Republic of Korea: Medicaments Containing Vitamins Market 2024

Medicaments Containing Vitamins Market Size in Republic of Korea

The South Korean medicaments containing vitamins market soared to $X in 2021, with an increase of 28% against the previous year. Overall, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.0% against 2018 indices. Medicaments containing vitamins consumption peaked in 2021 and is expected to retain growth in years to come.

Medicaments Containing Vitamins Production in Republic of Korea

In value terms, medicaments containing vitamins production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% 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 increased by +66.8% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 83%. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Medicaments Containing Vitamins Exports

Exports from Republic of Korea

In 2021, shipments abroad of medicaments containing vitamins and provitamins decreased by -10.4% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, total exports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +32.5% against 2014 indices. The growth pace was the most rapid in 2014 when exports increased by 41%. The exports peaked at X tons in 2020, and then contracted in the following year.

In value terms, medicaments containing vitamins exports soared to $X in 2021. Overall, exports, however, saw a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for medicaments containing vitamins exports from South Korea, accounting for a 24% share of total exports. Moreover, medicaments containing vitamins exports to Vietnam exceeded the volume sent to the second major destination, Mexico (X tons), threefold. Pakistan (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+9.0% per year) and Pakistan (-4.0% per year).

In value terms, Mexico ($X), Panama ($X) and the Philippines ($X) appeared to be the largest markets for medicaments containing vitamins exported from South Korea worldwide, with a combined 35% share of total exports.

Panama, with a CAGR of +73.5%, recorded the highest growth rate of the value of exports, in terms of 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

The average medicaments containing vitamins export price stood at $X per ton in 2021, surging by 38% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine-year period. 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 52% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+37.2%), while the prices for the other major destinations experienced more modest paces of growth.

Medicaments Containing Vitamins Imports

Imports into Republic of Korea

In 2021, purchases abroad of medicaments containing vitamins and provitamins was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports recorded a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, medicaments containing vitamins imports skyrocketed to $X in 2021. Over the period under review, imports saw a notable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of medicaments containing vitamins to South Korea, with a 53% share of total imports. Moreover, medicaments containing vitamins imports from Japan exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+1,083.3% per year) and the United States (-7.7% per year).

In value terms, the largest medicaments containing vitamins suppliers to South Korea were Japan ($X), the United States ($X) and the Netherlands ($X), together comprising 42% of total imports. These countries were followed by Sweden, Australia and Norway, which together accounted for a further 16%.

In terms of the main suppliers, Sweden, with a CAGR of +696.3%, 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

The average medicaments containing vitamins import price stood at $X per ton in 2021, waning by -26.9% against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 an increase of 75%. The import price peaked at $X per ton in 2014; however, from 2015 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 ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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