Republic of Korea: Soft Drink Market 2024

Soft Drink Market Size in Republic of Korea

The South Korean soft drink market surged to $X in 2021, growing by 21% against the previous year. In general, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.5% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Soft Drink Production in Republic of Korea

In value terms, soft drink production surged to $X in 2021 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% 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 -14.6% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 32%. Soft drink production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Soft Drink Exports

Exports from Republic of Korea

In 2021, the amount of soft drinks exported from South Korea stood at X litres, with an increase of 14% compared with the year before. Overall, total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 24%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

In value terms, soft drink exports skyrocketed to $X in 2021. Over the period under review, exports showed a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 22% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

The United States (X litres), China (X litres) and Vietnam (X litres) were the main destinations of soft drink exports from South Korea, together comprising 47% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +55.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soft drink exported from South Korea were China ($X), the United States ($X) and Cambodia ($X), with a combined 53% share of total exports. Vietnam, Russia, Japan, Indonesia, Hong Kong SAR, the Netherlands, Mongolia, Afghanistan and Canada lagged somewhat behind, together accounting for a further 27%.

In terms of the main countries of destination, Vietnam, with a CAGR of +42.0%, 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 2021, the average soft drink export price amounted to $X per litre, picking up by 3.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2020 when the average export price increased by 5.4% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per litre), while the average price for exports to Afghanistan ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soft Drink Imports

Imports into Republic of Korea

In 2021, approx. X litres of soft drinks were imported into South Korea; picking up by 35% on the previous year's figure. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, soft drink imports soared to $X in 2021. Overall, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X litres), China (X litres) and Thailand (X litres) were the main suppliers of soft drink imports to South Korea, together comprising 42% of total imports. The United States, Italy, France, Australia, the Netherlands, Austria, Japan, Taiwan (Chinese) and Vietnam lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2021, the biggest increases were in Australia (with a CAGR of +66.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Thailand ($X) and Germany ($X) appeared to be the largest soft drink suppliers to South Korea, with a combined 43% share of total imports. These countries were followed by Austria, China, Italy, France, Australia, Japan, the Netherlands, Vietnam and Taiwan (Chinese), which together accounted for a further 46%.

In terms of the main suppliers, Australia, with a CAGR of +55.6%, saw 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

In 2021, the average soft drink import price amounted to $X per litre, remaining constant 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 when the average import price increased by 14% against the previous year. The import price peaked at $X per litre in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Austria ($X per litre), while the price for Taiwan (Chinese) ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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