Republic of Korea: Mixes And Doughs Market 2024

Mixes And Doughs Market Size in Republic of Korea

The South Korean mixes and doughs market reduced to $X in 2022, which is down by -5.4% against the previous year. In general, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.9% against 2019 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Mixes And Doughs Production in Republic of Korea

In value terms, mixes and doughs production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 58% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Mixes And Doughs Exports

Exports from Republic of Korea

After three years of decline, overseas shipments of mixes and doughs increased by 1.7% to X tons in 2022. In general, exports, however, continue to indicate a noticeable contraction. The growth pace was the most rapid in 2018 with an increase of 4.6% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, mixes and doughs exports dropped to $X in 2022. Overall, exports, however, recorded a slight slump. The pace of growth was the most pronounced in 2021 when exports increased by 23%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for mixes and doughs exports from South Korea, with a 70% share of total exports. Moreover, mixes and doughs exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.7% per year) and China (+29.2% per year).

In value terms, Japan ($X), the United States ($X) and China ($X) constituted the largest markets for mixes and doughs exported from South Korea worldwide, together comprising 83% of total exports. These countries were followed by Singapore, which accounted for a further 3.3%.

Among the main countries of destination, Singapore, with a CAGR of +16.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average mixes and doughs export price amounted to $X per ton, with a decrease of -9.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2021 an increase of 31%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.2%), while the prices for the other major destinations experienced a decline.

Mixes And Doughs Imports

Imports into Republic of Korea

In 2022, after ten years of growth, there was significant decline in purchases abroad of mixes and doughs, when their volume decreased by -5.2% to X tons. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, mixes and doughs imports dropped to $X in 2022. Over the period under review, imports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest mixes and doughs supplier to South Korea, accounting for a 46% share of total imports. Moreover, mixes and doughs imports from the United States exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by France (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+15.2% per year) and France (+32.3% per year).

In value terms, the largest mixes and doughs suppliers to South Korea were the United States ($X), France ($X) and Indonesia ($X), together accounting for 72% of total imports. Belgium, Denmark, Germany, Spain, China, Vietnam and Thailand lagged somewhat behind, together accounting for a further 19%.

Among the main suppliers, Spain, with a CAGR of +184.0%, recorded the highest rates of growth with regard to 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 mixes and doughs import price stood at $X per ton in 2022, declining by -1.6% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 12%. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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