Starches market in South Korea

Earlier Report Observations

The South Korean starch market volume stood at 1 576 thousand tons in 2018, within an industry heavily reliant on imports and with only a few domestic producers maintaining sweet potato starch output. Market size stabilized at 1 556 thousand tons in 2019 as manufacturing sector concentration eased slightly. Despite a 6% surge in industrial starch consumption for packaging driven by the COVID-19 pandemic's e-commerce boom, overall market volume contracted to 1 503 thousand tons in 2020.

From 2021, the market recovered to 1 529 thousand tons, supported by rising demand for processed foods and shifting consumer preferences that boosted industrial starch use. In 2022, volume expanded to 1 601 thousand tons, while market value jumped sharply due to international raw material price increases of 45–56%, fueled by climate-related cassava production drops in Southeast Asia and global corn supply volatility. Growth accelerated in 2023, with volume reaching 1 785 thousand tons, propelled by the global commissioning of over 30 new starch production facilities and expanded applications in bioplastics and cosmetics, which saw more than 500 new personal care product launches.

Production starches in South Korea

In kind, 2017-2020, K t

On a global scale, South Korea ranked as the 8th largest producer of starches during the period from 2017 to 2020.

Top producers of starches, 2017-2020

World map of production of starches, 2017-2020

In 2020, South Korea produced 1 388 thousand tonnes of starches, representing a 4.2% decrease compared to the previous year. Over the 2017-2020 period, production declined by 4.6%, with a compound annual growth rate (CAGR) of -1.6%. The largest increase occurred in 2019, when production rose by 0.3%.

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

In value, 2017-2020, M $ US

South Korea's starches production volume declined for the second consecutive year. In 2020, the output of starches was valued at 597.2 million US dollars, down by 7.4% from the previous year. Between 2017 and 2020, production increased by 4.4%, equating to an annualized growth rate of 1.4%. The highest value was recorded in 2018 at 663.7 million US dollars, which also saw the largest increase of 16.0%.

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

Exports starches from South Korea

Exports in kind, K t

Starches exports from South Korea increased for the second consecutive year. In 2020, the country exported 41.6 thousand tonnes of starches, marking a modest rise of 6.2% year-over-year. Between 2017 and 2020, exports decreased by 8.2%, with an annualized decline rate of 2.8%. The lowest volume was recorded in 2018 at 32.5 thousand tonnes, which also experienced the largest decline of 28.3%. In contrast, the largest increase occurred in 2019, with a 20.6% rise.

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

From 2017 to 2020, Malaysia (accounting for 49.9% of exports in kind), Asia, not elsewhere specified (14.9%), and Vietnam (7.5%) were the top buyers of starches from South Korea. Together, these three destinations represented 72.3% 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, M $ US

Starches export volumes from South Korea increased for the second consecutive year. In 2020, exports totaled 17.9 million US dollars, reflecting a 2.6% gain compared to the previous year. The lowest value was recorded in 2018 at 14.9 million US dollars, which also saw the largest decline of 16.2%. The largest increase occurred in 2019, with a 16.8% rise.

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

During the 2017-2020 period, Malaysia (46.0% of exports in value terms), Asia, not elsewhere specified (13.1%), and Vietnam (7.0%) were the largest buyers of starches from South Korea. Combined, these three markets accounted for 66.1% 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 starches to South Korea

Imports in kind, K t

After a two-year decrease, starches imports into South Korea increased. In 2020, imports reached 156.7 thousand tonnes, which is 6.5% higher than in 2019. Between 2017 and 2020, imports decreased by 12.8%, with an annualized decline rate of 4.5%. The lowest volume was recorded in 2019 at 147.2 thousand tonnes, which also experienced the largest decline of 10.8%.

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

From 2017 to 2020, Germany (28.2% of imports in kind), China (25.7%), and Poland (11.6%) were the leading sources in South Korea's import structure for starches. Together, these three countries accounted for 65.4% of total import flows 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, M $ US

South Korea imported approximately 116.2 million US dollars worth of starches in 2020, reflecting a gain of 3.7% compared to the previous year. The lowest value was recorded in 2019 at 112.1 million US dollars, which also saw the largest decline of 3.7%. The highest value was recorded in 2018 at 116.4 million US dollars.

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

Over the 2017-2020 period, Germany (30.0% of imports in value terms), China (29.3%), and Poland (12.1%) together absorbed 71.4% of total imports in value terms of starches to South Korea, making them the primary sources.

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

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