports of butter and other fats and oils derived from milk declined markedly to $67K in 2022. Over the period under review, exports, however, faced a sharp setback. The pace of growth appeared the most rapid in 2020 with an increase of 97% against the previous year. As a result, the exports attained the peak of $527K. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.
| Export of Butter and Other Fats and Oils Derived from Milk in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Russia | 146 | 106 | N/A | 39.2 | -35.5% |
| Hong Kong SAR | 10.5 | 178 | 86.3 | 20.9 | 25.8% |
| China | N/A | 170 | 5.4 | 0.6 | -94.1% |
| Thailand | N/A | 59.7 | N/A | N/A | 0% |
| Singapore | 90.2 | N/A | 4.1 | N/A | -78.7% |
| Canada | 17.1 | N/A | N/A | N/A | 0% |
| Others | 3.4 | 12.9 | 8.8 | 5.9 | 20.2% |
| Total | 267 | 527 | 105 | 66.6 | -37.1% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from South Korea in 2022:
- Russia (21.8 tons)
- Hong Kong SAR (2.4 tons)
- China (0.1 tons)
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This report provides an in-depth analysis of the butter and ghee market in Republic of Korea.
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This report provides an in-depth analysis of the ghee market in Republic of Korea.
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This report provides an in-depth analysis of the butter market in Republic of Korea.
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This report provides an in-depth analysis of the dairy produce market in Republic of Korea.
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This report provides an in-depth analysis of the market for butter and dairy spreads in Republic of Korea.
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This report provides an in-depth analysis of the dairy spread market in Republic of Korea.
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This report provides an in-depth analysis of the global butter and ghee market.
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This report provides an in-depth analysis of the global ghee market.
3407
This report provides an in-depth analysis of the global butter market.
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This report provides an in-depth analysis of the global dairy produce market.
8112
Global butter and ghee consumption amounted to X thousand tons in 2015, remaining constant against the previous year level.
3003
Global butter and ghee exports amounted to X thousand tons in 2015, coming down by -X% against the previous year level.
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Global butter and ghee imports amounted to X thousand tons in 2015, descending by -X% against the previous year level.
6841
In 2015, the countries with the highest levels of butter and ghee production were Turkey (X thousand tons), Iran (X thousand tons), Syria (X thousand tons), together accounting for X% of total output.
1067
The global butter and ghee market fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015.
2831
The market of butter and ghee fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015. Over the last year, the market dropped by X% in value terms.
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New Zealand seized control of the butter and ghee market. In 2014, New Zealand exported X thousand tons of butter and ghee totaling X USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total but
1614
New Zealand continued its dominance in the global ghee trade. In 2014, New Zealand exported X thousand tons of ghee totaling X million USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total ghee
257
The butter market is projected to experience steady growth over the next seven years, driven by increasing demand worldwide. Market performance is expected to see a CAGR of +1.8% in volume and +3.5% in value from 2023 to 2030.
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This year global butter production is anticipated to keep up with ha last year, amounting to 5.6M tons. The EU is forecast to decrease butter exports due to a slight drop in production amid an increase in demand. Butter exports from New Zealand are not forecast to grow due to increased competition with UHT cream for food service being increasingly in demand.
