Report Update Nov 1, 2024

Republic of Korea - Personal Weighing Machines - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Personal Weighing Machine Market 2024

Personal Weighing Machine Market Size in Republic of Korea

In 2022, the South Korean personal weighing machine market decreased by -25.8% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, enjoyed a resilient increase. Personal weighing machine consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Personal Weighing Machine Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in overseas shipments of personal weighing machines, when their volume decreased by -11.3% to X units. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 463% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, personal weighing machine exports soared to $X in 2022. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 361%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for personal weighing machine exports from South Korea, accounting for a 87% share of total exports. It was followed by Saudi Arabia (X units), with a 2% share of total exports. The third position in this ranking was taken by China (X units), with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +84.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+10.5% per year) and China (+26.2% per year).

In value terms, the United States ($X) remains the key foreign market for personal weighing machines exports from South Korea, comprising 88% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 2% share of total exports. It was followed by China, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +75.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+3.4% per year) and China (+20.1% per year).

Export Prices by Country

The average personal weighing machine export price stood at $X per unit in 2022, growing by 59% against the previous year. In general, the export price, however, saw a pronounced shrinkage. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 Bangladesh ($X per unit), while the average price for exports to Angola ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (-2.3%), while the prices for the other major destinations experienced a decline.

Personal Weighing Machine Imports

Imports into Republic of Korea

In 2022, approx. X units of personal weighing machines were imported into South Korea; shrinking by -32.4% compared with the previous year. In general, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 with an increase of 50%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, personal weighing machine imports dropped significantly to $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by 32%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of personal weighing machine to South Korea, accounting for a approx. 98% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.7%.

In value terms, China ($X) constituted the largest supplier of personal weighing machines to South Korea.

From 2012 to 2022, the average annual growth rate of value from China amounted to +6.3%.

Import Prices by Country

The average personal weighing machine import price stood at $X per unit in 2022, surging by 14% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 29% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -0.4% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for personal weighing machines in the world?

The countries with the highest volumes of in 2021 were South Africa, China and the United States, together accounting for 59% of global consumption. These countries were followed by India, Russia, Indonesia, Germany, Turkey, France, the UK, Japan and Brazil, which together accounted for a further 24%.

What are the largest producers of personal weighing machines in the world?

China constituted the country with the largest volume of personal weighing machine production, comprising approx. 85% of total volume. Moreover, personal weighing machine production in China exceeded the figures recorded by the second-largest producer, India, more than tenfold. Indonesia ranked third in terms of total production with a 2.4% share.

What are the leading suppliers of personal weighing machines to Republic of Korea?

In value terms, Hong Kong SAR constituted the largest supplier of personal weighing machine to South Korea, comprising 71% of total imports. The second position in the ranking was occupied by the UK, with a 9.2% share of total imports.

What are the leading importers of personal weighing machines from Republic of Korea?

In value terms, the United States remains the key foreign market for personal weighing machine exports from South Korea, comprising 53% of total exports. The second position in the ranking was occupied by Ukraine, with a 16% share of total exports. It was followed by Japan, with a 2.7% share.

What is the average export price for personal weighing machines in Republic of Korea?

The average personal weighing machine export price stood at $9.1 per unit in 2021, waning by -46% against the previous year.

What is the average import price for personal weighing machines in Republic of Korea?

In 2021, the average personal weighing machine import price amounted to $5.8 per unit, surging by 6.8% against the previous year.

This report provides an in-depth analysis of the personal weighing machine market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 28293200 - Personal weighing machines, including baby scales, h ousehold scales

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023