Maize starch market in South Korea

Earlier Report Observations

The maize starch market in South Korea opened the period at 1 435 thousand tons in 2018. A domestic industry assessment that year highlighted the low and potentially underreported production value of corn, the key raw material, suggesting room for improved market measurement. Market volume saw minor stabilization in 2019 at 1 422 thousand tons before contracting to 1 356 thousand tons in 2020.

Recovery began in 2021 as market volume rose to 1 377 thousand tons. This coincided with significant industry investment, as Cargill allocated funds to expand its portfolio with soluble fiber in response to growing demand for low-sugar products, a trend supporting starch-based ingredients. The market continued to grow to 1 424 thousand tons in 2022, a period marked by Ingredion's global capacity expansion through a new sustainable starch plant in China and heightened focus on food safety and labeling compliance among producers.

A sharp expansion followed in 2023, with market volume reaching 1 616 thousand tons. This growth occurred alongside broader industry shifts, including rising global corn production expectations and increasing consumer preference for sugar-free, low-calorie, and clean-label foods, which stimulated demand for maize starch and its derivatives.

Production maize starch in South Korea

In kind, 2017-2020, K t

From 2017 to 2020, South Korea held the second position globally in maize starch production.

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

In 2020, South Korea produced 1,388 thousand tonnes of maize starch, marking a 4.2% decrease from the previous year. Over the period from 2017 to 2020, production fell by 4.6%, which translates to an average annual decline of 1.6%. The only increase during this time occurred in 2019, with a modest rise of 0.3%.

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

In value, 2017-2020, M $ US

South Korea's maize starch production value declined for the second year in a row. In 2020, the output was valued at 571.0 million US dollars, representing an 8.6% drop compared to 2019. From 2017 to 2020, however, production value increased by 3.8%, with a compound annual growth rate of 1.3%. The peak value was recorded in 2018 at 629.8 million US dollars, which also saw the largest increase of 14.5%.

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

Exports maize starch from South Korea

Exports in kind, t

Maize starch exports from South Korea rose for the second consecutive year. In 2020, the country exported 41,267 tonnes, up 6.1% from 2019. Over the 2017-2020 period, exports decreased by 7.5%, with an average annual decline of 2.6%. The lowest volume was in 2018 at 32,266 tonnes, which also experienced the sharpest drop of 27.7%. In contrast, 2019 saw the largest increase of 20.6%.

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

From 2017 to 2020, the main destinations for South Korea's maize starch exports by volume were Malaysia, accounting for 50.4% of exports, followed by Asia, not elsewhere specified at 14.7%, and Vietnam at 7.5%. Together, these three markets made up 72.6% of total export volume.

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

Maize starch export value from South Korea increased for the second year in a row. In 2020, exports reached 16,979 thousand US dollars, showing a slight year-on-year rise of 1.2%. The lowest value was in 2018 at 14,075 thousand US dollars, which also recorded the largest decline of 16.5%. The biggest increase occurred in 2019, with a jump of 19.3%.

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

Between 2017 and 2020, the largest shares of South Korea's maize starch export value came from Malaysia at 48.4%, Asia, not elsewhere specified at 13.6%, and Indonesia at 7.2%. Combined, these three accounted for 69.1% of total export value.

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 starch to South Korea

Imports in kind, t

Maize starch imports into South Korea fell for the third consecutive year. In 2020, imports totaled 9,364 tonnes, a 30.1% decrease from 2019. From 2017 to 2020, imports dropped by 71.3%, equating to an average annual decline of 34.0%.

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

During the 2017-2020 period, China was the primary source for maize starch imports into South Korea, making up 84.2% of total import volume, while other origins played a much smaller role.

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

The value of maize starch imports into South Korea declined for the third year in a row. In 2020, imports were valued at 4,216 thousand US dollars, down 24.3% from 2019. Over the 2017-2020 span, import value decreased by 62.6%, with an average annual drop of 27.9%.

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

From 2017 to 2020, China dominated South Korea's maize starch import value, holding a 77.0% share of total imports, with other markets contributing minimally.

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

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