Republic of Korea: Refrigerated Show-Cases Market 2024

Refrigerated Show-Cases Market Size in Republic of Korea

The South Korean refrigerated show-cases market was estimated at $X in 2022, remaining relatively unchanged against the previous year. In general, consumption recorded a prominent expansion. Refrigerated show-cases consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Refrigerated Show-Cases Production in Republic of Korea

In value terms, refrigerated show-cases production amounted to $X in 2022 estimated in export price. Over the period under review, production enjoyed a prominent increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 42% against the previous year. Refrigerated show-cases production peaked at $X in 2020; afterwards, it flattened through to 2022.

Refrigerated Show-Cases Exports

Exports from Republic of Korea

In 2022, approx. X units of refrigerated show-caseses were exported from South Korea; which is down by -19.3% against the previous year's figure. In general, exports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2016 with an increase of 44%. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refrigerated show-cases exports stood at $X in 2022. Overall, exports continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2017 with an increase of 28%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for refrigerated show-cases exports from South Korea, with a 67% share of total exports. Moreover, refrigerated show-cases exports to the United States exceeded the volume sent to the second major destination, Vietnam (X units), more than tenfold. The third position in this ranking was held by Indonesia (X units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+9.9% per year) and Indonesia (-2.6% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerated show-caseses exports from South Korea, comprising 67% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 5% share of total exports. It was followed by Indonesia, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+10.8% per year) and Indonesia (-1.9% per year).

Export Prices by Country

The average refrigerated show-cases export price stood at $X per unit in 2022, surging by 25% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 38%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per unit) and the Philippines ($X per unit), while the average price for exports to Indonesia ($X per unit) and Mongolia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+0.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerated Show-Cases Imports

Imports into Republic of Korea

After six years of growth, overseas purchases of refrigerated show-caseses decreased by -7.3% to X units in 2022. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 54%. Imports peaked at X units in 2021, and then shrank in the following year.

In value terms, refrigerated show-cases imports fell to $X in 2022. In general, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 58% against the previous year. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X units) constituted the largest refrigerated show-cases supplier to South Korea, accounting for a 58% share of total imports. Moreover, refrigerated show-cases imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. The third position in this ranking was held by the United States (X units), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+15.1% per year) and the United States (+4.8% per year).

In value terms, China ($X) constituted the largest supplier of refrigerated show-caseses to South Korea, comprising 58% of total imports. The second position in the ranking was held by Italy ($X), with a 23% share of total imports. It was followed by the United States, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.3% per year) and the United States (+4.1% per year).

Import Prices by Country

In 2022, the average refrigerated show-cases import price amounted to $X per unit, shrinking by -7.2% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 13%. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Austria ($X per unit) and France ($X per unit), while the price for Turkey ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform