South Korea Agribusiness Report

Providing expert analysis, independent forecasts and competitive intelligence on the agribusiness industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, Supply & Demand Forecasts, Commodity Price Analysis and Company Profiles.

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  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
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South Korea Agribusiness Report
Product Price
$1,295.00

BMI View: We hold a modestly subdued outlook for the South Korean agricultural sector. The livestock industry has been plagued with various disease outbreaks in the past that have largely been contained. Government-led efforts will benefit the industry over the longer term and help it to remain relevant. These include: the expansion of education and financial support for farmers to allow them entry into the food processing business; plans to modernise traditional methods of food production; the creation of new agricultural food districts for exporters; and the introduction of state designation of food exporting companies.

Key Forecasts

  • Cheese consumption growth to 2019: 29.5% to 138, 6 00 tonnes. As Western food has become more popular in Korea, demand for cheese has expanded rapidly. The majority of cheese is consumed in restaurants and fast food outlets, and comes in the form of processed cheese. Exporters with the lowest prices, such as the US, have gained a market share in supplying the South Korean cheese industry.

  • Rice consumption growth to 2019: 0.4 % to 4 . 5 mn tonnes. As South Koreans substitute their carbohydrate intake with bread instead of rice, consumption of the grain is expected to post only weak growth.

Key Developments

  • Cheese imports in 2015 were estimated by the US Department of Agriculture (USDA) to have grown by over 4% y-o-y to 110,000 tonnes, reflecting a steady trend of increased demand for the fermented dairy product. Since 2010, cheese imports have grown by 72%. The USDA anticipates this number to grow to 120,000 tonnes by end of 2016

  • We revised our rice production forecast up to 4.32mn tonnes in 2015/16, up 2.0% as the rice crop this year is expected to be one of the strongest in the past few years.

Astronomical Surge in Imports: Cheese Imports by South Korea
2005-2016*
Source: USDA. *2016 figures are USDA estimates.
BMI Industry View
7
SWOT
9
Operational Risk
9
Industry Forecast
11
Rice Outlook
11
Table: Rice Production & Consumption (South Korea 2013-2019)
12
Table: Rice Production & Consumption (South Korea 2009-2014)
14
Grains Outlook
16
Table: Wheat Production & Consumption (South Korea 2014-2019)
17
Table: Corn Production & Consumption (South Korea 2014-2019)
17
Table: Wheat Production & Consumption (South Korea 2009-2014)
18
Table: Corn Production & Consumption (South Korea 2009-2014)
18
Dairy Outlook
20
Table: Butter Production & Consumption (South Korea 2014-2019)
21
Table: Cheese Production & Consumption (South Korea 2014-2019)
21
Table: Milk Production & Consumption (South Korea 2014-2019)
21
Table: Butter Production & Consumption (South Korea 2009-2014)
24
Table: Cheese Production & Consumption (South Korea 2009-2014)
24
Table: Milk Production & Consumption (South Korea 2009-2014)
24
Livestock Outlook
26
Table: Beef Production & Consumption (South Korea 2014-2019)
27
Table: Pork Production & Consumption (South Korea 2014-2019)
28
Table: Poultry Production & Consumption (South Korea 2014-2019)
28
Table: Beef Production & Consumption (South Korea 2009-2014)
30
Table: Pork Production & Consumption (South Korea 2009-2014)
30
Table: Poultry Production & Consumption (South Korea 2009-2014)
30
Commodities Forecast
32
Commodity Strategy
32
Monthly Grains Update
37
Upstream Analysis
41
Asia GM Outlook
41
Table: Selected Countries - GM Crops Use
43
Asia Machinery Outlook
44
Table: Select Countries - Average Size Of Farms, Hectares
48
Asia Fertiliser Outlook
52
Downstream Analysis
57
Mass Grocery Retail
57
Table: Mass Grocery Retail Sales By Format - Historical Data & Forecasts (South Korea 2012-2019)
59
Table: Retail Sales By Format (%)
59
Drink
60
Hot Drinks
60
Table: Hot Drinks Value/Volume Sales, Production & Trade - Historical Data & Forecasts (South Korea 2012-2019)
60
Alcoholic Drinks
61
Table: Alcoholic Drinks Value/Volume Sales, Production & Trade - Historical Data & Forecasts (South Korea 2012-2019)
62
Soft Drinks
63
Table: Soft Drinks Sales, Production & Trade (South Korea 2012-2019)
65
Food
66
Food Consumption
66
Table: Food Consumption Indicators - Historical Data & Forecasts (South Korea 2012-2019)
67
Canned Food
67
Confectionery
68
Table: Confectionery Value/Volume Sales, Production & Trade - Historical Data & Forecasts (South Korea 2012-2019)
69
Meat
70
Table: Meat Volume Sales, Production & Trade - Historical Data & Forecast (South Korea 2012-2019)
70
Fish
70
Table: Preserved Fish (Other) Volume Sales, Production & Trade - Historical Data & Forecast (South Korea 2012-2019)
71
Oils and Fats
71
Table: Oils and Fats Volume Sales, Production & Trade - Historical Data & Forecast (South Korea 2012-2019)
71
Dairy
73
Table: Dairy Volume Sales, Production & Trade - Historical Data & Forecast (South Korea 2012-2019)
73
Regional Overview
75
Table: Impact Of El Ni-o On Crops
79
Demographic Forecast
81
Table: Population Headline Indicators (South Korea 1990-2025)
82
Table: Key Population Ratios (South Korea 1990-2025)
82
Table: Urban/Rural Population & Life Expectancy (South Korea 1990-2025)
83
Table: Population By Age Group (South Korea 1990-2025)
83
Table: Population By Age Group % (South Korea 1990-2025)
84
Methodology
86
Industry Forecast Methodology
86
Sector-Specific Methodology
87

The South Korea Agribusiness Report features BMI Research's market assessment and independent forecasts for production, consumption and trade across core agricultural commodities.

BMI's South Korea Agribusiness Report includes independent commodity price forecasting and analysis for key agricultural outputs, an overview of the agribusiness competitive landscape and a discussion of the downstream context of agricultural production in relation to country food consumption forecasts and composite food and beverage trade forecasts.

Key Benefits

  • Use BMI's independent industry forecasts to test other views - a key input for successful planning in dynamic agribusiness markets.
  • Apply BMI's medium-term commodity price analysis to assist with budgetary planning and the identification of investment opportunities and potential risks.
  • Assess the activities and market position of your competitors, partners and clients.

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views, highlighting recent changes and key risks to the industry outlook.

Industry SWOT Analysis

Analysis of the major strengths, weaknesses, opportunities and threats within the wider agricultural industry.

BMI Supply & Demand Forecasts

Divided into sections based on various diverse sectors in the agriculture market, the chapter provides insight into each market’s agricultural industry, centred on sector forecasts to end-2019 for the consumption, production and trade of key commodities.

  • Consumption Forecasts: Accompanied by a discussion of the main drivers of consumption growth: macroeconomic factors, food processing trends, price movements and increasingly, demand from the non-food sector.
  • Production Forecasts: Examine the trends influencing BMI’s production outlook: global demand, price increases, public and private sector investment and agricultural efficiency improvements.
  • Trade Forecasts: Accompanied by a discussion of the factors influencing a country’s trade in agricultural goods, including domestic demand, global prices and government trade policies.
  • BMI’s Forecasts: Accompanied by a risks-to-outlook assessment, which examines potential factors that could affect our existing forecast picture and the likelihood of their occurrence.

BMI’s Commodity Price Analysis

Fundamental and technical analysis of the short- and medium-term price outlook for eight agricultural commodities based on globally recognised benchmarks.

Downstream Analysis

Analysis of headline food and drink forecasts, including total food consumption, per capita food consumption and total sector trade, which provide important downstream intelligence for primary agricultural producers.

Featured Analysis

Includes relevant articles from BMI’s daily analysis service. These can include: long-term projections on agricultural imports and exports; our perceptions of the impacts of economic slowdown on key companies and subsectors within the Agribusiness industry in a given country; our analysis of fertilizer production; as well as other relevant analysis of recent news and events.

Competitive Landscape

The reports contain information on prominent companies operating in each market.

Key Commodities Covered By The Agribusiness Market

Reports Include: Grains, Dairy, Livestock, Rice, Sugar, Palm Oil, Edible Oils, Coffee, Cocoa, Cotton, Soybean

Please note – not all reports cover all commodities.

Sources

The Agribusiness reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.