Republic of Korea: Market for Processed cheese (excluding grated or powdered) 2021

Market Size for Processed cheese (excluding grated or powdered) in Republic of Korea

In 2020, the South Korean market for processed cheese (excluding grated or powdered) increased by X% to $X, rising for the third year in a row after two years of decline. In general, the total consumption indicated perceptible growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2017 indices. The pace of growth was the most pronounced in 2011 when the market value increased by X% against the previous year. Over the period under review, the market reached the peak level in 2020 and is expected to retain growth in years to come.

Production of Processed cheese (excluding grated or powdered) in Republic of Korea

In value terms, production of processed cheese (excluding grated or powdered) totaled $X in 2020 estimated in export prices. Over the period under review, the total production indicated a noticeable increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production increased by +X% against 2017 indices. The pace of growth was the most pronounced in 2011 when the production volume increased by X% year-to-year. Over the period under review, production hit record highs in 2020 and is expected to retain growth in the near future.

Exports of Processed cheese (excluding grated or powdered)

Exports from Republic of Korea

In 2020, the amount of processed cheese (excluding grated or powdered) exported from South Korea skyrocketed to X tons, picking up by X% compared with the year before. Over the period under review, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2011 when exports increased by X% y-o-y. Exports peaked at X tons in 2017; however, from 2018 to 2020, exports remained at a lower figure.

In value terms, exports of processed cheese (excluding grated or powdered) soared to $X in 2020. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Over the period under review, exports reached the peak figure in 2020 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for exports of processed cheese (excluding grated or powdered) from South Korea, with a X% share of total exports. Moreover, exports of processed cheese (excluding grated or powdered) to China exceeded the volume sent to the second major destination, Myanmar (X tons), ninefold. The third position in this ranking was occupied by Hong Kong SAR (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume to China totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+X% per year) and Hong Kong SAR (+X% per year).

In value terms, China ($X) remains the key foreign market for processed cheese (excluding grated or powdered) exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by Hong Kong SAR ($X), with a X% share of total exports. It was followed by Myanmar, with a X% share.

From 2007 to 2020, the average annual growth rate of value to China amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+X% per year) and Myanmar (+X% per year).

Export Prices by Country

In 2020, the average export price for processed cheese (excluding grated or powdered) amounted to $X per ton, picking up by X% against the previous year. Overall, the export price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2011 when the average export price increased by X% y-o-y. Over the period under review, average export prices attained the maximum in 2020 and is expected to retain growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar, while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed cheese (excluding grated or powdered)

Imports into Republic of Korea

In 2020, approx. X tons of processed cheese (excluding grated or powdered) were imported into South Korea; which is down by -X% against 2019. Overall, imports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2011 when imports increased by X% year-to-year. Imports peaked at X tons in 2016; however, from 2017 to 2020, imports remained at a lower figure.

In value terms, imports of processed cheese (excluding grated or powdered) contracted markedly to $X in 2020. In general, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2011 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2020, imports stood at a somewhat lower figure.

Imports by Country

In 2020, the U.S. (X tons) constituted the largest processed cheese (excluding grated or powdered) supplier to South Korea, with a X% share of total imports. Moreover, imports of processed cheese (excluding grated or powdered) from the U.S. exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), sevenfold.

From 2007 to 2020, the average annual growth rate of volume from the U.S. amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+X% per year) and Germany (+X% per year).

In value terms, the U.S. ($X) constituted the largest supplier of processed cheese (excluding grated or powdered) to South Korea, comprising X% of total imports. The second position in the ranking was occupied by New Zealand ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from the U.S. totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+X% per year) and Germany (+X% per year).

Import Prices by Country

The average import price for processed cheese (excluding grated or powdered) stood at $X per ton in 2020, dropping by -X% against the previous year. In general, the import price recorded a mild descent. The pace of growth appeared the most rapid in 2008 an increase of X% year-to-year. The import price peaked at $X per ton in 2010; however, from 2011 to 2020, import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Germany ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Germany, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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