Republic of Korea: Artificial Teeth Market 2024

Artificial Teeth Market Size in Republic of Korea

After ten years of growth, the South Korean artificial teeth market decreased by -59.2% to $X in 2022. Over the period under review, consumption showed a abrupt shrinkage. As a result, consumption attained the peak level of $X, and then reduced notably in the following year.

Artificial Teeth Production in Republic of Korea

In value terms, artificial teeth production amounted to less than $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with a decrease of 99.9%. Artificial teeth production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Artificial Teeth Exports

Exports from Republic of Korea

Artificial teeth exports from South Korea skyrocketed to X units in 2022, growing by 24% on the previous year's figure. In general, exports, however, recorded a abrupt contraction. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, artificial teeth exports skyrocketed to $X in 2022. Over the period under review, exports recorded a significant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 136% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X units) was the main destination for artificial teeth exports from South Korea, with a 43% share of total exports. Moreover, artificial teeth exports to the United States exceeded the volume sent to the second major destination, Japan (X units), fourfold. Hong Kong SAR (X units) ranked third in terms of total exports with an 8.4% share.

From 2020 to 2022, the average annual rate of growth in terms of volume to the United States stood at +31.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-21.9% per year) and Hong Kong SAR (+1,978.5% per year).

In value terms, the United States ($X) remains the key foreign market for artificial teeth exports from South Korea, comprising 44% of total exports. The second position in the ranking was taken by Japan ($X), with a 12% share of total exports. It was followed by Hong Kong SAR, with an 8.5% share.

From 2020 to 2022, the average annual growth rate of value to the United States stood at +112.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+25.5% per year) and Hong Kong SAR (+10,412.9% per year).

Export Prices by Country

The average artificial teeth export price stood at $X per unit in 2022, surging by 16% against the previous year. In general, the export price recorded a significant increase. The most prominent rate of growth was recorded in 2021 an increase of 113% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to China ($X per unit) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+405.8%), while the prices for the other major destinations experienced more modest paces of growth.

Artificial Teeth Imports

Imports into Republic of Korea

In 2022, imports of artificial teeth into South Korea contracted significantly to X units, falling by -52.7% compared with the year before. In general, imports saw a sharp contraction. The smallest decline of -6.5% was in 2021. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, artificial teeth imports reduced markedly to $X in 2022. Overall, imports recorded a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of 16%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X units), China (X units) and the United States (X units) were the main suppliers of artificial teeth imports to South Korea, together comprising 93% of total imports.

From 2020 to 2022, the biggest increases were recorded for Japan (with a CAGR of -21.1%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest artificial teeth suppliers to South Korea, together accounting for 93% of total imports.

Japan, with a CAGR of -5.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average artificial teeth import price amounted to $X per unit, increasing by 41% against the previous year. Overall, import price indicated resilient growth from 2020 to 2022: its price increased at an average annual rate of +19.2% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, artificial teeth import price increased by +42.1% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per unit) and Japan ($X per unit), while the price for Brazil ($X per unit) and China ($X per unit) were amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform