Republic of Korea: Crispbread Market 2024

Crispbread Market Size in Republic of Korea

The South Korean crispbread market rose sharply to $X in 2021, with an increase of 5% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.6% against 2019 indices. Crispbread consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Crispbread Production in Republic of Korea

In value terms, crispbread production amounted to $X in 2021 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.4% against 2019 indices. The pace of growth appeared the most rapid in 2018 with an increase of 40% against the previous year. Crispbread production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Crispbread Exports

Exports from Republic of Korea

In 2021, the amount of crispbread exported from South Korea declined sharply to X tons, waning by -67.9% compared with 2020 figures. Over the period under review, exports faced a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 91%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, crispbread exports dropped rapidly to $X in 2021. Overall, exports showed a deep reduction. The growth pace was the most rapid in 2018 when exports increased by 134%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons), Kuwait (X tons) and Qatar (X tons) were the main destinations of crispbread exports from South Korea, together comprising 52% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +25.8%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for crispbread exports from South Korea, comprising 36% of total exports. The second position in the ranking was held by Kuwait ($X), with a 7.4% share of total exports. It was followed by Mongolia, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (-3.4% per year) and Mongolia (-13.1% per year).

Export Prices by Country

The average crispbread export price stood at $X per ton in 2021, jumping by 36% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crispbread export price increased by +82.4% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the Philippines ($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 Vietnam (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Crispbread Imports

Imports into Republic of Korea

In 2021, imports of crispbread into South Korea shrank sharply to X tons, which is down by -16.4% against the previous year's figure. Overall, imports showed a sharp shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by 41% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, crispbread imports contracted significantly to $X in 2021. Over the period under review, imports recorded a sharp shrinkage. The growth pace was the most rapid in 2014 with an increase of 38% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Thailand (X tons) constituted the largest crispbread supplier to South Korea, with a 17% share of total imports. Moreover, crispbread imports from Thailand exceeded the figures recorded by the second-largest supplier, France (X kg), twofold. The third position in this ranking was held by Singapore (X kg), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand totaled -44.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+37.5% per year) and Singapore (-10.8% per year).

In value terms, Thailand ($X) constituted the largest supplier of crispbread to South Korea, comprising 17% of total imports. The second position in the ranking was held by France ($X), with a 7.5% share of total imports. It was followed by Australia, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value from Thailand stood at -43.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+34.2% per year) and Australia (-8.5% per year).

Import Prices by Country

In 2021, the average crispbread import price amounted to $X per ton, with a decrease of -17.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2017 when the average import price increased by 27%. The import price peaked at $X per ton in 2020, and then declined markedly in the following year.

Prices varied noticeably country of origin: the country with the highest price was New Zealand ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+5.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :