Oil seeds and oleaginous fruits market in South Korea

Earlier Report Observations

The market volume for oil seeds and oleaginous fruits in South Korea expanded from 60 544 tons in 2018 to 71 560 tons in 2023. Initial growth was supported by the increased availability of improved seed varieties with high investment returns, which encouraged broader market participation. After a period of moderation, the market regained momentum from 2022 onward, fueled by rising demand from the food processing, biodiesel, and animal feed sectors.

Government policies played a significant role in shaping the market. The promotion of greenhouse gas reduction and biofuel expansion policies specifically stimulated demand for rapeseed. Additionally, the National Seed Agency's efforts to strengthen seed import management and quality inspection contributed to market stability, while the Ministry of Agriculture's domestic seed production base project aimed to enhance the competitiveness of the seed industry.

Technological advancements and shifting consumer preferences also influenced the market. The adoption of digital breeding technologies and the development of customized seeds accelerated in response to climate change and health-conscious trends, supporting the overall growth trajectory. Globally, significant activities, such as Syngenta's investment in oil seed processing, underscored the sector's strategic importance.

Production oil seeds and oleaginous fruits in South Korea

In kind, 2017-2020, t

From 2017 to 2020, South Korea ranked as the 22nd largest global producer of oil seeds and oleaginous fruits.

Top producers of oil seeds and oleaginous fruits, 2017-2020

World map of production of oil seeds and oleaginous fruits, 2017-2020

In 2020, South Korea produced 38 784 tonnes of oil seeds and oleaginous fruits, marking an 8.4% decline from the previous year. Over the 2017-2020 period, production fell by 23.6%, with an average annual decrease of 8.6%. The sharpest drop occurred in 2018, at 20.5%, while 2019 saw the largest increase of 4.9%.

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

Exports oil seeds and oleaginous fruits from South Korea

Exports in kind, t

The export market for oil seeds and oleaginous fruits showed significant volatility during these years. In 2020, South Korea exported 78 tonnes, a sharp 56.5% contraction compared to 2019. The lowest export volume was recorded in 2018 at 20 tonnes, while the peak was in 2019 at 179 tonnes, creating a nine-fold difference between these two years. The largest decline occurred in 2018, down 73.5%, and the biggest increase was in 2019, soaring by 802.4%.

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

From 2017 to 2020, Vietnam, China, and the United States were the main buyers of South Korea's oil seeds and oleaginous fruits, accounting for 47.0%, 20.3%, and 12.2% of exports in kind, respectively. Together, these three countries comprised 79.4% of total exports in kind.

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

The export market in value terms displayed an unstable trend throughout this period. In 2020, South Korea exported 334 thousand US dollars worth of oil seeds and oleaginous fruits, reflecting an abrupt 27.2% drop from 2019. The minimum value was recorded in 2018 at 208 thousand US dollars, while the maximum was in 2019 at 459 thousand US dollars, representing a 2.2-fold shift. The largest decline occurred in 2018, down 52.0%, and the biggest increase was in 2019, rising by 120.5%.

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

During 2017-2020, the United States, Vietnam, and Canada were the largest buyers of South Korea's oil seeds and oleaginous fruits in value terms, accounting for 27.6%, 23.3%, and 18.5% of exports, respectively. Together, these three countries formed 69.4% of total exports in value terms.

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 oil seeds and oleaginous fruits to South Korea

Imports in kind, t

South Korea's imports of oil seeds and oleaginous fruits increased for the second consecutive year in 2020, reaching 30 532 tonnes, up 6.0% year-over-year. The lowest import volume was in 2018 at 20 219 tonnes. The largest decline occurred in 2018, down 35.1%, while the biggest increase was in 2019, rising by 42.5%.

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

From 2017 to 2020, China was overwhelmingly dominant as the source of South Korea's imports of oil seeds and oleaginous fruits, accounting for 90.3% of total imports in kind.

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

Foreign supplies of oil seeds and oleaginous fruits to South Korea increased for the second consecutive year in 2020, with imports valued at approximately 57 573 thousand US dollars, up 20.0% from the previous year. Over the 2017-2020 period, imports grew by 10%, with an average annual increase of 3.2%. The minimum value was recorded in 2018 at 39 309 thousand US dollars. The largest decline occurred in 2018, down 24.9%, while the biggest increase was in 2019, rising by 22.0%.

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

From 2017 to 2020, imports of oil seeds and oleaginous fruits to South Korea in value terms were largely concentrated on China, which accounted for 87.4% of total flows; other countries together formed the residual share.

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

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