Updated Jan 1, 2023 21:56

Pigeon Peas Market in South Korea

Market Overview
After two years of growth, the South Korean pigeon peas market decreased by -% to $ in . In general, consumption saw a perceptible reduction. Over the period under review, the market hit record highs at $ in 2012; however, from 2013 to , consumption stood at a somewhat lower figure.


Consumption
In , after two years of growth, there was significant decline in consumption of pigeon peas, when its volume decreased by -% to tons. In general, consumption showed a perceptible descent. Pigeon peas consumption peaked at tons in 2012; however, from 2013 to , consumption failed to regain momentum.

The size of the pigeon peas market in South Korea reduced to $ in , dropping by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a perceptible descent. Over the period under review, the market reached the maximum level at $ in 2012; however, from 2013 to , consumption remained at a lower figure.


Market Forecast
Driven by rising demand for pigeon peas in South Korea, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Pigeon peas market in South Korea consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
South Korea remains a net importer of pigeon peas; in physical and value terms, imports consistently exceeded exports from 2012 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.