Republic of Korea: Caramel Market 2024

Caramel Market Size in Republic of Korea

In 2022, after four years of decline, there was significant growth in the South Korean caramel market, when its value increased by X% to $X. Over the period under review, consumption, however, showed a deep downturn. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Caramel Production in Republic of Korea

In value terms, caramel production contracted dramatically to $X in 2022 estimated in export price. In general, production recorded a sharp shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume decreased by X% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Caramel Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas shipments of caramel, which increased by X% to X tons in 2022. Overall, exports posted strong growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, caramel exports rose markedly to $X in 2022. Over the period under review, total exports indicated a prominent increase from 2012 to 2022: its value 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, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), Japan (X tons) and Vietnam (X tons) were the main destinations of caramel exports from South Korea, together accounting for X% of total exports.

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

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

From 2012 to 2022, the average annual growth rate of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and the United States (X% per year).

Export Prices by Country

The average caramel export price stood at $X per ton in 2022, surging by X% against the previous year. In general, the export price, however, showed a abrupt curtailment. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($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 the United States (X%), while the prices for the other major destinations experienced a decline.

Caramel Imports

Imports into Republic of Korea

In 2022, the amount of caramel imported into South Korea rose rapidly to X tons, increasing by X% against the previous year's figure. Over the period under review, imports, however, recorded a perceptible downturn. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, caramel imports rose rapidly to $X in 2022. Overall, total imports indicated a slight increase from 2012 to 2022: its value 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, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest caramel supplier to South Korea, accounting for a X% share of total imports. Moreover, caramel imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold. Malaysia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and Malaysia (X% per year).

In value terms, China ($X) constituted the largest supplier of caramel to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and France (X% per year).

Import Prices by Country

In 2022, the average caramel import price amounted to $X per ton, approximately equating the previous year. Overall, import price indicated a perceptible increase 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, caramel import price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank modestly 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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform