Republic of Korea: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Republic of Korea

The South Korean market for condensed or evaporated milk (sweetened) declined to $X in 2022, reducing by -7.3% against the previous year. Over the period under review, consumption continues to indicate a deep reduction. Sweetened condensed and evaporated milk consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Condensed Or Evaporated Milk (Sweetened) in Republic of Korea

In value terms, sweetened condensed and evaporated milk production expanded markedly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 37% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Republic of Korea

In 2022, the amount of condensed or evaporated milk (sweetened) exported from South Korea skyrocketed to X tons, rising by 22% against 2021 figures. Overall, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 89% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by 81% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons), Taiwan (Chinese) (X tons) and the Philippines (X tons) were the main destinations of sweetened condensed and evaporated milk exports from South Korea, together accounting for 77% of total exports. Canada, Hong Kong SAR, China and Australia lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +89.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Taiwan (Chinese) ($X) and the Philippines ($X) were the largest markets for sweetened condensed and evaporated milk exported from South Korea worldwide, together accounting for 77% of total exports. Canada, Hong Kong SAR, Australia and China lagged somewhat behind, together accounting for a further 17%.

Hong Kong SAR, with a CAGR of +91.5%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price, however, saw a slight curtailment. The growth pace was the most rapid in 2015 when the average export price increased by 7.3% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to China ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+1.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Republic of Korea

In 2022, the amount of condensed or evaporated milk (sweetened) imported into South Korea surged to X tons, jumping by 63% compared with the previous year's figure. Overall, imports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2014 when imports increased by 663% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, sweetened condensed and evaporated milk imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a mild downturn. The pace of growth appeared the most rapid in 2014 with an increase of 686%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest sweetened condensed and evaporated milk supplier to South Korea, with a 51% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Ukraine exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled +152.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-18.6% per year) and the United States (-20.1% per year).

In value terms, the United States ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to South Korea, comprising 75% of total imports. The second position in the ranking was held by Ukraine ($X), with a 14% share of total imports. It was followed by Italy, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+105.6% per year) and Italy (-18.7% per year).

Import Prices by Country

The average import price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, growing by 162% against the previous year. Over the period under review, the import price enjoyed a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Italy ($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 United States (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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