Republic of Korea: Market for Electric Shavers, Hair-Removing Appliances And Hair Clippers 2024

Market Size for Electric Shavers, Hair-Removing Appliances And Hair Clippers in Republic of Korea

The South Korean market for electric shavers, hair-removing appliances and hair clippers fell to $X in 2022, reducing by -2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +9.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.1% against 2020 indices. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Exports of Electric Shavers, Hair-Removing Appliances And Hair Clippers

Exports from Republic of Korea

Exports of electric shavers, hair-removing appliances and hair clippers from South Korea reduced markedly to X units in 2022, waning by -29.2% compared with the previous year. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 114%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of electric shavers, hair-removing appliances and hair clippers reduced rapidly to $X in 2022. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 169%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for exports of electric shavers, hair-removing appliances and hair clippers from South Korea, accounting for a 50% share of total exports. Moreover, exports of electric shavers, hair-removing appliances and hair clippers to China exceeded the volume sent to the second major destination, the United States (X units), fivefold. Hong Kong SAR (X units) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled -15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-4.1% per year) and Hong Kong SAR (-13.1% per year).

In value terms, China ($X) remains the key foreign market for electric shavers, hair-removing appliances and hair clippers exports from South Korea, comprising 65% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.3% share of total exports. It was followed by Hong Kong SAR, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at -11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-3.4% per year) and Hong Kong SAR (-11.3% per year).

Export Prices by Country

In 2022, the average export price for electric shavers, hair-removing appliances and hair clippers amounted to $X per unit, increasing by 4.9% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for electric shavers, hair-removing appliances and hair clippers increased by +73.2% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 34%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electric Shavers, Hair-Removing Appliances And Hair Clippers

Imports into Republic of Korea

In 2022, approx. X units of electric shavers, hair-removing appliances and hair clippers were imported into South Korea; increasing by 12% compared with 2021 figures. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +25.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 50% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, imports of electric shavers, hair-removing appliances and hair clippers fell slightly to $X in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +4.9% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 57% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electric shavers, hair-removing appliances and hair clippers to South Korea, accounting for a 58% share of total imports. Moreover, imports of electric shavers, hair-removing appliances and hair clippers from China exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), fourfold. The Netherlands (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+16.6% per year) and the Netherlands (+0.1% per year).

In value terms, the Netherlands ($X), the Czech Republic ($X) and China ($X) were the largest electric shavers, hair-removing appliances and hair clippers suppliers to South Korea, together comprising 75% of total imports. Germany, Indonesia, Japan and Slovenia lagged somewhat behind, together comprising a further 21%.

In terms of the main suppliers, Indonesia, with a CAGR of +50.6%, saw 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

In 2022, the average import price for electric shavers, hair-removing appliances and hair clippers amounted to $X per unit, falling by -14.3% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 8.6% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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