Cereals Market in South Korea
In value terms, cereals production shrank to $ in estimated in export price. Over the period under review, production, however, saw a deep setback. The pace of growth was the most pronounced in 2013 when the production volume increased by %. Cereals production peaked at $ in 2008; however, from 2009 to , production stood at a somewhat lower figure.
The average yield of cereals in South Korea rose remarkably to tons per ha in , picking up by % against the year before. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 when the yield increased by %. The cereals yield peaked at tons per ha in 2015; however, from 2016 to , the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In , the total area harvested in terms of cereals production in South Korea fell slightly to ha, dropping by -% compared with the previous year's figure. In general, the harvested area showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 with a decrease of -%. Over the period under review, the harvested area dedicated to cereals production reached the peak figure at ha in 2007; however, from 2008 to , the harvested area failed to regain momentum.
The size of the cereals market in South Korea rose markedly to $ in , surging 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, however, continues to indicate a noticeable descent. Cereals consumption peaked at $ in 2008; however, from 2009 to , consumption failed to regain momentum.
From 2007 to , the average annual rate of growth in terms of the volume of consumption of maize amounted to +%. With regard to the other consumed products, the following average annual rates of growth were recorded: rice paddy (-% per year) and wheat (+% per year).
In value terms, rice paddy ($) led the market, alone. The second position in the ranking was taken by maize ($). It was followed by wheat.
From 2007 to , the average annual rate of growth in terms of the market volume of rice paddy stood at -%. With regard to the other consumed products, the following average annual rates of growth were recorded: maize (+% per year) and wheat (+% per year).