Republic of Korea: Cocoa Powder Market 2024

Cocoa Powder Market Size in Republic of Korea

The South Korean cocoa powder market contracted slightly to $X in 2022, almost unchanged from the previous year. In general, consumption saw a pronounced downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Cocoa Powder Production in Republic of Korea

In value terms, cocoa powder production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced decrease. The most prominent rate of growth was recorded in 2019 when the production volume increased by 14% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from Republic of Korea

Cocoa powder exports from South Korea skyrocketed to X tons in 2022, with an increase of 48% compared with the previous year. Overall, exports showed a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 208% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa powder exports surged to $X in 2022. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 223%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Malaysia (X tons), Russia (X tons) and Vietnam (X tons) were the main destinations of cocoa powder exports from South Korea, together comprising 83% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +133.2%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Russia ($X) and the United States ($X) appeared to be the largest markets for cocoa powder exported from South Korea worldwide, together accounting for 78% of total exports.

Russia, with a CAGR of +149.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, falling by -7.9% against the previous year. In general, the export price saw a abrupt setback. The most prominent rate of growth was recorded in 2018 an increase of 53%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+29.9%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in overseas purchases of cocoa powder (not sweetened), which increased by 5.8% to X tons in 2022. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, cocoa powder imports surged to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 34%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), Singapore (X tons) and Malaysia (X tons) were the main suppliers of cocoa powder imports to South Korea, together accounting for 79% of total imports. Spain, Indonesia, the United States and France lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +19.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Singapore ($X) and Malaysia ($X) were the largest cocoa powder suppliers to South Korea, with a combined 71% share of total imports. The United States, France, Spain and Indonesia lagged somewhat behind, together comprising a further 24%.

Spain, with a CAGR of +14.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, with an increase of 9.3% against the previous year. Over the period under review, the import price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2021 when the average import price increased by 13% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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