Republic of Korea: Apple Juice Market 2024

Apple Juice Market Size in Republic of Korea

In 2021, the South Korean apple juice market increased by 98% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Apple Juice Exports

Exports from Republic of Korea

In 2021, approx. X tons of apple juice (single strength) were exported from South Korea; increasing by 89% against the previous year's figure. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 357%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, apple juice exports soared to $X in 2021. In general, exports saw a significant increase. The growth pace was the most rapid in 2018 when exports increased by 294%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for apple juice exports from South Korea, with a 49% share of total exports. Moreover, apple juice exports to Vietnam exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +51.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+66.4% per year) and Hong Kong SAR (+4.1% per year).

In value terms, the largest markets for apple juice exported from South Korea were Taiwan (Chinese) ($X), Vietnam ($X) and Hong Kong SAR ($X), together comprising 66% of total exports.

Taiwan (Chinese), with a CAGR of +89.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average apple juice export price amounted to $X per ton, surging by 37% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, apple juice export price increased by +59.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 40% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Apple Juice Imports

Imports into Republic of Korea

In 2021, supplies from abroad of apple juice (single strength) increased by 105% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, apple juice imports surged to $X in 2021. Overall, imports recorded slight growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Spain (X tons) and Italy (X tons) were the main suppliers of apple juice imports to South Korea, together accounting for 54% of total imports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +102.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Spain ($X) and Italy ($X) constituted the largest apple juice suppliers to South Korea, with a combined 54% share of total imports. These countries were followed by France, Cyprus and South Africa, which together accounted for a further 5.6%.

Among the main suppliers, France, with a CAGR of +92.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average apple juice import price amounted to $X per ton, reducing by -5.5% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 19% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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