Republic of Korea: Baby Food Market 2024

Baby Food Market Size in Republic of Korea

The South Korean baby food market was estimated at $X in 2021, increasing by 4.6% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Baby food consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Baby Food Production in Republic of Korea

In value terms, baby food production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period 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 2014 with an increase of 32% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Baby Food Exports

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas shipments of food preparations for infants, when their volume increased by 12% to X tons. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 29%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, baby food exports surged to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 28%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for baby food exports from South Korea, with a 59% share of total exports. Moreover, baby food exports to China exceeded the volume sent to the second major destination, Russia (X tons), sixfold. The third position in this ranking was held by Vietnam (X tons), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-15.9% per year) and Vietnam (+0.6% per year).

In value terms, China ($X) remains the key foreign market for food preparations for infants exports from South Korea, comprising 66% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 19% share of total exports. It was followed by Cambodia, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+8.7% per year) and Cambodia (+25.4% per year).

Export Prices by Country

In 2021, the average baby food export price amounted to $X per ton, increasing by 3.5% against the previous year. In general, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the average export price increased by 36%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the average price for exports to Kazakhstan ($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 Pakistan (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Baby Food Imports

Imports into Republic of Korea

For the fourth year in a row, South Korea recorded growth in overseas purchases of food preparations for infants, which increased by 2.7% to X tons in 2021. Over the period under review, imports saw a slight expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 88%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, baby food imports skyrocketed to $X in 2021. In general, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2015 when imports increased by 20%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), New Zealand (X tons) and France (X tons) were the main suppliers of baby food imports to South Korea, with a combined 75% share of total imports. These countries were followed by the Netherlands, Australia, Austria and the United States, which together accounted for a further 23%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +181.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest baby food suppliers to South Korea were Germany ($X), New Zealand ($X) and France ($X), with a combined 78% share of total imports. These countries were followed by the Netherlands, Austria, Australia and the United States, which together accounted for a further 21%.

Among the main suppliers, the Netherlands, with a CAGR of +219.5%, 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 2021, the average baby food import price amounted to $X per ton, rising by 13% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, baby food import price increased by +108.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 86%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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