Republic of Korea: Cocoa Butter Market 2025

Cocoa Butter Market Size in Republic of Korea

The South Korean cocoa butter market expanded notably to $X in 2022, picking up by 12% against the previous year. Overall, consumption, however, recorded a noticeable slump. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Cocoa Butter Production in Republic of Korea

In value terms, cocoa butter production stood at $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 65% against the previous year. Cocoa butter production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Cocoa Butter Exports

Exports from Republic of Korea

In 2022, the amount of cocoa butter exported from South Korea contracted significantly to X kg, reducing by -99.3% against the previous year's figure. Overall, exports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 104% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports contracted remarkably to $X in 2022. Over the period under review, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by 140% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

China (X kg) was the main destination for cocoa butter exports from South Korea, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +72.7%.

In value terms, China ($X) emerged as the key foreign market for cocoa butter exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +88.6%.

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, growing by 185% against the previous year. Over the period under review, the export price recorded a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +9.2% per year.

Cocoa Butter Imports

Imports into Republic of Korea

Cocoa butter imports into South Korea rose sharply to X tons in 2022, picking up by 11% on 2021. In general, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 when imports increased by 22% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa butter imports amounted to $X in 2022. Over the period under review, imports, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2013 with an increase of 43% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons) constituted the largest cocoa butter supplier to South Korea, with a 64% share of total imports. Moreover, cocoa butter imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-13.4% per year) and Indonesia (+29.5% per year).

In value terms, Singapore ($X) constituted the largest supplier of cocoa butter to South Korea, comprising 63% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 23% share of total imports. It was followed by Indonesia, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from Singapore amounted to +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-11.5% per year) and Indonesia (+23.0% per year).

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, reducing by -9.7% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -38.9% against 2014 indices. The pace of growth appeared the most rapid in 2014 when the average import price increased by 49% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average 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 the Netherlands ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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