Republic of Korea: Market for Bottles, Jars And Other Containers Of Glass 2024

Market Size for Bottles, Jars And Other Containers Of Glass in Republic of Korea

In 2021, the South Korean market for bottles, jars and other containers of glass increased by 2.5% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Bottles, Jars And Other Containers Of Glass in Republic of Korea

In value terms, glass bottle, jar and container production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 38%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Bottles, Jars And Other Containers Of Glass

Exports from Republic of Korea

In 2021, shipments abroad of bottles, jars and other containers of glass decreased by -20.7% to X units, falling for the third year in a row after two years of growth. In general, total exports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -41.4% against 2018 indices. The growth pace was the most rapid in 2018 when exports increased by 56%. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, glass bottle, jar and container exports shrank slightly to $X in 2021. Over the period under review, total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -5.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 30% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for glass bottle, jar and container exports from South Korea, accounting for a 48% share of total exports. Moreover, glass bottle, jar and container exports to the United States exceeded the volume sent to the second major destination, Australia (X units), twofold. The third position in this ranking was taken by Thailand (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+18.2% per year) and Thailand (+73.0% per year).

In value terms, the United States ($X) remains the key foreign market for bottles, jars and other containers of glass exports from South Korea, comprising 39% of total exports. The second position in the ranking was taken by Australia ($X), with a 14% share of total exports. It was followed by Thailand, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+24.3% per year) and Thailand (+42.7% per year).

Export Prices by Country

The average export price for bottles, jars and other containers of glass stood at $X per unit in 2021, with an increase of 24% against the previous year. In general, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass bottle, jar and container export price increased by +70.0% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of 30% against the previous year. The export price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bottles, Jars And Other Containers Of Glass

Imports into Republic of Korea

In 2021, imports of bottles, jars and other containers of glass into South Korea soared to X units, with an increase of 23% on 2020 figures. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 44% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, glass bottle, jar and container imports soared to $X in 2021. Overall, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest glass bottle, jar and container supplier to South Korea, accounting for a 85% share of total imports. Moreover, glass bottle, jar and container imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was held by Italy (X units), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.6% per year) and Italy (+22.6% per year).

In value terms, China ($X) constituted the largest supplier of bottles, jars and other containers of glass to South Korea, comprising 57% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by France, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.9% per year) and France (+1.9% per year).

Import Prices by Country

The average import price for bottles, jars and other containers of glass stood at $X per unit in 2021, with an increase of 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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