Republic of Korea: Soups Market 2024

Soups Market Size in Republic of Korea

In 2021, the South Korean soups market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. Soups consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Soups Production in Republic of Korea

In value terms, soups production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 17%. Soups production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Soups Exports

Exports from Republic of Korea

Soups exports from South Korea expanded remarkably to X tons in 2021, picking up by 12% compared with 2020. Overall, exports recorded resilient growth. The growth pace was the most rapid in 2018 with an increase of 178% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, soups exports soared to $X in 2021. Over the period under review, exports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 205% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for soups exports from South Korea, with a 38% share of total exports. Moreover, soups exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+8.1% per year) and Taiwan (Chinese) (+7.1% per year).

In value terms, the United States ($X) remains the key foreign market for soups and broths exports from South Korea, comprising 38% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+9.2% per year) and Hong Kong SAR (+45.8% per year).

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, rising by 7.8% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 9.4% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the Dominican Republic ($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 Hong Kong SAR (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Republic of Korea

In 2021, imports of soups and broths into South Korea expanded to X tons, surging by 2.1% compared with the previous year. Over the period under review, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2018 when imports increased by 146%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports rose markedly to $X in 2021. In general, imports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of 131%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Malaysia (X tons), China (X tons) and India (X tons) were the main suppliers of soups imports to South Korea, together accounting for 59% of total imports. These countries were followed by the United States, Japan, Spain, Vietnam and Taiwan (Chinese), which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +30.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest soups suppliers to South Korea were Malaysia ($X), the United States ($X) and China ($X), together comprising 54% of total imports. These countries were followed by India, Japan, Vietnam, Spain and Taiwan (Chinese), which together accounted for a further 24%.

Spain, with a CAGR of +26.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average soups import price stood at $X per ton in 2021, surging by 4.8% against the previous year. Overall, the import price, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2017 an increase of 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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