Republic of Korea: Market for Powdered, Condensed Or Evaporated Milk 2024

Market Size for Powdered, Condensed Or Evaporated Milk in Republic of Korea

In 2022, the South Korean market for powdered, condensed or evaporated milk increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption saw a noticeable setback. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Powdered, Condensed Or Evaporated Milk in Republic of Korea

In value terms, powdered, condensed or evaporated milk production reached $X in 2022 estimated in export price. Overall, production, however, continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Powdered, Condensed Or Evaporated Milk

Exports from Republic of Korea

For the seventh year in a row, South Korea recorded growth in shipments abroad of powdered, condensed or evaporated milk, which increased by X% to X tons in 2022. In general, exports showed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, powdered, condensed or evaporated milk exports soared to $X in 2022. Over the period under review, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons), Taiwan (Chinese) (X tons) and the Philippines (X tons) were the main destinations of powdered, condensed or evaporated milk exports from South Korea, with a combined X% share of total exports. Canada, Hong Kong SAR, China and Australia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Taiwan (Chinese) ($X) and the Philippines ($X) appeared to be the largest markets for powdered, condensed or evaporated milk exported from South Korea worldwide, together comprising X% of total exports. Canada, Hong Kong SAR, China and Australia lagged somewhat behind, together accounting for a further X%.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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

The average export price for powdered, condensed or evaporated milk stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the export price, however, saw a mild reduction. The pace of growth was the most pronounced in 2015 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to the United States ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Powdered, Condensed Or Evaporated Milk

Imports into Republic of Korea

After three years of decline, overseas purchases of powdered, condensed or evaporated milk increased by X% to X tons in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, powdered, condensed or evaporated milk imports skyrocketed to $X in 2022. In general, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), New Zealand (X tons) and France (X tons) were the main suppliers of powdered, condensed or evaporated milk imports to South Korea, with a combined X% share of total imports. Australia, Germany, the Netherlands, Japan and Belgium lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), New Zealand ($X) and France ($X) appeared to be the largest powdered, condensed or evaporated milk suppliers to South Korea, with a combined X% share of total imports. Australia, the Netherlands, Germany, Japan and Belgium lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Japan, with a CAGR of X%, 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 powdered, condensed or evaporated milk amounted to $X per ton, jumping by X% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered, condensed or evaporated milk import price increased by X% against 2016 indices. The import price peaked at $X per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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