Republic of Korea: Toy Market 2024

Toy Market Size in Republic of Korea

The South Korean toy market soared to $X in 2021, increasing by 22% against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +65.2% against 2017 indices. Toy consumption peaked in 2021 and is expected to retain growth in the near future.

Toy Production in Republic of Korea

In value terms, toy production surged to $X in 2021 estimated in export price. Over the period under review, production enjoyed a notable expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 193% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Toy Exports

Exports from Republic of Korea

Toy exports from South Korea surged to X tons in 2021, jumping by 21% compared with 2020 figures. Over the period under review, exports saw mild growth. The pace of growth appeared the most rapid in 2016 when exports increased by 48%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, toy exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 29%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons), China (X tons) and the United States (X tons) were the main destinations of toy exports from South Korea, with a combined 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +18.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) were the largest markets for toy exported from South Korea worldwide, together comprising 58% of total exports. Germany, the Philippines, Vietnam, Hong Kong SAR, Taiwan (Chinese), Indonesia, Russia, the UK, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together accounting for a further 28%.

Among the main countries of destination, Saudi Arabia, with a CAGR of +20.8%, saw 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

The average toy export price stood at $X per ton in 2021, reducing by -2.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 14%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then fell slightly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the Philippines ($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 Japan (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Toy Imports

Imports into Republic of Korea

In 2021, purchases abroad of dolls and toys was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 17% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, toy imports soared to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main toy supplier to South Korea, with a 91% share of total imports. It was followed by Vietnam (X tons), with a 2.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.5%.

In value terms, China ($X) constituted the largest supplier of dolls and toys to South Korea, comprising 83% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 3.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +10.0%.

Import Prices by Country

In 2021, the average toy import price amounted to $X per ton, surging by 7.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 9.6%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.9%).

Source: IndexBox Platform

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