Price for Protein; Concentrates and Textured Protein Substances in South Korea - 2022

Contents:

1. Price for Protein; Concentrates and Textured Protein Substances in South Korea (CIF) - 2022
2. Price for Protein; Concentrates and Textured Protein Substances in South Korea (FOB) - 2022
3. Imports of Protein; Concentrates and Textured Protein Substances in South Korea
4. Exports of Protein; Concentrates and Textured Protein Substances in South Korea

Price for Protein; Concentrates and Textured Protein Substances in South Korea (CIF) - 2022

The average import price for protein; concentrates and textured protein substanceses stood at $2,642 per ton in 2022, increasing by 15% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2021 an increase of 17%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 the United States ($5,468 per ton), while the price for Denmark ($1,023 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Protein; Concentrates and Textured Protein Substances in South Korea (FOB) - 2022

In December 2022, the average export price for protein; concentrates and textured protein substanceses amounted to $4,180 per ton, reducing by -3.5% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +2.8%. The pace of growth was the most pronounced in September 2022 an increase of 25% m-o-m. The export price peaked at $4,543 per ton in May 2022; however, from June 2022 to December 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In December 2022, the country with the highest price was the United States ($6,929 per ton), while the average price for exports to Hong Kong SAR ($1,829 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Protein; Concentrates and Textured Protein Substances in South Korea

In 2022, purchases abroad of protein; concentrates and textured protein substanceses decreased by -2% to 28K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +6.4% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 20% against the previous year. As a result, imports reached the peak of 28K tons, and then declined in the following year.

In value terms, imports of protein; concentrates and textured protein substanceses stood at $74M in 2022. Overall, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +16.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 40% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Top Suppliers of Protein; Concentrates and Textured Protein Substances to South Korea in 2022:

1. China (10.9K tons)
2. United States (4.0K tons)
3. Japan (3.7K tons)
4. India (3.3K tons)
5. Serbia (1.5K tons)
6. Brazil (1.4K tons)
7. Denmark (1.2K tons)
8. Netherlands (0.8K tons)

Exports of Protein; Concentrates and Textured Protein Substances in South Korea

In 2022, overseas shipments of protein; concentrates and textured protein substanceses decreased by -29.9% to 5K tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 86% against the previous year. As a result, the exports reached the peak of 9.1K tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of protein; concentrates and textured protein substanceses shrank to $14M in 2022. In general, total exports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +12.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -21.9% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 84%. As a result, the exports attained the peak of $18M. From 2021 to 2022, the growth of the exports of failed to regain momentum.

Top Export Markets for Protein; Concentrates and Textured Protein Substances from South Korea in 2022:

1. United States (2098.9 tons)
2. Hong Kong SAR (586.1 tons)
3. Australia (393.9 tons)
4. Philippines (307.0 tons)
5. Singapore (241.0 tons)
6. Netherlands (202.6 tons)
7. Qatar (185.9 tons)
8. United Kingdom (184.5 tons)
9. Thailand (167.4 tons)
10. Vietnam (145.9 tons)
11. New Zealand (86.7 tons)
12. China (82.7 tons)

Source: IndexBox Market Intelligence Platform