Republic of Korea: Wool Grease Market 2024

Wool Grease Market Size in Republic of Korea

The South Korean wool grease market surged to $X in 2023, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a perceptible descent. As a result, consumption attained the peak level of $X. From 2015 to 2023, the growth of the market failed to regain momentum.

Wool Grease Exports

Exports from Republic of Korea

In 2023, the amount of wool grease and fatty substances exported from South Korea declined to X tons, shrinking by X% against the previous year's figure. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2016 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, wool grease exports fell to $X in 2023. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Israel (X kg) was the main destination for wool grease exports from South Korea, accounting for a X% share of total exports. Moreover, wool grease exports to Israel exceeded the volume sent to the second major destination, Vietnam (X kg), threefold. The third position in this ranking was held by China (X kg), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Israel amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and China (X% per year).

In value terms, China ($X), Israel ($X) and Vietnam ($X) constituted the largest markets for wool grease exported from South Korea worldwide, with a combined X% share of total exports.

Israel, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2023, the average wool grease export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, continues to indicate slight growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Wool Grease Imports

Imports into Republic of Korea

Wool grease imports into South Korea soared to X tons in 2023, jumping by X% on the previous year. Overall, imports, however, continue to indicate a perceptible slump. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, wool grease imports rose rapidly to $X in 2023. Over the period under review, imports, however, continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Japan (X tons) constituted the largest supplier of wool grease to South Korea, with a X% share of total imports. Moreover, wool grease imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).

In value terms, Japan ($X) constituted the largest supplier of wool grease and fatty substances to South Korea, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Australia (X% per year).

Import Prices by Country

The average wool grease import price stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price recorded a mild setback. The most prominent rate of growth was recorded in 2020 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 2021 to 2023, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the UK (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform