Republic of Korea: Market for Cider, Perry, Mead And Other Fermented Beverages 2024

Market Size for Cider, Perry, Mead And Other Fermented Beverages in Republic of Korea

In 2021, after two years of growth, there was decline in the South Korean cider, perry and mead market, when its value decreased by -4.4% to $X. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Cider, perry and mead consumption peaked at $X in 2020, and then dropped slightly in the following year.

Production of Cider, Perry, Mead And Other Fermented Beverages in Republic of Korea

In value terms, cider, perry and mead production reduced to $X in 2021 estimated in export price. In general, production showed a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 17% against the previous year. Cider, perry and mead production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Cider, Perry, Mead And Other Fermented Beverages

Exports from Republic of Korea

In 2021, shipments abroad of cider, perry, mead and other fermented beverages was finally on the rise to reach X litres for the first time since 2014, thus ending a six-year declining trend. Overall, exports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 2.7%. As a result, the exports attained the peak of X litres. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, cider, perry and mead exports reached $X in 2021. In general, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 4%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X litres) was the main destination for cider, perry and mead exports from South Korea, accounting for a 81% share of total exports. Moreover, cider, perry and mead exports to Japan exceeded the volume sent to the second major destination, the United States (X litres), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to -13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.3% per year) and China (-0.5% per year).

In value terms, Japan ($X) remains the key foreign market for cider, perry, mead and other fermented beverages exports from South Korea, comprising 65% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to -16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.3% per year) and China (+0.8% per year).

Export Prices by Country

The average cider, perry and mead export price stood at $X per litre in 2021, approximately mirroring the previous year. Overall, the export price, however, continues to indicate a slight setback. The pace of growth appeared the most rapid in 2019 when the average export price increased by 9.4% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per litre in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to Japan ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cider, Perry, Mead And Other Fermented Beverages

Imports into Republic of Korea

In 2021, cider, perry and mead imports into South Korea soared to X litres, growing by 41% compared with the previous year's figure. Over the period under review, imports posted a significant expansion. The pace of growth was the most pronounced in 2020 when imports increased by 45% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, cider, perry and mead imports soared to $X in 2021. Overall, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Denmark (X litres) constituted the largest supplier of cider, perry and mead to South Korea, accounting for a 40% share of total imports. Moreover, cider, perry and mead imports from Denmark exceeded the figures recorded by the second-largest supplier, Austria (X litres), fourfold. The third position in this ranking was taken by Spain (X litres), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark amounted to +341.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+131.9% per year) and Spain (+276.7% per year).

In value terms, the largest cider, perry and mead suppliers to South Korea were Japan ($X), Denmark ($X) and Austria ($X), together accounting for 69% of total imports.

Among the main suppliers, Denmark, with a CAGR of +301.1%, saw the highest growth rate of 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

The average cider, perry and mead import price stood at $X per litre in 2021, with an increase of 4.6% against the previous year. Overall, the import price, however, continues to indicate a deep slump. The import price peaked at $X per litre in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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