Maize flour and cereals market in South Korea

Earlier Report Observations

The market for maize flour and cereals in South Korea grew from 1.9 million tons in 2018 to 2.2 million tons in 2023. The most significant increase occurred in 2023, when the market volume rose by 12% to 2.2 million tons, driven by a substantial rise in domestic production. Efforts to expand the use of domestically grown agricultural products through contract farming supported this production growth, as the country addresses challenges related to insufficient local grain supply and quality standards for processing.

Between 2018 and 2022, the market volume showed gradual growth, reaching nearly 2.0 million tons. In 2018, a small increase in the certified area for eco-friendly agricultural products contributed to segment growth within the broader market. The market experienced a minor contraction in 2021 before resuming its upward trend in 2022.

Production maize flour and cereals in South Korea

In kind, 2017-2020, K t

Between 2017 and 2020, South Korea ranked as the 17th largest global producer of maize flour and cereals.

Top producers of maize flour and cereals, 2017-2020

World map of production of maize flour and cereals, 2017-2020

South Korea's production of maize flour and cereals grew for the second year in a row. In 2020, the country produced 1 892 thousand tonnes, marking a slight increase of 0.9% from 2019. The lowest production level was recorded in 2018 at 1 872 thousand tonnes, which also saw the largest decline of 1.1%.

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

Exports maize flour and cereals from South Korea

Exports in kind, t

In 2020, South Korea exported 1 068 tonnes of maize flour and cereals, showing a minor decrease of 0.8% compared to 2019. Over the 2017-2020 period, exports fell by 27.8%, with an average annual decline of 10.3%. The lowest export volume was in 2018 at 1 028 tonnes, which experienced the sharpest drop of 30.5%. In contrast, 2019 saw the largest increase at 4.7%.

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

From 2017 to 2020, the United States, Indonesia, and Russia were the top destinations for South Korea's maize flour and cereals exports by volume. The United States accounted for 29.5% of exports, Indonesia for 25.0%, and Russia for 12.3%, together making up 66.8% of total export flows.

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

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

Exports in value, K $ US

South Korea's maize flour and cereals exports in value terms rose for the second consecutive year. In 2020, exports reached 1 992 thousand US dollars, a sharp increase of 39.4% from the previous year. Between 2017 and 2020, export value grew by 7.2%, equivalent to an annualized rate of 2.3%. The lowest value was recorded in 2018 at 1 370 thousand US dollars, which saw the largest decline of 26.3%.

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

Throughout 2017-2020, the United States, Russia, and China were the key markets for South Korea's maize flour and cereals exports by value. The United States represented 27.2% of exports, Russia 21.6%, and China 16.3%, collectively accounting for 65.2% of total export flows.

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

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

Imports maize flour and cereals to South Korea

Imports in kind, t

South Korea's imports of maize flour and cereals increased for the third year in a row. In 2020, imports totaled 19 687 tonnes, reflecting a sharp rise of 32.1% from 2019. Over the 2017-2020 period, import volume grew by 63.8%, with an average annual growth rate of 17.9%.

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

Between 2017 and 2020, India, the Netherlands, and France were the leading suppliers of maize flour and cereals to South Korea by volume. India contributed 46.9% of imports, the Netherlands 19.0%, and France 15.9%, together making up 81.8% of total import volume.

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

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

Imports in value, K $ US

South Korea's imports of maize flour and cereals in value terms increased for the third consecutive year. In 2020, imports amounted to 11 098 thousand US dollars, showing a steep uptick of 31.8% over the past year. From 2017 to 2020, import value rose by 69.4%, with an average annual growth rate of 19.2%.

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

In the 2017-2020 period, India, the Netherlands, and France led the structure of South Korea's maize flour and cereals imports by value. India accounted for 30.6% of imports, the Netherlands for 27.4%, and France for 17.2%, together representing 75.2% of total import flows.

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

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