Republic of Korea: Honey Market 2024

Honey Market Size in Republic of Korea

The South Korean honey market totaled $X in 2022, increasing by 3.3% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.2% against 2020 indices. Honey consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Honey Production in Republic of Korea

In value terms, honey production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 183%. Honey production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Honey Exports

Exports from Republic of Korea

In 2022, after four years of decline, there was significant growth in overseas shipments of honey, when their volume increased by 59% to X tons. Over the period under review, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 278% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, honey exports expanded to $X in 2022. Overall, exports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 280% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for honey exports from South Korea, with a 56% share of total exports. Moreover, honey exports to Vietnam exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +46.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+23.7% per year) and Hong Kong SAR (-13.7% per year).

In value terms, the largest markets for honey exported from South Korea were Vietnam ($X), Hong Kong SAR ($X) and Singapore ($X), together accounting for 71% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +50.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average honey export price stood at $X per ton in 2022, with a decrease of -34.7% against the previous year. Overall, the export price, however, recorded strong growth. The pace of growth was the most pronounced in 2015 an increase of 163%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($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 the United States (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Republic of Korea

In 2022, supplies from abroad of honey decreased by -2.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.1% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 48%. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted modestly in the following year.

In value terms, honey imports stood at $X in 2022. Over the period under review, imports, however, showed a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 32%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest honey supplier to South Korea, accounting for a 38% share of total imports. Moreover, honey imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by New Zealand (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+106.1% per year) and New Zealand (+1.6% per year).

In value terms, the largest honey suppliers to South Korea were the United States ($X), New Zealand ($X) and Australia ($X), together comprising 77% of total imports. Greece, Canada, Argentina, China and Vietnam lagged somewhat behind, together comprising a further 19%.

Among the main suppliers, Greece, with a CAGR of +150.4%, 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

In 2022, the average honey import price amounted to $X per ton, increasing by 16% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2018 an increase of 24%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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