Republic of Korea: Soap And Detergent Market 2024

Soap And Detergent Market Size in Republic of Korea

The South Korean soap and detergent market was estimated at $X in 2022, with an increase of X% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Soap and detergent consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Soap And Detergent Production in Republic of Korea

In value terms, soap and detergent production totaled $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soap And Detergent Exports

Exports from Republic of Korea

Soap and detergent exports from South Korea contracted to X tons in 2022, shrinking by X% on the previous year. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, soap and detergent exports totaled $X in 2022. In general, exports, however, recorded a strong increase. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for soap and detergent exports from South Korea, with a X% share of total exports. Moreover, soap and detergent exports to China exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Vietnam (X% per year).

In value terms, China ($X) remains the key foreign market for soap and detergents exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and the United States (X% per year).

Export Prices by Country

The average soap and detergent export price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

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

Soap And Detergent Imports

Imports into Republic of Korea

Soap and detergent imports into South Korea fell to X tons in 2022, reducing by X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, soap and detergent imports contracted to $X in 2022. Over the period under review, total imports indicated a buoyant expansion 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. Based on 2022 figures, imports increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then declined modestly in the following year.

Imports by Country

China (X tons), the United States (X tons) and Indonesia (X tons) were the main suppliers of soap and detergent imports to South Korea, together comprising X% of total imports. Germany, Japan, Malaysia, Italy, Thailand, Mexico and the Philippines lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X), the United States ($X) and Japan ($X) constituted the largest soap and detergent suppliers to South Korea, with a combined X% share of total imports. Germany, Thailand, Indonesia, Italy, Malaysia, Mexico and the Philippines lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Mexico, 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 soap and detergent import price amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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