Republic of Korea: Cocoa Paste Market 2025

Cocoa Paste Market Size in Republic of Korea

In 2021, after four years of growth, there was decline in the South Korean cocoa paste market, when its value decreased by -1.5% to $X. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Cocoa Paste Production in Republic of Korea

In value terms, cocoa paste production shrank modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 48% against the previous year. Cocoa paste production peaked at $X in 2020, and then reduced slightly in the following year.

Cocoa Paste Exports

Exports from Republic of Korea

In 2021, overseas shipments of cocoa paste were finally on the rise to reach X tons after two years of decline. In general, exports, however, showed a abrupt decline. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cocoa paste exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a noticeable slump. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons), Japan (X tons) and Malaysia (X tons) were the main destinations of cocoa paste exports from South Korea, together accounting for 99% of total exports. Moreover, cocoa paste exports in Vietnam exceeded the figures recorded by the second-largest exporter, Japan, twofold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +39.6%), while the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X) remains the key foreign market for cocoa paste exports from South Korea, comprising 66% of total exports. The second position in the ranking was held by Japan ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-16.0% per year) and Malaysia (+39.6% per year).

Export Prices by Country

The average cocoa paste export price stood at $X per ton in 2021, picking up by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2013 an increase of 24% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Singapore (+88.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Paste Imports

Imports into Republic of Korea

In 2021, overseas purchases of cocoa paste decreased by -0.8% to X tons, falling for the second year in a row after three years of growth. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 17% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, cocoa paste imports dropped to $X in 2021. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 19%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), the Netherlands (X tons) and China (X tons) were the main suppliers of cocoa paste imports to South Korea, together accounting for 38% of total imports. These countries were followed by Spain, Ghana, Cote d'Ivoire and Germany, which together accounted for a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cote d'Ivoire (with a CAGR of +15.9%), while imports for the other leaders experienced a decline.

In value terms, Malaysia ($X), the Netherlands ($X) and Spain ($X) constituted the largest cocoa paste suppliers to South Korea, with a combined 39% share of total imports. Ghana, Cote d'Ivoire, China and Germany lagged somewhat behind, together accounting for a further 9.9%.

In terms of the main suppliers, Cote d'Ivoire, with a CAGR of +18.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average cocoa paste import price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 18% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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