Republic of Korea: Perfume Market 2024

Perfume Market Size in Republic of Korea

For the third consecutive year, the South Korean perfume market recorded growth in sales value, which increased by 7.5% to $X in 2022. Overall, consumption saw a strong expansion. Perfume consumption peaked in 2022 and is expected to retain growth in the immediate term.

Perfume Exports

Exports from Republic of Korea

In 2022, overseas shipments of perfumes and toilet waters were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a resilient expansion. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, perfume exports skyrocketed to $X in 2022. Over the period under review, exports saw a perceptible increase. The most prominent rate of growth was recorded in 2017 with an increase of 86%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X tons), Singapore (X tons) and the United States (X tons) were the main destinations of perfume exports from South Korea, with a combined 52% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +61.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for perfume exported from South Korea were the United States ($X), China ($X) and Singapore ($X), together accounting for 56% of total exports.

China, with a CAGR of +77.1%, saw the highest rates of growth with regard to the value of exports, among 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 perfume export price stood at $X per ton in 2022, waning by -3.6% against the previous year. Overall, the export price showed a perceptible decrease. The most prominent rate of growth was recorded in 2021 an increase of 45%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 the Netherlands ($X per ton), while the average price for exports to the United Arab Emirates ($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 China (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Perfume Imports

Imports into Republic of Korea

In 2022, approx. X tons of perfumes and toilet waters were imported into South Korea; increasing by 5.9% compared with 2021. Over the period under review, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 15% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, perfume imports expanded rapidly to $X in 2022. In general, imports posted a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 22%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, France (X tons) constituted the largest perfume supplier to South Korea, accounting for a 48% share of total imports. Moreover, perfume imports from France exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Italy (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from France amounted to +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.1% per year) and Italy (-0.1% per year).

In value terms, France ($X) constituted the largest supplier of perfumes and toilet waters to South Korea, comprising 58% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by Italy, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France stood at +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.5% per year) and Italy (-0.1% per year).

Import Prices by Country

The average perfume import price stood at $X per ton in 2022, growing by 7.2% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume import price increased by +54.5% against 2015 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 24%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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