Republic of Korea: Paper Bag Market 2024

Paper Bag Market Size in Republic of Korea

The South Korean paper bag market rose sharply to $X in 2021, picking up by 15% against the previous year. In general, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.5% 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 decreased by -10.8% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Paper Bag Production in Republic of Korea

In value terms, paper bag production rose rapidly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39% against the previous year. Paper bag production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Paper Bag Exports

Exports from Republic of Korea

In 2021, overseas shipments of sacks and bags of paper decreased by -4.7% to X tons, falling for the second year in a row after three years of growth. Overall, total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -10.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 39%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, paper bag exports stood at $X in 2021. The total export value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2018 when exports increased by 12% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for paper bag exports from South Korea, accounting for a 35% share of total exports. Moreover, paper bag exports to Russia exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia stood at +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-1.3% per year) and the United States (+7.0% per year).

In value terms, Russia ($X), the United States ($X) and Japan ($X) were the largest markets for paper bag exported from South Korea worldwide, with a combined 61% share of total exports. Indonesia, Vietnam, China, Malaysia, Singapore and Canada lagged somewhat behind, together comprising a further 21%.

Indonesia, with a CAGR of +28.7%, saw the highest growth rate of the value of exports, among the main countries of destination 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 paper bag export price amounted to $X per ton, increasing by 9.8% against the previous year. Overall, the export price, however, saw a slight slump. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Russia ($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 Vietnam (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Paper Bag Imports

Imports into Republic of Korea

In 2021, purchases abroad of sacks and bags of paper increased by 14% to X tons, rising for the third consecutive year after two years of decline. In general, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +22.0% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 19% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, paper bag imports surged to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +96.5% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest paper bag supplier to South Korea, accounting for a 39% share of total imports. Moreover, paper bag imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+20.1% per year) and Thailand (+4.9% per year).

In value terms, China ($X) constituted the largest supplier of sacks and bags of paper to South Korea, comprising 42% of total imports. The second position in the ranking was held by Vietnam ($X), with a 10% share of total imports. It was followed by Thailand, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+20.2% per year) and Thailand (+6.1% per year).

Import Prices by Country

In 2021, the average paper bag import price amounted to $X per ton, rising by 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. As a result, import price attained 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 the United States ($X per ton), while the price for Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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