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

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

In 2021, the South Korean market for condensed or evaporated milk (unsweetened) was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

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

In value terms, unsweetened condensed and evaporated milk production soared to $X in 2021 estimated in export price. In general, production showed a modest increase. The most prominent rate of growth was recorded in 2018 with an increase of 135%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Republic of Korea

In 2021, overseas shipments of condensed or evaporated milk (unsweetened) increased by 6,158% to X tons, rising for the second year in a row after three years of decline. In general, exports enjoyed a noticeable expansion. The pace of growth was the most pronounced in 2014 when exports increased by 23,601% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 16,584% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for unsweetened condensed and evaporated milk exports from South Korea, accounting for a 94% share of total exports. Moreover, unsweetened condensed and evaporated milk exports to Australia exceeded the volume sent to the second major destination, the Philippines (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-18.9% per year) and Vietnam (-48.2% per year).

In value terms, Australia ($X) emerged as the key foreign market for condensed or evaporated milk (unsweetened) exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by the Philippines ($X), with a 5.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-16.6% per year) and Vietnam (-40.5% per year).

Export Prices by Country

The average export price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, shrinking by -16.4% against the previous year. Overall, the export price saw a perceptible decline. The pace of growth was the most pronounced in 2018 an increase of 148%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Australia ($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 Cambodia (+79.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Republic of Korea

For the eighth year in a row, South Korea recorded growth in overseas purchases of condensed or evaporated milk (unsweetened), which increased by 108% to X tons in 2021. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 154% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, unsweetened condensed and evaporated milk imports skyrocketed to $X in 2021. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 171%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of unsweetened condensed and evaporated milk to South Korea, accounting for a 18% share of total imports. Moreover, unsweetened condensed and evaporated milk imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. France (X tons) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands amounted to +69.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+26.7% per year) and France (+33.7% per year).

In value terms, the largest unsweetened condensed and evaporated milk suppliers to South Korea were the Netherlands ($X), France ($X) and New Zealand ($X), together comprising 26% of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +75.1%, saw the highest growth rate of 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

The average import price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, with an increase of 17% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a 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 France ($X per ton), while the price for Italy ($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 Netherlands (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :