Report Update Apr 1, 2024

Republic of Korea - Ground-Nut - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Groundnuts Market 2024

Groundnuts Market Size in Republic of Korea

The South Korean groundnuts market soared to $X in 2022, increasing by X% against the previous year. Overall, consumption, however, showed a slight setback. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Groundnuts Production in Republic of Korea

In value terms, groundnuts production surged to $X in 2022 estimated in export price. Overall, production, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The average yield of ground-nut (in-shell) in South Korea soared to X tons per ha in 2022, with an increase of X% compared with the year before. Overall, the yield, however, recorded a mild setback. The groundnuts yield peaked at X tons per ha in 2017; however, from 2018 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The groundnuts harvested area in South Korea dropped slightly to X ha in 2022, with a decrease of X% compared with the previous year. Over the period under review, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2017 to 2022, the growth of the groundnuts harvested area failed to regain momentum.

Groundnuts Exports

Exports from Republic of Korea

In 2022, shipments abroad of ground-nut (in-shell) decreased by X% to X kg, falling for the second consecutive year after two years of decline. In general, exports recorded a significant increase. The smallest decline of X% was in 2021. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, groundnuts exports stood at $X in 2022. Overall, exports showed a relatively flat trend pattern. The smallest decline of X% was in 2021. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Guatemala (X kg) was the main destination for groundnuts exports from South Korea, accounting for a X% share of total exports. Moreover, groundnuts exports to Guatemala exceeded the volume sent to the second major destination, Singapore (X kg), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala was relatively modest.

From 2012 to 2022, the average annual rate of growth in terms of value to Guatemala was relatively modest.

Export Prices by Country

In 2022, the average groundnuts export price amounted to $X per ton, leveling off at the previous year. Overall, the export price continues to indicate a sharp reduction. The pace of growth was the most pronounced in 2021 when the average export price decreased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Singapore amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (X%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnuts Imports

Imports into Republic of Korea

After four years of growth, supplies from abroad of ground-nut (in-shell) decreased by X% to X tons in 2022. In general, imports recorded a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, groundnuts imports declined markedly to $X in 2022. Over the period under review, imports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main groundnuts supplier to South Korea, with a approx. X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of ground-nut (in-shell) to South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%.

Import Prices by Country

The average groundnuts import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for Myanmar amounted to X% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for ground-nut (in-shell) in the world?

The countries with the highest volumes of consumption in 2023 were China, India and Nigeria, with a combined 61% share of global consumption. The United States, Sudan, Senegal, Myanmar, Argentina, Guinea and Chad lagged somewhat behind, together comprising a further 22%.

What are the largest producers of ground-nut (in-shell) in the world?

The countries with the highest volumes of production in 2022 were China, India and Nigeria, with a combined 61% share of global production. The United States, Sudan, Senegal, Myanmar, Argentina, Guinea and Chad lagged somewhat behind, together accounting for a further 22%.

What are the leading suppliers of ground-nut (in-shell) to Republic of Korea?

In value terms, China constituted the largest supplier of ground-nut in-shell) to South Korea.

What is the average export price for ground-nut (in-shell) in Republic of Korea?

In 2022, the average groundnuts export price amounted to $2,526 per ton, stabilizing at the previous year.

What is the average import price for ground-nut (in-shell) in Republic of Korea?

In 2022, the average groundnuts import price amounted to $1,361 per ton, surging by 47% against the previous year.

This report provides an in-depth analysis of the groundnuts 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 242 - Groundnuts, in shell

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023