Republic of Korea: Sauce And Seasoning Market 2025

Sauce And Seasoning Market Size in Republic of Korea

After two years of growth, the South Korean sauce and seasoning market decreased by -8% to $X in 2021. Overall, consumption recorded a pronounced slump. Sauce and seasoning consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Sauce And Seasoning Production in Republic of Korea

In value terms, sauce and seasoning production declined to $X in 2021 estimated in export price. In general, production showed a perceptible curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 70% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Sauce And Seasoning Exports

Exports from Republic of Korea

For the sixth year in a row, South Korea recorded growth in shipments abroad of sauces and seasonings, which increased by 8.5% to X tons in 2021. Over the period under review, exports posted prominent growth. The growth pace was the most rapid in 2020 when exports increased by 22% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, sauce and seasoning exports rose rapidly to $X in 2021. Overall, exports posted a strong increase. The pace of growth was the most pronounced in 2020 with an increase of 24% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons), the United States (X tons) and Russia (X tons) were the main destinations of sauce and seasoning exports from South Korea, with a combined 51% share of total exports. These countries were followed by Japan, Taiwan (Chinese), the Philippines, Australia, Vietnam, Canada, Mongolia, Thailand, Hong Kong SAR and Singapore, which together accounted for a further 37%.

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 +25.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Russia ($X) constituted the largest markets for sauce and seasoning exported from South Korea worldwide, together accounting for 49% of total exports. Japan, Taiwan (Chinese), Vietnam, the Philippines, Australia, Thailand, Singapore, Canada, Hong Kong SAR and Mongolia lagged somewhat behind, together comprising a further 38%.

In terms of the main countries of destination, Thailand, with a CAGR of +34.1%, recorded the highest growth rate of 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

The average sauce and seasoning export price stood at $X per ton in 2021, increasing by 4.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 4.4%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to China ($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 Thailand (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Republic of Korea

In 2021, the amount of sauces and seasonings imported into South Korea rose markedly to X tons, increasing by 9.3% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports surged to $X in 2021. The total import value increased at an average annual rate of +4.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of sauce and seasoning to South Korea, accounting for a 55% share of total imports. Moreover, sauce and seasoning imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. Japan (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.6% per year) and Japan (+6.3% per year).

In value terms, the largest sauce and seasoning suppliers to South Korea were China ($X), Japan ($X) and the United States ($X), with a combined 72% share of total imports. These countries were followed by Thailand, Hong Kong SAR, New Zealand and Taiwan (Chinese), which together accounted for a further 16%.

Among the main suppliers, Thailand, with a CAGR of +10.2%, recorded the highest growth rate of 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

The average sauce and seasoning import price stood at $X per ton in 2021, increasing by 6.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. 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 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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