Market research

Corn oil and fractions market in South Korea

$Corn oil and fractions market in South Korea$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

South Korea's market for corn oil and fractions grew from 35 819 t in 2018 to 45 966 t in 2023, though not without fluctuations. The starting point was shaped by a domestic corn industry oriented toward self-consumption with minimal market activity, underscoring the crop's strategic importance despite systemic challenges in accurately measuring production output. Volume rose to 39 066 t in 2019 before receding to 37 341 t in 2020.

A sustained expansion followed, with the market reaching 41 976 t in 2021 and climbing to a peak of 46 082 t in 2022, then stabilizing near 45 966 t in 2023. This growth phase coincided with shifting consumer preferences that increasingly favored health, wellness, and sustainable products, while volatility in international grain prices affected raw material costs for oil production.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in South Korea
  1. 5.1.1. Annual dynamics of production in South Korea in kind, 2018-2023, t
  2. 5.1.2. Annual dynamics of production in South Korea in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, t
    1. 6.1.2.1. Annual dynamics of product's exports from South Korea in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's exports in kind from South Korea by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's exports from South Korea in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's exports in value from South Korea by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from South Korea, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from South Korea by countries, 2018-2024, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, t
    1. 6.2.2.1. Annual dynamics of product's exports from South Korea in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's exports in kind from South Korea by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's exports from South Korea in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's exports in value from South Korea by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from South Korea, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from South Korea by countries, 2018-2024, $ US/t
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, t
    1. 7.1.2.1. Annual dynamics of product's imports to South Korea in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's imports in kind to South Korea by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's imports to South Korea in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's imports in value to South Korea by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to South Korea, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to South Korea by countries, 2018-2024, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, t
    1. 7.2.2.1. Annual dynamics of product's imports to South Korea in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's imports in kind to South Korea by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's imports to South Korea in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's imports in value to South Korea by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to South Korea, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to South Korea by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production corn oil and fractions in South Korea

In kind, 2017-2020, t

Globally, South Korea ranked as the 11th largest producer of corn oil and fractions from 2017 to 2020.

Top producers of corn oil and fractions, 2017-2020

Source: SHEV.io

World map of production of corn oil and fractions, 2017-2020

Source: SHEV.io

In 2020, South Korea produced 49 347 tonnes of corn oil and fractions, marking a 4.6% decline from 2019. Over the 2017-2020 period, production fell by 4.2%, with a compound annual growth rate of 1.4%. The peak was in 2019 at 51 730 tonnes, which saw the largest increase of 0.4% during this timeframe.

Annual dynamics of production in South Korea in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	-	0.4%	(4.6%)	(1.4%)

Source: SHEV.io

In value, 2017-2020, K $ US

Following a two-year decline, South Korea's corn oil and fractions production rebounded in value. In 2020, the output was valued at 50 219 thousand US dollars, up 5.4% from 2019. However, from 2017 to 2020, production value decreased by 9.6%, translating to an annualized rate of 3.3%. The lowest value was recorded in 2019 at 47 637 thousand US dollars, with the steepest drop occurring in 2018 at 11.2%.

Annual dynamics of production in South Korea in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(11.2%)	(3.4%)	5.4%	(3.3%)

Source: SHEV.io

Exports corn oil and fractions from South Korea

Exports in kind, t

South Korea's exports of corn oil and fractions in volume declined for the third year in a row. In 2020, exports totaled 15 944 tonnes, a 16.2% decrease compared to the previous year. From 2017 to 2020, export volumes fell by 42.3%, equating to an annualized rate of 16.7%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(26.4%)	(6.5%)	(16.2%)	(16.7%)

Source: SHEV.io

From 2017 to 2020, the key destinations for South Korea's corn oil and fractions exports in volume were Oman, accounting for 29.9% of exports, Malaysia at 21.1%, and the United Arab Emirates at 16.4%. Together, these three countries represented 67.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's exports from South Korea in kind, 2017-2020

Source: SHEV.io

Exports in value, K $ US

South Korea's corn oil and fractions exports in value also declined for the third consecutive year. In 2020, export value reached 16 225 thousand US dollars, down 7.3% from the prior year. Over the 2017-2020 period, export value decreased by 45.5%, with a compound annual growth rate of 18.3%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(34.6%)	(10.1%)	(7.3%)	(18.3%)

Source: SHEV.io

In terms of value from 2017 to 2020, Oman was the leading partner with 27.6% of exports, followed by Malaysia at 21.7%, and the United Arab Emirates at 16.0%. Collectively, these three countries accounted for 65.4% of total export value.

Structure of product's exports in value by countries, 2017-2020

Source: SHEV.io

World map of product's exports from South Korea in value, 2017-2020

Source: SHEV.io

Imports corn oil and fractions to South Korea

Imports in kind, t

In 2020, South Korea imported 3 937 tonnes of corn oil and fractions, a 38.0% drop from the previous year. Between 2017 and 2020, import volumes decreased by 44.6%, with an annualized rate of 17.8%. The largest increase occurred in 2019 at 36.9%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(34.6%)	36.9%	(38.0%)	(17.8%)

Source: SHEV.io

From 2017 to 2020, Brazil and Japan were the primary sources for South Korea's corn oil and fractions imports in volume, dominating the market while other countries played minor roles individually.

Structure of product's imports in kind by countries, 2017-2020

Source: SHEV.io

World map of product's imports to South Korea in kind, 2017-2020

Source: SHEV.io

Imports in value, K $ US

In 2020, South Korea imported corn oil and fractions valued at 4 000 thousand US dollars, reflecting a sharp decrease of 20.4% from the previous year. Over the 2017-2020 period, import value fell by 40.5%, with a compound annual growth rate of 15.9%. The largest decline was in 2018 at 38.8%, while the biggest increase was in 2019 at 22.2%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(38.8%)	22.2%	(20.4%)	(15.9%)

Source: SHEV.io

From 2017 to 2020, Brazil led as the main source for South Korea's corn oil and fractions imports in value, contributing 48.4%, followed by Japan at 26.7%, and Spain at 22.2%. Together, these three countries made up 97.2% of total import value.

Structure of product's imports in value by countries, 2017-2020

Source: SHEV.io

World map of product's imports to South Korea in value, 2017-2020

Source: SHEV.io