Republic of Korea: Spice Market 2025

Spice Market Size in Republic of Korea

In 2022, the South Korean spice market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, the total consumption indicated a strong 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, consumption decreased by X% against 2020 indices. Spice consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Spice Production in Republic of Korea

In value terms, spice production soared to $X in 2022 estimated in export price. Overall, production, however, recorded significant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Spice production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average spice yield in South Korea stood at X tons per ha, therefore, remained relatively stable against the previous year's figure. Overall, the yield continues to indicate a strong increase. The pace of growth appeared the most rapid in 2018 when the yield increased by X% against the previous year. Over the period under review, the average spice yield attained the maximum level at X tons per ha in 2020; however, from 2021 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of spices production in South Korea shrank modestly to X ha, declining by X% against the previous year's figure. In general, the total harvested area indicated a buoyant expansion from 2012 to 2022: its figure 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, spice harvested area increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the harvested area dedicated to spice production reached the maximum at X ha in 2021, and then fell modestly in the following year.

Spice Exports

Exports from Republic of Korea

In 2022, shipments abroad of spices increased by X% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, total exports indicated a temperate expansion from 2012 to 2022: its volume 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, exports increased by X% against 2017 indices. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, spice exports expanded modestly to $X in 2022. In general, total exports indicated a prominent 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. Based on 2022 figures, exports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for spice exports from South Korea, with a X% share of total exports. Moreover, spice exports to the United States exceeded the volume sent to the second major destination, the Philippines (X tons), threefold. Japan (X tons) ranked third in terms of total exports with a X% share.

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

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

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

Export Prices by Country

The average spice export price stood at $X per ton in 2022, growing by 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 was the most pronounced in 2013 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Philippines ($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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Republic of Korea

In 2022, purchases abroad of spices decreased by X% to X tons, falling for the third year in a row after two years of growth. Overall, imports saw a mild decrease. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, spice imports expanded modestly to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam (X tons), China (X tons) and India (X tons) were the main suppliers of spice imports to South Korea, together comprising X% of total imports. Peru, Indonesia and Malaysia lagged somewhat behind, together accounting for a further X%.

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

In value terms, Vietnam ($X), China ($X) and India ($X) constituted the largest spice suppliers to South Korea, together accounting for X% of total imports. Indonesia, Peru and Malaysia lagged somewhat behind, together accounting for a further X%.

Peru, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 spice import price amounted to $X per ton, growing by X% against the previous year. In general, import price indicated modest growth 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, spice import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

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

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

Source: IndexBox Platform

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