Republic of Korea: Market for Rusks, Toasted Bread and Similar Toasted Products 2024

Market Size for Rusks, Toasted Bread and Similar Toasted Products in Republic of Korea

In 2021, the South Korean rusks and toasted bread market decreased by -13.8% to $X for the first time since 2013, thus ending a seven-year rising trend. Over the period under review, the total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +70.9% against 2013 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in Republic of Korea

In value terms, rusks and toasted bread production contracted to $X in 2021 estimated in export price. Overall, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.0% against 2013 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 35%. As a result, production reached the peak level of $X, and then reduced in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports from Republic of Korea

In 2021, overseas shipments of rusks, toasted bread and similar toasted products increased by 56% to X tons, rising for the second year in a row after two years of decline. In general, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 486% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, rusks and toasted bread exports skyrocketed to $X in 2021. Overall, exports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 512%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

The Netherlands (X tons), Saudi Arabia (X tons) and Russia (X tons) were the main destinations of rusks and toasted bread exports from South Korea, together accounting for 27% of total exports. These countries were followed by Sweden, Italy, Kuwait, Malaysia, France, Hong Kong SAR, Israel, Colombia, Ireland and the United Arab Emirates, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were recorded for Colombia (with a CAGR of +44.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rusks and toasted bread exported from South Korea were the Netherlands ($X), Saudi Arabia ($X) and Russia ($X), together accounting for 26% of total exports.

Among the main countries of destination, Saudi Arabia, with a CAGR of +45.1%, saw 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

In 2021, the average rusks and toasted bread export price amounted to $X per ton, rising by 7.7% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rusks and toasted bread export price increased by +65.8% against 2016 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 28% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Malaysia ($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 Ireland (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports into Republic of Korea

In 2021, supplies from abroad of rusks, toasted bread and similar toasted products was finally on the rise to reach X tons after four years of decline. Over the period under review, imports, however, continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2013 when imports increased by 106% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, rusks and toasted bread imports amounted to $X in 2021. In general, imports, however, saw a deep setback. The growth pace was the most rapid in 2013 with an increase of 85%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of rusks and toasted bread to South Korea, with a 20% share of total imports. Moreover, rusks and toasted bread imports from Italy exceeded the figures recorded by the second-largest supplier, Canada (X tons), threefold. The third position in this ranking was taken by Malaysia (X kg), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy amounted to +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-29.7% per year) and Malaysia (-5.7% per year).

In value terms, Italy ($X) constituted the largest supplier of rusks, toasted bread and similar toasted products to South Korea, comprising 17% of total imports. The second position in the ranking was held by Canada ($X), with a 6.6% share of total imports. It was followed by Malaysia, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +30.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-26.0% per year) and Malaysia (+1.8% per year).

Import Prices by Country

The average rusks and toasted bread import price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rusks and toasted bread import price increased by +14.6% against 2015 indices. The most prominent rate of growth was recorded in 2015 an increase of 28%. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then fell modestly in the following year.

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 Australia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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