Republic of Korea: Coffee Extract Market 2024

Coffee Extract Market Size in Republic of Korea

In 2021, the South Korean coffee extract market increased by 6.8% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, recorded a pronounced slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Coffee Extract Production in Republic of Korea

In value terms, coffee extract production fell slightly to $X in 2021 estimated in export price. Overall, production saw a pronounced downturn. The growth pace was the most rapid in 2020 with an increase of 5.8%. Coffee extract production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Coffee Extract Exports

Exports from Republic of Korea

In 2021, overseas shipments of coffee extracts, essences and concentrates decreased by -0.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 16%. The exports peaked at X tons in 2020, and then reduced in the following year.

In value terms, coffee extract exports rose markedly to $X in 2021. The total export value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 9.8%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Russia (X tons), South Africa (X tons) and Israel (X tons) were the main destinations of coffee extract exports from South Korea, with a combined 44% share of total exports. The United States, Thailand, China, Japan, the Philippines, Poland, Malaysia, Chile, Australia and Canada lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +148.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coffee extract exported from South Korea were Israel ($X), South Africa ($X) and Russia ($X), together accounting for 33% of total exports. These countries were followed by the United States, Chile, China, Malaysia, Australia, Thailand, Canada, Poland, Japan and the Philippines, which together accounted for a further 40%.

Poland, with a CAGR of +207.1%, saw the highest growth rate of 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 coffee extract export price stood at $X per ton in 2021, picking up by 9.6% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Russia ($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 Poland (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Coffee Extract Imports

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded growth in purchases abroad of coffee extracts, essences and concentrates, which increased by 26% to X tons in 2021. In general, imports continue to indicate a temperate expansion. The growth pace was the most rapid in 2019 when imports increased by 31% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, coffee extract imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a perceptible setback. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Vietnam (X tons) and the United States (X tons) were the main suppliers of coffee extract imports to South Korea, with a combined 51% share of total imports. Colombia, Japan, Malaysia, the UK and Germany lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +18.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest coffee extract suppliers to South Korea were Brazil ($X), Vietnam ($X) and the United States ($X), together accounting for 43% of total imports. Colombia, Japan, Germany, Malaysia and the UK lagged somewhat behind, together accounting for a further 26%.

The UK, with a CAGR of +13.5%, saw the highest growth rate of 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 2021, the average coffee extract import price amounted to $X per ton, surging by 3.5% against the previous year. In general, the import price, however, continues to indicate a perceptible descent. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Germany ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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