Republic of Korea: Market for Orange Juice (Single Strength) 2024

Market Size for Orange Juice (Single Strength) in Republic of Korea

In 2021, after three years of growth, there was significant decline in the South Korean orange juice (single strength) market, when its value decreased by -61.2% to $X. Over the period under review, consumption, however, enjoyed significant growth. Orange juice (single strength) consumption peaked at $X in 2020, and then declined markedly in the following year.

Exports of Orange Juice (Single Strength)

Exports from Republic of Korea

In 2021, exports of orange juice (single strength) from South Korea skyrocketed to X tons, with an increase of 63% on the previous year. In general, exports enjoyed a pronounced increase. The growth pace was the most rapid in 2015 with an increase of 848%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, orange juice (single strength) exports surged to $X in 2021. Overall, exports showed a measured expansion. The pace of growth appeared the most rapid in 2015 with an increase of 1,150%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for orange juice (single strength) exports from South Korea, accounting for a 63% share of total exports. Moreover, orange juice (single strength) exports to Hong Kong SAR exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +59.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+17.5% per year) and Singapore (-19.6% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for orange juice (single strength) exports from South Korea, comprising 48% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total exports. It was followed by Singapore, with a 17% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+28.1% per year) and Singapore (-14.0% per year).

Export Prices by Country

The average orange juice (single strength) export price stood at $X per ton in 2021, with a decrease of -11.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2015 an increase of 32%. The export price peaked at $X per ton in 2020, and then shrank in the following year.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Hong Kong SAR ($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 Spain (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Orange Juice (Single Strength)

Imports into Republic of Korea

After three years of growth, purchases abroad of orange juice (single strength) decreased by -52.7% to X tons in 2021. Over the period under review, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2013 with an increase of 147% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then declined significantly in the following year.

In value terms, orange juice (single strength) imports shrank dramatically to $X in 2021. Overall, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 110% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then plummeted in the following year.

Imports by Country

In 2021, Spain (X tons) constituted the largest orange juice (single strength) supplier to South Korea, accounting for a 78% share of total imports. Moreover, orange juice (single strength) imports from Spain exceeded the figures recorded by the second-largest supplier, Thailand (X tons), ninefold. Italy (X tons) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume from Spain stood at +57.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.3% per year) and Italy (+37.2% per year).

In value terms, Spain ($X) constituted the largest supplier of orange juice (single strength) to South Korea, comprising 74% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.5% share of total imports. It was followed by Australia, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +58.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.3% per year) and Australia (-5.7% per year).

Import Prices by Country

In 2021, the average orange juice (single strength) import price amounted to $X per ton, reducing by -11.7% against the previous year. Over the period under review, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 8.1%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Australia ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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