Republic of Korea: Market for Industrial, Laboratory or Bakery Ovens 2025

Market Size for Industrial, Laboratory or Bakery Ovens in Republic of Korea

The South Korean market for industrial, laboratory or bakery ovens contracted sharply to $X in 2022, shrinking by -27.2% against the previous year. Overall, consumption showed a relatively flat trend pattern. Industrial, laboratory or bakery oven consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Industrial, Laboratory or Bakery Ovens in Republic of Korea

In value terms, industrial, laboratory or bakery oven production declined remarkably to $X in 2022 estimated in export price. Overall, production recorded a noticeable reduction. The most prominent rate of growth was recorded in 2021 when the production volume increased by 161%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas shipments of industrial, laboratory or bakery ovens, which increased by 17% to X units in 2022. In general, exports saw resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 190%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, industrial, laboratory or bakery oven exports shrank slightly to $X in 2022. Overall, exports posted a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 66% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced in the following year.

Exports by Country

The Philippines (X units), China (X units) and Vietnam (X units) were the main destinations of industrial, laboratory or bakery oven exports from South Korea, together accounting for 72% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +74.1%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for industrial, laboratory or bakery ovens exports from South Korea, comprising 44% of total exports. The second position in the ranking was held by the United States ($X), with an 11% share of total exports. It was followed by Vietnam, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+13.9% per year) and Vietnam (+12.2% per year).

Export Prices by Country

In 2022, the average export price for industrial, laboratory or bakery ovens amounted to $X per unit, waning by -17.6% against the previous year. Overall, the export price recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2013 an increase of 38% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit 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 Malaysia ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+9.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Republic of Korea

Industrial, laboratory or bakery oven imports into South Korea was estimated at X units in 2022, growing by 4.2% on the previous year's figure. Overall, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 70% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, industrial, laboratory or bakery oven imports reduced notably to $X in 2022. In general, imports recorded mild growth. The most prominent rate of growth was recorded in 2021 when imports increased by 87% against the previous year. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

Italy (X units), Japan (X units) and the United States (X units) were the main suppliers of industrial, laboratory or bakery oven imports to South Korea, with a combined 89% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +28.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Germany ($X) were the largest industrial, laboratory or bakery oven suppliers to South Korea, with a combined 76% share of total imports.

In terms of the main suppliers, China, with a CAGR of +16.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for industrial, laboratory or bakery ovens amounted to $X per unit, dropping by -26.4% against the previous year. Overall, the import price faced a abrupt slump. The most prominent rate of growth was recorded in 2015 an increase of 42%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 Germany ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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