Republic of Korea: Fruit-Preparation Industrial Machinery Market 2024

Fruit-Preparation Industrial Machinery Market Size in Republic of Korea

The South Korean fruit-preparation industrial machinery market expanded to $X in 2021, with an increase of 4.1% against the previous year. In general, consumption showed a strong expansion. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Fruit-Preparation Industrial Machinery Production in Republic of Korea

In value terms, fruit-preparation industrial machinery production totaled $X in 2021 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.8% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 47%. Fruit-preparation industrial machinery production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Fruit-Preparation Industrial Machinery Exports

Exports from Republic of Korea

In 2021, shipments abroad of industrial machinery for the preparation of fruits, nuts or vegetables decreased by -45.5% to X units, falling for the second year in a row after three years of growth. Over the period under review, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 160%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, fruit-preparation industrial machinery exports declined to $X in 2021. In general, exports saw a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 205% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Uzbekistan (X units) was the main destination for fruit-preparation industrial machinery exports from South Korea, accounting for a 16% share of total exports. Moreover, fruit-preparation industrial machinery exports to Uzbekistan exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), twofold. Panama (X units) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume to Uzbekistan amounted to +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+22.5% per year) and Panama (+19.0% per year).

In value terms, Uzbekistan ($X) emerged as the key foreign market for industrial machinery for the preparation of fruits, nuts or vegetables exports from South Korea, comprising 16% of total exports. The second position in the ranking was taken by Japan ($X), with a 6% share of total exports. It was followed by the United States, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Uzbekistan totaled +29.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-22.1% per year) and the United States (+14.3% per year).

Export Prices by Country

In 2021, the average fruit-preparation industrial machinery export price amounted to $X per unit, with an increase of 64% against the previous year. Over the period under review, the export price posted a remarkable increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 102% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Fruit-Preparation Industrial Machinery Imports

Imports into Republic of Korea

In 2021, purchases abroad of industrial machinery for the preparation of fruits, nuts or vegetables decreased by -60.6% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 86%. Imports peaked at X units in 2020, and then contracted notably in the following year.

In value terms, fruit-preparation industrial machinery imports shrank markedly to $X in 2021. Overall, imports, however, showed a measured expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 71% against the previous year. Imports peaked at $X in 2020, and then shrank markedly in the following year.

Imports by Country

In 2021, China (X units) constituted the largest fruit-preparation industrial machinery supplier to South Korea, with a 60% share of total imports. Moreover, fruit-preparation industrial machinery imports from China exceeded the figures recorded by the second-largest supplier, Sweden (X units), tenfold. Spain (X units) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+13.8% per year) and Spain (+19.6% per year).

In value terms, the largest fruit-preparation industrial machinery suppliers to South Korea were the Netherlands ($X), China ($X) and the United States ($X), with a combined 35% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +24.0%, recorded the highest growth rate of 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 2021, the average fruit-preparation industrial machinery import price amounted to $X per unit, with an increase of 20% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 112%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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 the Netherlands ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+5.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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