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

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

The South Korean grapefruit juice (single strength) market skyrocketed to $X in 2021, picking up by 199% 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). In general, consumption saw a significant increase. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in years to come.

Exports of Grapefruit Juice (Single Strength)

Exports from Republic of Korea

In 2021, after three years of decline, there was significant growth in overseas shipments of grapefruit juice (single strength), when their volume increased by 467% to X tons. Over the period under review, exports recorded a strong expansion. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, grapefruit juice (single strength) exports skyrocketed to $X in 2021. In general, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for grapefruit juice (single strength) exports from South Korea, accounting for a 87% share of total exports. Moreover, grapefruit juice (single strength) exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was held by Mongolia (X kg), with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-5.0% per year) and Mongolia (0.0% per year).

In value terms, China ($X) remains the key foreign market for grapefruit juice (single strength) exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 3.2% share of total exports. It was followed by Hong Kong SAR, with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+13.3% per year) and Hong Kong SAR (+4.1% per year).

Export Prices by Country

The average grapefruit juice (single strength) export price stood at $X per ton in 2021, jumping by 41% against the previous year. Over the period under review, the export price showed prominent growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 93%. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Mongolia ($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 Hong Kong SAR (+25.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grapefruit Juice (Single Strength)

Imports into Republic of Korea

Grapefruit juice (single strength) imports into South Korea soared to X tons in 2021, rising by 213% compared with 2020. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 272% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the near future.

In value terms, grapefruit juice (single strength) imports surged to $X in 2021. Overall, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Spain (X tons) and Australia (X tons) were the main suppliers of grapefruit juice (single strength) imports to South Korea, with a combined 69% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +51.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Spain ($X) and Australia ($X) were the largest grapefruit juice (single strength) suppliers to South Korea, together comprising 70% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +56.0%, saw 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

The average grapefruit juice (single strength) import price stood at $X per ton in 2021, reducing by -5.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 54%. The import price peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :