Republic of Korea: Market for Grape Juice (Single Strength) 2024

Market Size for Grape Juice (Single Strength) in Republic of Korea

The South Korean grape juice (single strength) market surged to $X in 2021, jumping by 44% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a tangible expansion. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Exports of Grape Juice (Single Strength)

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in overseas shipments of grape juice (single strength), which decreased by -5.9% to X tons in 2021. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 190%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, grape juice (single strength) exports reduced to $X in 2021. Over the period under review, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 133%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Bangladesh (X tons), Kazakhstan (X tons) and the United States (X tons) were the main destinations of grape juice (single strength) exports from South Korea, with a combined 88% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +36.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Kazakhstan ($X), Bangladesh ($X) and the United States ($X) were the largest markets for grape juice (single strength) exported from South Korea worldwide, together comprising 72% of total exports.

The United States, with a CAGR of +35.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average grape juice (single strength) export price amounted to $X per ton, dropping by -6.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2019 an increase of 48% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mongolia ($X per ton), while the average price for exports to Bangladesh ($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 Mongolia (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grape Juice (Single Strength)

Imports into Republic of Korea

In 2021, approx. X tons of grape juice (single strength) were imported into South Korea; jumping by 37% on the year before. Over the period under review, imports, however, recorded a mild setback. The pace of growth was the most pronounced in 2015 when imports increased by 75%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, grape juice (single strength) imports skyrocketed to $X in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 69% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Spain (X tons) constituted the largest grape juice (single strength) supplier to South Korea, with a 30% share of total imports. Moreover, grape juice (single strength) imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold. The third position in this ranking was held by the United States (X tons), with a 1.7% share.

From 2012 to 2021, the average annual growth rate of volume from Spain amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+44.6% per year) and the United States (-34.9% per year).

In value terms, Spain ($X) constituted the largest supplier of grape juice (single strength) to South Korea, comprising 33% of total imports. The second position in the ranking was held by Italy ($X), with a 4.9% share of total imports. It was followed by the United States, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+37.0% per year) and the United States (-27.1% per year).

Import Prices by Country

The average grape juice (single strength) import price stood at $X per ton in 2021, growing by 3.7% against the previous year. In general, the import price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2018 an increase of 32% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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