Republic of Korea: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Republic of Korea

The South Korean whole fresh milk market stood at $X in 2022, remaining relatively unchanged against the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Whole Fresh Milk Production in Republic of Korea

In value terms, whole fresh milk production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 35%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Whole Fresh Milk Exports

Exports from Republic of Korea

In 2022, shipments abroad of whole fresh milk decreased by -45.2% to X tons, falling for the third consecutive year after five years of growth. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 362%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, whole fresh milk exports fell rapidly to $X in 2022. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2015 when exports increased by 329% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for whole fresh milk exports from South Korea, with a 96% share of total exports. It was followed by Vietnam (X tons), with a 3% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China totaled +24.2%.

In value terms, China ($X) remains the key foreign market for whole fresh milk exports from South Korea, comprising 96% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +24.6%.

Export Prices by Country

In 2022, the average whole fresh milk export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2014 an increase of 31% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.3%).

Whole Fresh Milk Imports

Imports into Republic of Korea

In 2022, supplies from abroad of whole fresh milk increased by 35% to X tons, rising for the eighth consecutive year after two years of decline. Over the period under review, imports posted a significant increase. The pace of growth was the most pronounced in 2015 when imports increased by 315%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, whole fresh milk imports surged to $X in 2022. Overall, imports posted significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 213% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Poland (X tons) constituted the largest whole fresh milk supplier to South Korea, accounting for a 76% share of total imports. Moreover, whole fresh milk imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X tons), sevenfold. Italy (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland totaled +309.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.1% per year) and Italy (+243.5% per year).

In value terms, Poland ($X) constituted the largest supplier of whole fresh milk to South Korea, comprising 72% of total imports. The second position in the ranking was held by Germany ($X), with a 10% share of total imports. It was followed by Italy, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value from Poland totaled +308.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.4% per year) and Italy (+198.1% per year).

Import Prices by Country

The average whole fresh milk import price stood at $X per ton in 2022, rising by 4.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 13% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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