Republic of Korea: Chocolate Market 2024

Chocolate Market Size in Republic of Korea

The South Korean chocolate market shrank to $X in 2022, reducing by -1.6% against the previous year. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Chocolate consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Republic of Korea

In value terms, chocolate production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Chocolate production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Republic of Korea

Chocolate exports from South Korea expanded to X tons in 2022, picking up by 2.4% against 2021. The total export volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 17%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports contracted to $X in 2022. In general, exports recorded mild growth. The growth pace was the most rapid in 2017 when exports increased by 17%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from South Korea, accounting for a 92% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +3.1%.

In value terms, Japan ($X) remains the key foreign market for chocolate and cocoa products exports from South Korea, comprising 62% of total exports. The second position in the ranking was held by China ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +1.8%.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, which is down by -5.9% against the previous year. Overall, the export price continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of 14%. Over the period under review, the average export prices attained the peak figure 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 external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-1.2%).

Chocolate Imports

Imports into Republic of Korea

In 2022, the amount of chocolate and cocoa products imported into South Korea declined to X tons, with a decrease of -12.2% against 2021. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +48.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, chocolate imports contracted to $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +41.9% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 37% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

The United States (X tons), Singapore (X tons) and China (X tons) were the main suppliers of chocolate imports to South Korea, with a combined 45% share of total imports. Belgium, Malaysia, the Netherlands, Germany, Italy, Australia, Turkey, France, Indonesia and Canada lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +29.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Singapore ($X) were the largest chocolate suppliers to South Korea, with a combined 44% share of total imports.

In terms of the main suppliers, China, with a CAGR of +27.5%, recorded the highest rates of growth with regard to the value of imports, 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 chocolate import price amounted to $X per ton, rising by 3.6% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 5.7%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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