Republic of Korea: Concentrated Apple Juice Market 2024

Concentrated Apple Juice Market Size in Republic of Korea

In 2021, after five years of growth, there was significant decline in the South Korean concentrated apple juice market, when its value decreased by -6.3% to $X. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +78.5% against 2015 indices. Concentrated apple juice consumption peaked at $X in 2020, and then reduced in the following year.

Concentrated Apple Juice Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in shipments abroad of concentrated apple juice, which increased by 62% to X tons in 2021. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 243%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, concentrated apple juice exports soared to $X in 2021. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2013 with an increase of 261%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for concentrated apple juice exports from South Korea, accounting for a 40% share of total exports. Moreover, concentrated apple juice exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Myanmar (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to Taiwan (Chinese) stood at +51.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+5.9% per year) and Hong Kong SAR (+28.0% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for concentrated apple juice exports from South Korea, comprising 45% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 15% share of total exports. It was followed by Singapore, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) amounted to +62.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+35.5% per year) and Singapore (+66.1% per year).

Export Prices by Country

The average concentrated apple juice export price stood at $X per ton in 2021, jumping by 26% against the previous year. Overall, the export price showed a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 35%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Myanmar ($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 Japan (+37.3%), while the prices for the other major destinations experienced more modest paces of growth.

Concentrated Apple Juice Imports

Imports into Republic of Korea

In 2021, after six years of growth, there was significant decline in overseas purchases of concentrated apple juice, when their volume decreased by -5.4% to X tons. In general, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 when imports increased by 47% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then fell in the following year.

In value terms, concentrated apple juice imports declined to $X in 2021. Overall, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.6% against 2015 indices. The growth pace was the most rapid in 2017 with an increase of 29%. Over the period under review, imports hit record highs at $X in 2020, and then declined in the following year.

Imports by Country

In 2021, Chile (X tons) constituted the largest supplier of concentrated apple juice to South Korea, with a 51% share of total imports. Moreover, concentrated apple juice imports from Chile exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. China (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Chile stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+35.0% per year) and China (-5.4% per year).

In value terms, Chile ($X), Turkey ($X) and China ($X) appeared to be the largest concentrated apple juice suppliers to South Korea, together accounting for 80% of total imports. These countries were followed by Italy, New Zealand and Austria, which together accounted for a further 17%.

In terms of the main suppliers, Italy, with a CAGR of +86.3%, recorded the highest rates of growth with regard to the value of imports, 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 concentrated apple juice import price amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2018 an increase of 5.8%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (-4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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