Republic of Korea: Butter And Ghee Market 2025

Butter And Ghee Market Size in Republic of Korea

The South Korean butter and ghee market surged to $X in 2022, jumping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a resilient expansion. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Butter And Ghee Exports

Exports from Republic of Korea

Butter and ghee exports from South Korea skyrocketed to X tons in 2022, increasing by X% on 2021. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, butter and ghee exports fell markedly to $X in 2022. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for butter and ghee exports from South Korea, with a X% share of total exports. Moreover, butter and ghee exports to Russia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and China (X% per year).

In value terms, Russia ($X), Hong Kong SAR ($X) and China ($X) were the largest markets for butter and ghee exported from South Korea worldwide, together accounting for X% of total exports.

Hong Kong SAR, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average butter and ghee export price stood at $X per ton in 2022, falling by X% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Butter And Ghee Imports

Imports into Republic of Korea

In 2022, overseas purchases of butter and ghee increased by X% to X tons, rising for the eighth consecutive year after two years of decline. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, butter and ghee imports surged to $X in 2022. Overall, imports recorded significant growth. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

New Zealand (X tons), France (X tons) and the United States (X tons) were the main suppliers of butter and ghee imports to South Korea, together accounting for X% of total imports. Australia, Germany, Denmark, Italy and the UK lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), France ($X) and the United States ($X) were the largest butter and ghee suppliers to South Korea, together comprising X% of total imports. Germany, Australia, Denmark, Italy and the UK lagged somewhat behind, together accounting for a further X%.

Italy, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average butter and ghee import price amounted to $X per ton, with an increase of X% against the previous year. Overall, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and ghee import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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