Republic of Korea: Confectionery-Making Industrial Machinery Market 2024

Confectionery-Making Industrial Machinery Market Size in Republic of Korea

The South Korean confectionery-making industrial machinery market contracted to $X in 2022, which is down by -7% against the previous year. Over the period under review, consumption, however, showed buoyant growth. Confectionery-making industrial machinery consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Confectionery-Making Industrial Machinery Production in Republic of Korea

In value terms, confectionery-making industrial machinery production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Confectionery-Making Industrial Machinery Exports

Exports from Republic of Korea

In 2022, confectionery-making industrial machinery exports from South Korea skyrocketed to X units, jumping by 23% against the previous year. Overall, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 232%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, confectionery-making industrial machinery exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2020 when exports increased by 277%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X units), Russia (X units) and India (X units) were the main destinations of confectionery-making industrial machinery exports from South Korea, with a combined 68% share of total exports. Italy, Indonesia, Bulgaria, China, the United States, Israel and Thailand lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +71.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for industrial machinery for the manufacture or preparation of confectionery, cocoa or chocolate exports from South Korea, comprising 43% of total exports. The second position in the ranking was taken by Russia ($X), with a 19% share of total exports. It was followed by Indonesia, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+75.2% per year) and Indonesia (+4.0% per year).

Export Prices by Country

The average confectionery-making industrial machinery export price stood at $X per unit in 2022, rising by 3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2013 an increase of 19%. The export price peaked at $X per unit in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Confectionery-Making Industrial Machinery Imports

Imports into Republic of Korea

In 2022, the amount of industrial machinery for the manufacture or preparation of confectionery, cocoa or chocolate imported into South Korea reduced to X units, waning by -8.5% against the year before. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 164%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, confectionery-making industrial machinery imports contracted dramatically to $X in 2022. In general, imports continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2021 when imports increased by 133%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of confectionery-making industrial machinery to South Korea, accounting for a 56% share of total imports. Moreover, confectionery-making industrial machinery imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. Japan (X units) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+31.2% per year) and Japan (-5.6% per year).

In value terms, the largest confectionery-making industrial machinery suppliers to South Korea were China ($X), Italy ($X) and Germany ($X), together comprising 69% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +21.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average confectionery-making industrial machinery import price amounted to $X per unit, which is down by -22% against the previous year. Overall, the import price recorded a perceptible slump. The most prominent rate of growth was recorded in 2013 an increase of 48%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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