Republic of Korea: Powdered Milk Market 2024

Powdered Milk Market Size in Republic of Korea

The South Korean powdered milk market rose remarkably to $X in 2022, picking up by 6.1% against the previous year. Overall, consumption, however, continues to indicate a pronounced setback. Powdered milk consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Powdered Milk Production in Republic of Korea

In value terms, powdered milk production rose slightly to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 33%. Powdered milk production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Powdered Milk Exports

Exports from Republic of Korea

In 2022, shipments abroad of powdered milk increased by 14% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a precipitous setback. The most prominent rate of growth was recorded in 2019 when exports increased by 213% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, powdered milk exports expanded notably to $X in 2022. Over the period under review, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2019 with an increase of 139%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for powdered milk exports from South Korea, with a 78% share of total exports. Moreover, powdered milk exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-29.1% per year) and Japan (+195.1% per year).

In value terms, China ($X) remains the key foreign market for powdered milk exports from South Korea, comprising 82% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-25.9% per year) and Japan (+234.1% per year).

Export Prices by Country

In 2022, the average powdered milk export price amounted to $X per ton, declining by -3% against the previous year. Overall, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk export price increased by +79.3% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the 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 China ($X per ton), while the average price for exports to Japan ($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 Mongolia (+27.7%), while the prices for the other major destinations experienced more modest paces of growth.

Powdered Milk Imports

Imports into Republic of Korea

After three years of decline, overseas purchases of powdered milk increased by 11% to X tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 15% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, powdered milk imports soared to $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), New Zealand (X tons) and France (X tons) were the main suppliers of powdered milk imports to South Korea, together comprising 74% of total imports. Australia, Germany, the Netherlands, Japan and Belgium lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +141.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest powdered milk suppliers to South Korea were the United States ($X), New Zealand ($X) and France ($X), together comprising 73% of total imports. Australia, the Netherlands, Germany, Japan and Belgium lagged somewhat behind, together accounting for a further 26%.

Japan, with a CAGR of +137.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average powdered milk import price stood at $X per ton in 2022, jumping by 34% against the previous year. In general, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered milk import price increased by +95.0% against 2016 indices. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 ($X per ton), while the price for Belgium ($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 Netherlands (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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