Updated Nov 13, 2022 09:16

Albumins And Albuminates Market in South Korea

Market Overview
In , the South Korean albumins and albuminates market increased by % to $, rising for the fourth year in a row after two years of decline. Overall, consumption saw a resilient increase. Albumins and albuminates consumption peaked in and is likely to see gradual growth in the near future.


Consumption
In , consumption of albumins, albuminates and other derivatives (excluding egg albumin) increased by % to tons, rising for the fifth consecutive year after two years of decline. Over the period under review, consumption posted a buoyant increase. Albumins and albuminates consumption peaked in and is likely to continue growth in the immediate term.

The revenue of the albumins and albuminates market in South Korea was estimated at $ in , remaining stable 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). Overall, consumption showed strong growth. Over the period under review, the market reached the maximum level in and is expected to retain growth in the near future.


Market Forecast
Driven by increasing demand for albumins and albuminates in South Korea, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding 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
Albumins and albuminates 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 albumins and albuminates; in physical and value terms, imports consistently exceeded exports from 2007 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.