Republic of Korea: Dry Peas Market 2024

Dry Peas Market Size in Republic of Korea

In 2023, the South Korean dry peas market decreased by less than X% to $X for the first time since 2019, thus ending a three-year rising trend. Overall, consumption posted a slight increase. Dry peas consumption peaked at $X in 2022, and then reduced modestly in the following year.

Dry Peas Production in Republic of Korea

In value terms, dry peas production expanded markedly to $X in 2023 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2023, production failed to regain momentum.

In 2023, the average dry peas yield in South Korea stood at X tons per ha, approximately equating 2022 figures. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2023, the growth of the average dry peas yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The dry peas harvested area in South Korea amounted to X ha in 2023, remaining constant against the previous year. Overall, the harvested area showed a relatively flat trend pattern. The dry peas harvested area peaked in 2023 and is expected to retain growth in the immediate term.

Dry Peas Exports

Exports from Republic of Korea

In 2023, after two years of growth, there was significant decline in shipments abroad of peas (dry), when their volume decreased by X% to X tons. Overall, exports recorded a precipitous descent. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, dry peas exports declined significantly to $X in 2023. Over the period under review, exports continue to indicate a dramatic decline. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Denmark (X tons) was the main destination for dry peas exports from South Korea, accounting for a approx. X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to Denmark was relatively modest.

In value terms, Denmark ($X) emerged as the key foreign market for peas (dry) exports from South Korea.

From 2012 to 2023, the average annual growth rate of value to Denmark was relatively modest.

Export Prices by Country

In 2023, the average dry peas export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 an increase of X%. The export price peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Denmark.

From 2012 to 2023, the rate of growth in terms of prices for Italy amounted to X% per year.

Dry Peas Imports

Imports into Republic of Korea

In 2023, approx. X tons of peas (dry) were imported into South Korea; surging by X% against the year before. In general, imports, however, recorded a perceptible downturn. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, dry peas imports fell modestly to $X in 2023. Overall, imports saw a tangible increase. The growth pace was the most rapid in 2018 with an increase of X%. Imports peaked at $X in 2022, and then declined slightly in the following year.

Imports by Country

In 2023, Canada (X tons) constituted the largest dry peas supplier to South Korea, accounting for a X% share of total imports. Moreover, dry peas imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold.

From 2012 to 2023, the average annual rate of growth in terms of volume from Canada totaled X%.

In value terms, Canada ($X) and the United States ($X) constituted the largest dry peas suppliers to South Korea.

Among the main suppliers, Canada, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2023, the average dry peas import price amounted to $X per ton, falling by X% against the previous year. In general, import price indicated a strong expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, dry peas import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then declined in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Canada stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform