Republic of Korea: Market for Plastic Tableware And Kitchenware 2024

Market Size for Plastic Tableware And Kitchenware in Republic of Korea

The South Korean plastic tableware and kitchenware market amounted to $X in 2022, remaining constant against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +85.7% against 2013 indices. Plastic tableware and kitchenware consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Plastic Tableware And Kitchenware in Republic of Korea

In value terms, plastic tableware and kitchenware production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 -3.3% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 39% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Plastic Tableware And Kitchenware

Exports from Republic of Korea

In 2022, overseas shipments of plastic tableware and kitchenware increased by 0.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a pronounced decline. The pace of growth was the most pronounced in 2013 when exports increased by 4.5% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic tableware and kitchenware exports amounted to $X in 2022. Overall, exports, however, recorded a slight decline. The pace of growth was the most pronounced in 2013 when exports increased by 10%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of plastic tableware and kitchenware exports from South Korea, together accounting for 43% of total exports. The Philippines, Saudi Arabia, Canada, Malaysia, the United Arab Emirates, Australia, Mexico, Singapore, Indonesia and Mongolia lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +27.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Malaysia ($X) constituted the largest markets for plastic tableware and kitchenware exported from South Korea worldwide, together accounting for 44% of total exports. China, the Philippines, Canada, Australia, Saudi Arabia, Mexico, the United Arab Emirates, Indonesia, Singapore and Mongolia lagged somewhat behind, together accounting for a further 37%.

In terms of the main countries of destination, Mexico, with a CAGR of +28.0%, recorded the highest growth rate of the value of exports, 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 plastic tableware and kitchenware export price amounted to $X per ton, with an increase of 3.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 9.3%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, 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 Malaysia ($X per ton), while the average price for exports to Mongolia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic Tableware And Kitchenware

Imports into Republic of Korea

In 2022, plastic tableware and kitchenware imports into South Korea shrank to X tons, waning by -6.8% compared with 2021 figures. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.5% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 36% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, plastic tableware and kitchenware imports shrank to $X in 2022. Over the period under review, total imports 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, imports increased by +24.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. Imports peaked at $X in 2021, and then declined slightly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic tableware and kitchenware to South Korea, with a 62% share of total imports. Moreover, plastic tableware and kitchenware imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.8% per year) and Thailand (+11.3% per year).

In value terms, China ($X) constituted the largest supplier of plastic tableware and kitchenware to South Korea, comprising 70% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by Thailand, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+3.1% per year) and Thailand (+9.6% per year).

Import Prices by Country

The average plastic tableware and kitchenware import price stood at $X per ton in 2022, with an increase of 2% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 7.7% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the price for Taiwan (Chinese) ($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 (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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