Report Update Nov 1, 2024

Republic of Korea - Soap - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Soap Market 2024

Soap Market Size in Republic of Korea

After five years of decline, the South Korean soap market increased by 54% to $X in 2021. Over the period under review, consumption, however, continues to indicate a pronounced slump. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Soap Exports

Exports from Republic of Korea

In 2021, exports of soap from South Korea reached X tons, remaining stable against the previous year's figure. Overall, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 52%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, soap exports rose rapidly to $X in 2021. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 82% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons) was the main destination for soap exports from South Korea, with a 41% share of total exports. Moreover, soap exports to China exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.5% per year) and Taiwan (Chinese) (+23.7% per year).

In value terms, China ($X) remains the key foreign market for soap exports from South Korea, comprising 52% of total exports. The second position in the ranking was held by the United States ($X), with a 7.3% share of total exports. It was followed by Taiwan (Chinese), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.2% per year) and Taiwan (Chinese) (+23.0% per year).

Export Prices by Country

In 2021, the average soap export price amounted to $X per ton, growing by 13% against the previous year. Overall, the export price posted strong growth. The pace of growth was the most pronounced in 2019 an increase of 21% against the previous year. The export price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to the Philippines ($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 China (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Republic of Korea

In 2021, purchases abroad of soap increased by 10% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 36% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, soap imports surged to $X in 2021. The total import value increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of soap imports to South Korea, together comprising 58% of total imports. The United States, France, Germany, the UK, Australia, Thailand, Sweden and Japan lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +35.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of soap to South Korea, comprising 28% of total imports. The second position in the ranking was taken by France ($X), with an 11% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+12.2% per year) and Indonesia (+1.7% per year).

Import Prices by Country

In 2021, the average soap import price amounted to $X per ton, jumping by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. 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, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for soap in the world?

The countries with the highest volumes of soap consumption in 2020 were China, India and the United States, with a combined 30% share of global consumption. These countries were followed by Italy, Indonesia, Pakistan, Brazil, Nigeria, Bangladesh, Japan, Mexico, the UK and France, which together accounted for a further 29%.

What are the largest producers of soap in the world?

China remains the largest soap producing country worldwide, comprising approx. 19% of total volume. Moreover, soap production in China exceeded the figures recorded by the second-largest producer, Indonesia, twofold. The third position in this ranking was occupied by India, with a 6.6% share.

What are the leading suppliers of soap to Republic of Korea?

In value terms, the United States constituted the largest supplier of soap to South Korea, comprising 31% of total imports. The second position in the ranking was occupied by China, with an 11% share of total imports. It was followed by France, with a 9.6% share.

What are the leading importers of soap from Republic of Korea?

In value terms, China remains the key foreign market for soap exports from South Korea, comprising 46% of total exports. The second position in the ranking was occupied by the United States, with a 12% share of total exports. It was followed by Japan, with a 6.4% share.

What is the average export price for soap in Republic of Korea?

In 2020, the average soap export price amounted to $7,468 per ton, with an increase of 1.9% against the previous year.

What is the average import price for soap in Republic of Korea?

In 2020, the average soap import price amounted to $2,645 per ton, picking up by 13% against the previous year.

This report provides an in-depth analysis of the soap market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20413120 - Soap and organic surface-active products in bars, etc., n.e.c.
Prodcom 20413150 - Soap in the form of flakes, wafers, granules or powders
Prodcom 20413180 - Soap in forms excluding bars, cakes or moulded shapes, p aper, wadding, felt and non-wovens impregnated or coated with soap/detergent, flakes, granules or powders
Prodcom 20421915 - Soap and organic surface-active products in bars, etc., for toilet use
Prodcom 20421930 - Organic surface-active products and preparations for washing the skin, whether or not containing soap, p.r.s.

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023