Republic of Korea: Butter Market 2024

Butter Market Size in Republic of Korea

In 2022, the South Korean butter market increased by 7.8% to $X, rising for the fourth year in a row after six years of decline. Over the period under review, consumption, however, recorded a perceptible contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Butter Production in Republic of Korea

In value terms, butter production rose remarkably to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2019 with an increase of 90% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Butter Exports

Exports from Republic of Korea

In 2022, exports of butter from South Korea surged to X tons, jumping by 285% on the year before. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 681% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter exports soared to $X in 2022. Over the period under review, exports recorded resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 401% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for butter exports from South Korea, with a 88% share of total exports. Moreover, butter exports to Russia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), tenfold.

From 2012 to 2022, the average annual growth rate of volume to Russia amounted to -15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+6.2% per year) and China (+1.1% per year).

In value terms, Russia ($X) emerged as the key foreign market for butter exports from South Korea, comprising 62% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Russia stood at -12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+8.2% per year) and China (-2.4% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, shrinking by -65.6% against the previous year. Over the period under review, the export price showed a abrupt decrease. The pace of growth was the most pronounced in 2019 when the average export price increased by 103%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

Butter Imports

Imports into Republic of Korea

In 2022, imports of butter into South Korea skyrocketed to X tons, rising by 27% compared with 2021. Overall, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 58% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, butter imports surged to $X in 2022. Over the period under review, imports showed a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 66%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

New Zealand (X tons), France (X tons) and the United States (X tons) were the main suppliers of butter imports to South Korea, together comprising 82% of total imports. Germany, Denmark, Italy and Belgium lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +190.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest butter suppliers to South Korea were France ($X), New Zealand ($X) and the United States ($X), with a combined 82% share of total imports. Germany, Denmark, Italy and Belgium lagged somewhat behind, together comprising a further 15%.

Italy, with a CAGR of +195.2%, recorded the highest rates of growth with regard to 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 import price amounted to $X per ton, surging by 6.6% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +11.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Belgium ($X per ton) and France ($X per ton), while the price for the United States ($X per ton) and New Zealand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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