Republic of Korea: Market for Chocolate Bars With Fillings 2024

Market Size for Chocolate Bars With Fillings in Republic of Korea

After two years of growth, the South Korean chocolate bar with filling market decreased by -3.4% to $X in 2021. In general, consumption, however, showed a buoyant increase. Chocolate bar with filling consumption peaked at $X in 2020, and then fell modestly in the following year.

Production of Chocolate Bars With Fillings in Republic of Korea

In value terms, chocolate bar with filling production declined modestly to $X in 2021 estimated in export price. Over the period under review, production, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 50% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then fell in the following year.

Exports of Chocolate Bars With Fillings

Exports from Republic of Korea

In 2021, after four years of decline, there was significant growth in shipments abroad of chocolate bars with fillings, when their volume increased by 28% to X tons. Over the period under review, exports, however, faced a abrupt downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, chocolate bar with filling exports surged to $X in 2021. Overall, exports, however, saw a abrupt descent. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for chocolate bar with filling exports from South Korea, accounting for a 71% share of total exports. Moreover, chocolate bar with filling exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), tenfold. Turkey (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-11.9% per year) and Turkey (0.0% per year).

In value terms, China ($X) remains the key foreign market for chocolate bars with fillings exports from South Korea, comprising 68% of total exports. The second position in the ranking was held by Japan ($X), with a 3.5% share of total exports. It was followed by Taiwan (Chinese), with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value to China stood at -13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-19.7% per year) and Taiwan (Chinese) (-2.3% per year).

Export Prices by Country

In 2021, the average chocolate bar with filling export price amounted to $X per ton, surging by 2.2% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2018 when the average export price increased by 14%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Chocolate Bars With Fillings

Imports into Republic of Korea

In 2021, supplies from abroad of chocolate bars with fillings was finally on the rise to reach X tons after five years of decline. In general, imports, however, saw a noticeable decrease. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, chocolate bar with filling imports shrank markedly to $X in 2021. Over the period under review, imports, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2013 with an increase of 5.7% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Italy (X tons) and the United States (X tons) were the main suppliers of chocolate bar with filling imports to South Korea, together accounting for 58% of total imports. Germany, Russia, Poland, Spain, the Philippines, the Netherlands, Belgium, Turkey, Malaysia and Switzerland lagged somewhat behind, together comprising a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +24.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of chocolate bars with fillings to South Korea, comprising 38% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+16.0% per year) and Germany (+1.9% per year).

Import Prices by Country

The average chocolate bar with filling import price stood at $X per ton in 2021, with a decrease of -37.5% against the previous year. Over the period under review, the import price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 11% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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