Republic of Korea: Market for Buttermilk And Buttermilk Powder 2024

Market Size for Buttermilk And Buttermilk Powder in Republic of Korea

The South Korean buttermilk and buttermilk powder market totaled $X in 2022, with an increase of 2.3% against the previous year. Overall, consumption, however, recorded a noticeable slump. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Buttermilk And Buttermilk Powder in Republic of Korea

In value terms, buttermilk and buttermilk powder production expanded modestly to $X in 2022 estimated in export price. In general, production, however, recorded a noticeable decline. The growth pace was the most rapid in 2013 with an increase of 40%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Buttermilk And Buttermilk Powder

Exports from Republic of Korea

In 2022, overseas shipments of buttermilk and buttermilk powder were finally on the rise to reach X tons after two years of decline. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 1,489% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, buttermilk and buttermilk powder exports soared to $X in 2022. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 899%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for buttermilk and buttermilk powder exports from South Korea, accounting for a 58% share of total exports. Moreover, buttermilk and buttermilk powder exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), twofold. Germany (X tons) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (0.0% per year) and Germany (0.0% per year).

In value terms, the United States ($X) emerged as the key foreign market for buttermilk and buttermilk powder exports from South Korea, comprising 56% of total exports. The second position in the ranking was taken by Australia ($X), with a 22% share of total exports. It was followed by New Zealand, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +38.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (0.0% per year) and New Zealand (+81.4% per year).

Export Prices by Country

The average buttermilk and buttermilk powder export price stood at $X per ton in 2022, picking up by 4.3% against the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buttermilk and buttermilk powder export price increased by +115.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 59% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Guam ($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 Russia (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Buttermilk And Buttermilk Powder

Imports into Republic of Korea

Buttermilk and buttermilk powder imports into South Korea surged to X tons in 2022, picking up by 54% against the previous year. Over the period under review, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2015 when imports increased by 197%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, buttermilk and buttermilk powder imports surged to $X in 2022. In general, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 111%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, France (X tons) constituted the largest supplier of buttermilk and buttermilk powder to South Korea, with a 66% share of total imports. Moreover, buttermilk and buttermilk powder imports from France exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was held by Germany (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from France amounted to +59.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.8% per year) and Germany (-9.2% per year).

In value terms, France ($X) constituted the largest supplier of buttermilk and buttermilk powder to South Korea, comprising 65% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from France stood at +69.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+45.8% per year) and Germany (-6.3% per year).

Import Prices by Country

The average buttermilk and buttermilk powder import price stood at $X per ton in 2022, declining by -4.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 53%. 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 Greece ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+35.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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