Republic of Korea: Hop Market 2025

Hop Market Size in Republic of Korea

The South Korean hop market dropped rapidly to $X in 2022, which is down by -18.9% 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, the total consumption indicated a resilient expansion from 2012 to 2022: its value 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, consumption increased by +5.6% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Hop Exports

Exports from Republic of Korea

In 2022, approx. X tons of hops were exported from South Korea; growing by 93% on 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 172,950% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, hop exports soared to $X in 2022. In general, exports posted a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 187,488%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for hop exports from South Korea, with a 96% share of total exports. It was followed by the Philippines (X kg), with a 2.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +4,372.1%.

In value terms, the United States ($X) emerged as the key foreign market for hops exports from South Korea, comprising 96% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +3,819.0%.

Export Prices by Country

In 2022, the average hop export price amounted to $X per ton, jumping by 45% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hop export price increased by +144.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 68% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major external 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 the Philippines totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+17.3%), while the prices for the other major destinations experienced mixed trend patterns.

Hop Imports

Imports into Republic of Korea

In 2022, approx. X tons of hops were imported into South Korea; shrinking by -3.1% compared with 2021 figures. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 22% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, hop imports fell rapidly to $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +1.5% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 33% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of hop to South Korea, with a 63% share of total imports. Moreover, hop imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by the Czech Republic (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.1% per year) and the Czech Republic (+47.8% per year).

In value terms, the largest hop suppliers to South Korea were the United States ($X), Germany ($X) and the Czech Republic ($X), with a combined 96% share of total imports. Slovenia lagged somewhat behind, accounting for a further 1.3%.

Slovenia, with a CAGR of +111.5%, recorded the highest growth rate of the value of imports, among the main suppliers 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 hop import price amounted to $X per ton, waning by -18.3% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 an increase of 25%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then shrank rapidly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Slovenia ($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 (+8.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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