Republic of Korea: Cream Market 2021

Cream Market Size in Republic of Korea

For the tenth consecutive year, the South Korean cream market recorded growth in sales value, which increased by X% to $X in 2020. Over the period under review, consumption enjoyed prominent growth. The most prominent rate of growth was recorded in 2009 when the market value increased by X% y-o-y. Over the period under review, the market reached the peak level in 2020 and is expected to retain growth in years to come.

Cream Production in Republic of Korea

In value terms, cream production surged to $X in 2020 estimated in export prices. Overall, production continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2009 when the production volume increased by X% y-o-y. Cream production peaked in 2020 and is likely to see steady growth in the near future.

Cream Exports

Exports from Republic of Korea

In 2020, the amount of cream exported from South Korea totaled X kg, almost unchanged from the previous year. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2009 when exports increased by X% y-o-y. Exports peaked at X tons in 2011; however, from 2012 to 2020, exports failed to regain the momentum.

In value terms, cream exports amounted to $X in 2020. Overall, exports showed a significant expansion. The pace of growth appeared the most rapid in 2009 when exports increased by X% y-o-y. Exports peaked at $X in 2011; however, from 2012 to 2020, exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for cream exports from South Korea, with a X% share of total exports. Moreover, cream exports to Saudi Arabia exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold. The Philippines (X tons) ranked third in terms of total exports with a X% share.

From 2007 to 2011, the average annual rate of growth in terms of volume to Saudi Arabia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (X% per year) and the Philippines (-X% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for cream exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by Myanmar ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

From 2007 to 2011, the average annual rate of growth in terms of value to Saudi Arabia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (X% per year) and the Philippines (+X% per year).

Export Prices by Country

In 2011, the average cream export price amounted to $X per ton, falling by -X% against the previous year. Over the period under review, the export price, however, saw prominent growth. The most prominent rate of growth was recorded in 2010 when the average export price increased by X% year-to-year. As a result, export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by the country of destination; the country with the highest price was the Philippines ($X per ton), while the average price for exports to Algeria ($X per ton) was amongst the lowest.

From 2007 to 2011, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+X% per year), while the prices for the other major destinations experienced more modest paces of growth.

Cream Imports

Imports into Republic of Korea

In 2020, cream imports into South Korea rose modestly to X tons, surging by X% on the previous year's figure. Over the period under review, total imports indicated a moderate expansion from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports increased by +X% against 2008 indices. The pace of growth appeared the most rapid in 2012 with an increase of X% year-to-year. Imports peaked in 2020 and are likely to see gradual growth in years to come.

In value terms, cream imports expanded sharply to $X in 2020. In general, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. Imports peaked in 2020 and are likely to continue growth in years to come.

Imports by Country

In 2020, France (X tons) constituted the largest cream supplier to South Korea, with a X% share of total imports. Moreover, cream imports from France exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold.

From 2007 to 2020, the average annual rate of growth in terms of volume from France totaled +X%.

In value terms, Australia ($X) constituted the largest supplier of cream to South Korea, comprising X% of total imports. The second position in the ranking was occupied by France ($X), with a X% share of total imports.

From 2007 to 2020, the average annual growth rate of value from Australia stood at +X%.

Import Prices by Country

In 2020, the average cream import price amounted to $X per ton, increasing by X% against the previous year. In general, the import price showed a strong increase. The growth pace was the most rapid in 2008 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2020 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Australia ($X per ton), while the price for France totaled $X per ton.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Australia.

Source: IndexBox Platform

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