Republic of Korea: Prepared Baking Powder Market 2024

Prepared Baking Powder Market Size in Republic of Korea

The South Korean prepared baking powder market dropped modestly to $X in 2022, with a decrease of -2.6% against the previous year. In general, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 -5.7% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Prepared Baking Powder Production in Republic of Korea

In value terms, prepared baking powder production declined to $X in 2022 estimated in export price. In general, production recorded a measured increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 85%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Prepared Baking Powder Exports

Exports from Republic of Korea

In 2022, shipments abroad of prepared baking powders decreased by -35.8% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2020 with an increase of 76% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, prepared baking powder exports declined sharply to $X in 2022. Overall, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 389%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for prepared baking powder exports from South Korea, with a 58% share of total exports. Moreover, prepared baking powder exports to China exceeded the volume sent to the second major destination, Vietnam (X kg), fivefold. The third position in this ranking was held by the United States (X kg), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +35.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.5% per year) and the United States (+7.1% per year).

In value terms, China ($X) emerged as the key foreign market for prepared baking powders exports from South Korea, comprising 55% of total exports. The second position in the ranking was taken by the United States ($X), with a 10% share of total exports. It was followed by Canada, with a 9% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+17.2% per year) and Canada (-3.4% per year).

Export Prices by Country

In 2022, the average prepared baking powder export price amounted to $X per ton, with an increase of 9.4% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 231%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Northern Mariana Islands ($X per ton), while the average price for exports to Vietnam ($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 (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Prepared Baking Powder Imports

Imports into Republic of Korea

In 2022, purchases abroad of prepared baking powders decreased by -0.8% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 26% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, prepared baking powder imports surged to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +9.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +90.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 26% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) was the main prepared baking powder supplier to South Korea, accounting for a 94% share of total imports. It was followed by the United States (X tons), with a 2.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.8% per year) and the UK (+113.5% per year).

In value terms, China ($X) constituted the largest supplier of prepared baking powders to South Korea, comprising 82% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.4% per year) and the UK (+103.8% per year).

Import Prices by Country

The average prepared baking powder import price stood at $X per ton in 2022, rising by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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