Soybean oilcake market in South Korea

Earlier Report Observations

The soybean oilcake market in South Korea experienced a gradual contraction in physical volume over the period from 2018 to 2023, declining from 2.6 million tons to 2.1 million tons. This overall trend was accompanied by notable volatility in market value, which saw a significant increase in 2021 and 2022 before falling in 2023. Initial market stability was influenced by broader industrial and environmental developments, including the growth of aquaculture in the Asia-Pacific region, a key consumer of feed ingredients, and the progression of regulations such as the mandatory use of eco-friendly buoys in fisheries from 2022 onward.

A pronounced reduction in import volumes became a central driver of the market's physical decline from 2021. This was shaped by a restructuring of global soybean supply chains, partly triggered by EU regulations aimed at preventing deforestation, which affected sourcing patterns. Concurrently, while record soybean meal exports from the United States in 2022 reshaped global availability, South Korea's import volumes were pressured by rising export-import logistics costs and increasing prices for raw materials and energy, contributing to a higher market value despite lower tonnage.

By 2023, the market volume fell sharply to 2.1 million tons, with its value also dropping. This occurred against a backdrop of sustained consumer price inflation, including sharp increases in electricity, gas, and water prices, which elevated production and operational costs across the supply chain. Evolving consumer attitudes towards ESG practices further introduced new dynamics into the feed and agricultural sectors, influencing long-term demand considerations.

Production soybean oilcake in South Korea

In kind, 2017-2020, K t

On a global scale, South Korea ranked as the 24th largest producer of soybean oilcake during the period from 2017 to 2020.

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2020, South Korea produced 737.0 thousand tons of soybean oilcake, representing a 3.3% increase compared to the previous year. The lowest production level was recorded in 2019 at 713.8 thousand tons, while the highest was in 2018 at 749.6 thousand tons. The most significant decline occurred in 2019, with a drop of 4.8%.

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

In value, 2017-2020, M $ US

South Korea's soybean oilcake production declined for the second consecutive year. In 2020, the output was valued at 297.2 million US dollars, marking a gradual decrease of 5.6% from the previous year. Over the period from 2017 to 2020, production decreased by 4.9%, which translates to an annualized rate of 1.7%. The highest value was recorded in 2018 at 369.3 million US dollars. The largest decline occurred in 2019 with a 14.8% drop, while the most significant increase was in 2018 at 18.1%.

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

Exports soybean oilcake from South Korea

Exports in kind, K t

In 2020, South Korea's cross-border shipments of soybean oilcake totaled 33 thousand tons, indicating a 51.0% decrease compared to the previous year. Between 2017 and 2020, exports fell by 65.1%, equating to an annualized rate of 29.6%. The largest increase was recorded in 2019 at 27.8%.

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

From 2017 to 2020, Japan accounted for 88.4% of South Korea's total soybean oilcake exports in volume, with the remaining flows distributed among a broad group of smaller countries.

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, M $ US

The market exhibited volatility during these years. The highest value was recorded in 2017, while the lowest occurred in 2020, resulting in a peak-to-trough ratio of 3 times. In 2020, soybean oilcake deliveries from South Korea reached 13.2 million US dollars, reflecting a sharp decline of 55.1% year-over-year. The largest increase was recorded in 2019 at 14.3%.

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

From 2017 to 2020, the structure of South Korea's soybean oilcake exports in value terms was dominated by Japan, which absorbed 82.1% of total flows, with a large number of minor partners accounting 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 soybean oilcake to South Korea

Imports in kind, K t

Soybean oilcake imports into South Korea increased for the third consecutive year. In 2020, imports stood at 1 883 thousand tons, showing little change compared to 2019. Over the period from 2017 to 2020, imports grew by 10.4%, equating to an annualized rate of 3.4%.

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

From 2017 to 2020, Brazil accounted for 88.1% of South Korea's total soybean oilcake imports in volume, with the remaining flows distributed among a broad group of smaller countries.

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, M $ US

Soybean oilcake imports into South Korea declined for the second consecutive year. In 2020, imports were valued at 692.7 million US dollars, which is 6.1% less compared to 2019. Between 2017 and 2020, imports increased by 6.4%, equating to an annualized rate of 2.1%. The maximum value was recorded in 2018 at 769.3 million US dollars, with the largest increase occurring that year at 18.2%.

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

From 2017 to 2020, the structure of South Korea's soybean oilcake imports in value terms was marked by the predominance of Brazil, which absorbed 86.4% of total flows, alongside a large number of minor partners.

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

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