Not roasted and not cooked groundnuts market in South Korea

Earlier Report Observations

The market for not roasted and not cooked groundnuts in South Korea fluctuated between 2018 and 2023. Initial declines in domestic production coincided with agricultural policies promoting soybean cultivation through area expansion and support programs, which may have diverted resources from groundnuts. This period also saw a slight increase in eco-friendly agricultural product certification, though it did not prevent a contraction in the groundnut market volume.

Market recovery began in 2020, supported by a shift in crop area as soybean cultivation decreased, potentially freeing land for groundnuts. The COVID-19 pandemic in 2021 further influenced the market, altering consumption patterns and reducing self-sufficiency for legumes, which contributed to a surge in groundnut imports to meet demand.

From 2022, the market entered a phase of contraction as domestic production stabilized and imports fell. This aligned with a rebound in soybean self-sufficiency and the expansion of direct payments for strategic crops like soybeans, incentivizing their production over alternatives. By 2023, a significant price disparity between domestic and imported soybeans highlighted competitive pressures within the legume sector, while ongoing policy initiatives focused on agricultural innovation and self-sufficiency goals continued to shape the market environment.

Production not roasted and not cooked groundnuts in South Korea

In kind, 2017-2020, t

Top producers of not roasted and not cooked groundnuts, 2017-2020

World map of production of not roasted and not cooked groundnuts, 2017-2020

South Korea's production of not roasted and not cooked groundnuts increased in 2020 after two years of contraction. In 2020, production reached 9 512 tons, representing a solid 15.7% increase compared to 2019. Over the 2017-2020 period, production decreased by 36.2%, with a compound annual growth rate of -13.9%. The lowest production level was recorded in 2019 at 8 219 tons, while the largest annual decline occurred in 2018 at 26.2%.

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

Exports not roasted and not cooked groundnuts from South Korea

Exports in kind, t

Export volumes of not roasted and not cooked groundnuts from South Korea showed significant fluctuations during this period. The highest export volume was recorded in 2017, while the lowest occurred in 2018, representing a 162-fold difference between these years. In 2020, exports reached 20 tons, marking a dramatic 7,926.8% increase compared to the previous year. The minimum export volume was recorded in 2018 at 0.2 tons, with the largest annual decline also occurring in 2018 at 99.4%.

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

Between 2017 and 2020, Russia and China formed the dominant export markets for South Korea's not roasted and not cooked groundnuts, jointly accounting for 94.8% of total export flows. Other countries represented the remaining share.

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

Export values of not roasted and not cooked groundnuts from South Korea exhibited considerable volatility during these years. The highest export value was recorded in 2017, while the lowest occurred in 2018, reflecting a 49-fold gap between these years. In 2020, South Korea exported 43 thousand US dollars worth of not roasted and not cooked groundnuts, representing a significant 1,026.1% increase relative to the previous year. The minimum export value was recorded in 2018 at 2 thousand US dollars, with the largest annual decline also occurring in 2018 at 98.0%.

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

Throughout the 2017-2020 period, Russia and China remained the key partner countries for South Korea's exports of not roasted and not cooked groundnuts in value terms, with a combined share of 87.8% of total export flows. Other trading partners accounted for the remainder.

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 not roasted and not cooked groundnuts to South Korea

Imports in kind, t

South Korea's imports of not roasted and not cooked groundnuts increased for the third consecutive year. In 2020, imports totaled 2 617 tons, showing a substantial 219.0% year-over-year increase. Between 2017 and 2020, imports grew by 302.5%, equating to an annualized growth rate of 59.1%.

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

From 2017 to 2020, China remained the dominant source for South Korea's imports of not roasted and not cooked groundnuts in volume terms, accounting for 86.8% of total import flows. The remaining volume was distributed across other markets.

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 not roasted and not cooked groundnuts increased in value for the third consecutive year. In 2020, South Korea imported approximately 4 549 thousand US dollars worth of not roasted and not cooked groundnuts, representing a sharp 248.5% year-over-year increase. Over the 2017-2020 period, import values increased by 347.5%, with a compound annual growth rate of 64.8%.

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

Between 2017 and 2020, China was the dominant supplier of not roasted and not cooked groundnuts to South Korea in value terms, accounting for 85.7% of total imports. Other countries shared the remaining volume.

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

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