Sunflower, safflower or cottonseed oil and fractions market in South Korea

Earlier Report Observations

From 2018 to 2021, the market volume for sunflower, safflower, or cottonseed oil in South Korea increased from 56 917 t to 69 304 t. This growth was primarily driven by rising imports, which expanded from 29 291 t to 43 655 t over the same period. The expansion was supported by growing consumer interest in healthy and functional foods, alongside research into the functional benefits of these vegetable oils, which boosted demand.

After peaking in 2021, the market stabilized at 68 338 t in 2022 before contracting sharply to 49 438 t in 2023. The decline was triggered by regulatory tightening: enhanced food labeling and advertising rules in 2022 temporarily constrained imports, while the introduction of new safety regulations for imported foods and general products in 2023 led to a significant drop in import volumes from 42 400 t to 26 714 t.

Production sunflower, safflower or cottonseed oil and fractions in South Korea

In kind, 2017-2020, t

Top producers of sunflower, safflower or cottonseed oil and fractions, 2017-2020

World map of production of sunflower, safflower or cottonseed oil and fractions, 2017-2020

After two years of decline, South Korea's production of sunflower, safflower, or cottonseed oil and fractions has rebounded. In 2020, the country produced 27 200 tonnes, marking a 3.8% increase from the previous year. Looking at the period from 2017 to 2020, overall production decreased by 2.2%, which translates to an average annual decline of 0.7%. The lowest production level was recorded in 2019 at 26 200 tonnes, with that year also seeing the largest drop of 5.4%.

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

Exports sunflower, safflower or cottonseed oil and fractions from South Korea

Exports in kind, t

The data shows irregular changes, pointing to a volatile market environment. From 2017 to 2019, exports varied significantly, with a peak-to-trough amplitude of 12.9 times. In 2020, South Korea exported 36 tonnes of sunflower, safflower, or cottonseed oil and fractions, representing a substantial increase of 141.2% compared to 2019. The lowest export volume was recorded in 2019 at 15 tonnes, which also saw the largest decline of 76.3%.

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

Between 2017 and 2020, Spain, China, and Hong Kong remained the top buyers of sunflower, safflower, or cottonseed oil and fractions from South Korea. Spain accounted for 43.4% of exports in kind, China for 24.3%, and Hong Kong for 18.8%. Together, these three markets made up 86.5% 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

Market performance showed noticeable fluctuations during this period. From the high in 2017 to the low in 2019, export volumes varied by a factor of six. In 2020, South Korea's exports of sunflower, safflower, or cottonseed oil and fractions totaled 146 thousand US dollars, reflecting a sharp uptick of 176.2% compared to the previous year. The minimum value was recorded in 2019 at 53 thousand US dollars, while the largest decline occurred in 2018 with a drop of 63.0%.

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

From 2017 to 2020, China, Hong Kong, and Spain emerged as the main markets for South Korea's exports in value terms. China led with 33.2% of exports in value, followed by Hong Kong at 21.4%, and Spain at 20.9%. Collectively, these three countries represented 75.5% of total export flows.

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 sunflower, safflower or cottonseed oil and fractions to South Korea

Imports in kind, t

South Korea's imports of sunflower, safflower, or cottonseed oil and fractions have increased for the third consecutive year. In 2020, the country imported 37 615 tonnes, showing a modest year-on-year advance of 6.0%. Over the period from 2017 to 2020, imports grew by 44.9%, which corresponds to an average annual rate of 13.2%.

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

In the years 2017 to 2020, Spain, Ukraine, and Argentina were the primary sources for South Korea's imports of sunflower, safflower, or cottonseed oil and fractions in kind. Spain contributed 37.4% of imports, Ukraine 33.3%, and Argentina 6.4%. Together, these three countries accounted for 77.2% of total import flows.

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 sunflower, safflower, or cottonseed oil and fractions in value terms have risen for the third year in a row. In 2020, imports amounted to 47 172 thousand US dollars, indicating a moderate increase of 9.3% compared to the previous year. From 2017 to 2020, import values grew by 52%, equating to an annualized rate of 15.0%.

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

Between 2017 and 2020, Spain, Ukraine, and Turkey were the largest suppliers of sunflower, safflower, or cottonseed oil and fractions to South Korea in value terms. Spain held a 36.1% share, Ukraine 27.6%, and Turkey 7.2%. Combined, these three countries made up 70.9% of total imports in value.

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

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