Republic of Korea: Food Manufacture Machinery Market 2024

Food Manufacture Machinery Market Size in Republic of Korea

The South Korean food manufacture machinery market skyrocketed to $X in 2021, jumping by 28% against the previous year. Overall, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Food Manufacture Machinery Production in Republic of Korea

In value terms, food manufacture machinery production expanded significantly to $X in 2021 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -35.0% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 63% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Food Manufacture Machinery Exports

Exports from Republic of Korea

After four years of decline, shipments abroad of machinery for the preparation or manufacture of food or drink increased by 22% to X units in 2021. Over the period under review, exports, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2013 when exports increased by 120% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, food manufacture machinery exports skyrocketed to $X in 2021. Overall, total exports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 89%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units), the United States (X units) and Vietnam (X units) were the main destinations of food manufacture machinery exports from South Korea, with a combined 50% share of total exports. China, Russia, the Philippines, Canada, India, Lithuania, Senegal, Indonesia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +46.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for food manufacture machinery exported from South Korea were Vietnam ($X), the United States ($X) and Japan ($X), together accounting for 38% of total exports. These countries were followed by Russia, China, Indonesia, Canada, the Philippines, India, Lithuania, Taiwan (Chinese) and Senegal, which together accounted for a further 32%.

Lithuania, with a CAGR of +49.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average food manufacture machinery export price amounted to $X per unit, with an increase of 2.8% against the previous year. In general, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 an increase of 49% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Japan ($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 Indonesia (+18.2%), while the prices for the other major destinations experienced more modest paces of growth.

Food Manufacture Machinery Imports

Imports into Republic of Korea

In 2021, the amount of machinery for the preparation or manufacture of food or drink imported into South Korea surged to X units, rising by 61% on the previous year's figure. Over the period under review, imports enjoyed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, food manufacture machinery imports skyrocketed to $X in 2021. Overall, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Japan (X units) and Germany (X units) were the main suppliers of food manufacture machinery imports to South Korea, together comprising 76% of total imports. The Netherlands, Taiwan (Chinese), the United States, Italy and Spain lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +39.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of machinery for the preparation or manufacture of food or drink to South Korea, comprising 44% of total imports. The second position in the ranking was held by Germany ($X), with a 19% share of total imports. It was followed by Italy, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+27.6% per year) and Italy (+15.1% per year).

Import Prices by Country

In 2021, the average food manufacture machinery import price amounted to $X per unit, declining by -2.5% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, food manufacture machinery import price decreased by -12.8% against 2018 indices. The growth pace was the most rapid in 2018 when the average import price increased by 45% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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