Report Update Nov 1, 2024

Republic of Korea - Cocoa Beans - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Cocoa Bean Market 2024

Cocoa Bean Market Size in Republic of Korea

The South Korean cocoa bean market reduced to $X in 2022, with a decrease of -6.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a notable expansion. Cocoa bean consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Cocoa Bean Exports

Exports from Republic of Korea

In 2022, shipments abroad of cocoa beans was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. In general, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2017 when exports increased by 22,349%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, cocoa bean exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a perceptible expansion. The pace of growth was the most pronounced in 2017 with an increase of 8,066% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X kg) and the United States (X kg) were the main destinations of cocoa bean exports from South Korea.

From 2016 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +79.8%).

In value terms, the largest markets for cocoa bean exported from South Korea were the United States ($X) and Singapore ($X).

In terms of the main countries of destination, the United States, with a CAGR of +272.9%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, increasing by 12% against the previous year. In general, the export price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 222%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore totaled $X per ton.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+107.4%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Bean Imports

Imports into Republic of Korea

In 2022, purchases abroad of cocoa beans decreased by -3.7% to X tons, falling for the second year in a row after two years of growth. Overall, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% 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 -6.5% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 32% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports shrank to $X in 2022. In general, imports, however, recorded a noticeable expansion. The growth pace was the most rapid in 2016 with an increase of 71% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X tons) was the main supplier of cocoa bean to South Korea, with a 91% share of total imports. Moreover, cocoa bean imports from Ghana exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ghana totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+0.7% per year) and Peru (+65.5% per year).

In value terms, Ghana ($X) constituted the largest supplier of cocoa beans to South Korea, comprising 87% of total imports. The second position in the ranking was taken by Ecuador ($X), with a 5.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ghana totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+0.4% per year) and Peru (+71.0% per year).

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, which is down by -4.1% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 33% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for cocoa beans in the world?

The countries with the highest volumes of cocoa bean consumption in 2021 were Indonesia, Cote d'Ivoire and the Netherlands, together accounting for 37% of global consumption. These countries were followed by the United States, Germany, Malaysia, Brazil, Ghana, Nigeria, France, Turkey, Belgium and Canada, which together accounted for a further 43%.

What are the largest producers of cocoa beans in the world?

The country with the largest volume of cocoa bean production was Cote d'Ivoire, comprising approx. 39% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana, threefold. The third position in this ranking was occupied by Indonesia, with a 13% share.

What are the leading suppliers of cocoa beans to Republic of Korea?

In value terms, Ghana constituted the largest supplier of cocoa bean to South Korea, comprising 77% of total imports. The second position in the ranking was occupied by Peru, with a 9.6% share of total imports. It was followed by Ecuador, with a 5.1% share.

What is the average export price for cocoa beans in Republic of Korea?

The average cocoa bean export price stood at $3,898 per ton in 2021, picking up by 37% against the previous year.

What is the average import price for cocoa beans in Republic of Korea?

The average cocoa bean import price stood at $2,751 per ton in 2021, waning by -3.5% against the previous year.

This report provides an in-depth analysis of the cocoa bean market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 661 - Cocoa beans

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023