Republic of Korea: Pasta And Couscous Market 2024

Pasta And Couscous Market Size in Republic of Korea

The South Korean pasta and couscous market contracted to $X in 2022, reducing by -7.7% against the previous year. In general, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -28.3% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Pasta And Couscous Production in Republic of Korea

In value terms, pasta and couscous production stood at $X in 2022 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 29% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Pasta And Couscous Exports

Exports from Republic of Korea

For the eleventh consecutive year, South Korea recorded growth in overseas shipments of stuffed pasta and couscous, which increased by 9.2% to X tons in 2022. In general, exports saw resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 32%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, pasta and couscous exports expanded rapidly to $X in 2022. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 31% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main destinations of pasta and couscous exports from South Korea, with a combined 46% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +30.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest markets for pasta and couscous exported from South Korea worldwide, with a combined 45% share of total exports. The Philippines, the Netherlands, Malaysia, Thailand, Australia, Taiwan (Chinese), the UK, Hong Kong SAR, Canada and Vietnam lagged somewhat behind, together comprising a further 33%.

Thailand, with a CAGR of +30.9%, recorded 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 pasta and couscous export price stood at $X per ton in 2022, almost unchanged from the previous year. In general, the export price, however, saw a mild shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 3.1% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and the UK ($X per ton), while the average price for exports to Canada ($X per ton) and Hong Kong SAR ($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 Thailand (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta And Couscous Imports

Imports into Republic of Korea

In 2022, approx. X tons of stuffed pasta and couscous were imported into South Korea; surging by 7.6% on 2021. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 41%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, pasta and couscous imports surged to $X in 2022. In general, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 44%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Vietnam (X tons) and Thailand (X tons) were the main suppliers of pasta and couscous imports to South Korea, together accounting for 78% of total imports. Japan, Indonesia, Taiwan (Chinese), Italy and the United States lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +35.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Japan ($X) appeared to be the largest pasta and couscous suppliers to South Korea, together comprising 73% of total imports. Thailand, Taiwan (Chinese), Indonesia, Italy and the United States lagged somewhat behind, together accounting for a further 25%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +45.4%, recorded 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 pasta and couscous import price stood at $X per ton in 2022, rising by 25% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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