Republic of Korea: Market for Brooms, Brushes, And Mops 2024

Market Size for Brooms, Brushes, And Mops in Republic of Korea

In 2022, after three years of decline, there was significant growth in the South Korean broom, brush, and mop market, when its value increased by 7.2% to $X. Over the period under review, consumption recorded strong growth. Broom, brush, and mop consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Brooms, Brushes, And Mops in Republic of Korea

In value terms, broom, brush, and mop production expanded to $X in 2022 estimated in export price. Overall, production enjoyed prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 41%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Brooms, Brushes, And Mops

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of brooms, brushes, and mops, when their volume decreased by -12% to X units. Overall, exports, however, enjoyed mild growth. The most prominent rate of growth was recorded in 2016 when exports increased by 68%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, broom, brush, and mop exports totaled $X in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 25% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Japan (X units) and China (X units) were the main destinations of broom, brush, and mop exports from South Korea, together accounting for 44% of total exports. Russia, Belgium, Taiwan (Chinese), Vietnam, Singapore, Malaysia, Brazil, Thailand and Hong Kong SAR lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +24.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for broom, brush, and mop exported from South Korea were the United States ($X), Japan ($X) and Belgium ($X), together comprising 49% of total exports. China, Russia, Brazil, Taiwan (Chinese), Vietnam, Thailand, Malaysia, Singapore and Hong Kong SAR lagged somewhat behind, together comprising a further 31%.

Among the main countries of destination, Singapore, with a CAGR of +18.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average broom, brush, and mop export price stood at $X per unit in 2022, with an increase of 15% against the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the average export price increased by 50%. 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Brooms, Brushes, And Mops

Imports into Republic of Korea

In 2022, imports of brooms, brushes, and mops into South Korea was estimated at X units, surging by 12% compared with 2021. Overall, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +14.4% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 22% against the previous year. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, broom, brush, and mop imports reached $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +9.4% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by 21%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of broom, brush, and mop to South Korea, accounting for a 65% share of total imports. Moreover, broom, brush, and mop imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), tenfold. The third position in this ranking was taken by Germany (X units), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+5.9% per year) and Germany (+0.0% per year).

In value terms, China ($X) constituted the largest supplier of brooms, brushes, and mops to South Korea, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.2% share of total imports. It was followed by Vietnam, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.2% per year) and Vietnam (+9.5% per year).

Import Prices by Country

In 2022, the average broom, brush, and mop import price amounted to $X per unit, reducing by -10% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2020 when the average import price increased by 16% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Ireland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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