Soybeans market in South Korea

Earlier Report Observations

South Korea's soybean market volume expanded from 1 329 thousand tons in 2018 to 1 409 thousand tons in 2020. This growth was initially supported by small and medium tofu manufacturers who pushed for expanded import volumes to secure stable bean supply, addressing reported production halts due to shortages. The market continued to rise in 2020 as the COVID-19 pandemic shifted consumer behavior toward convenient home meals and soy-based processed foods, boosting demand.

After a modest contraction to 1 377 thousand tons in 2021, the market regained momentum, reaching 1 439 thousand tons by 2023. The rebound was fueled by significant industry investments and product innovation, including Bunge Limited's $550 million commitment to U.S. soy processing facilities and the launch of new soy protein ingredients like 'Supro Tex' in 2022, which enhanced ingredient availability. Concurrently, health-conscious trends among consumers increased preference for functional and plant-based foods, further supporting soy consumption.

Production soybeans in South Korea

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

South Korea's soybean production declined after two years of growth. In 2019, production reached its peak at 105.3 thousand tons, but then fell by 23.2% to 80.9 thousand tons in 2020. The largest annual increase occurred in 2019, when production rose by 17.8%. Over the entire 2017-2020 period, production decreased by 5.5%, which translates to an average annual decline of 1.9%.

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

Exports soybeans from South Korea

Exports in kind, K t

The export market for soybeans from South Korea showed an unstable trend during this period. In 2019, exports hit their lowest point at nearly zero tons, but then surged dramatically by 1 018.2% to 0.2 thousand tons in 2020. The gap between these years was substantial, with 2020 exports being 11.2 times higher than in 2019. The largest decline was recorded in 2019, when exports dropped by 88.9%.

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

From 2017 to 2020, China dominated South Korea's soybean exports in volume terms, accounting for 89.2% of total flows. All other markets combined made up 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, M $ US

South Korea's soybean exports in value terms increased for the third consecutive year. In 2020, exports reached 0.2 million US dollars, marking a significant rise of 17.8% compared to 2019. Over the 2017-2020 period, exports grew by 108.5%, which corresponds to an average annual growth rate of 27.8%.

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

Between 2017 and 2020, China, Mongolia, and the United States were the main destinations for South Korea's soybean exports in value terms. China accounted for 50.1% of exports, Mongolia for 20.6%, and the United States for 7.2%. Together, these three countries represented 77.9% 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 soybeans to South Korea

Imports in kind, K t

South Korea's soybean imports in volume terms increased for the second year in a row. In 2020, imports reached 1 328 thousand tons, up 5.1% from 2019. The lowest import volume was recorded in 2018 at 1 240 thousand tons, which represented a decline of 3.6% that year. Over the 2017-2020 period, imports grew by 3.3%, with an average annual increase of 1.1%.

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

From 2017 to 2020, the United States and Brazil consistently supplied 91.9% of South Korea's soybean imports in volume terms. This high concentration was complemented by a long tail of smaller 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, M $ US

After two years of decline, South Korea's soybean imports in value terms increased in 2020. Imports totaled 604.2 million US dollars, showing a modest rise of 8.5% compared to 2019. The lowest value was recorded in 2019 at 556.8 million US dollars, when imports fell by 4.3%.

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

Throughout 2017-2020, the United States and Brazil were the primary sources of South Korea's soybean imports in value terms, together accounting for 87.9% of total flows. Other markets formed a long tail in the import structure.

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

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