Republic of Korea: Market for Candies, Sweets, and Nonchocolate Confectionery 2024

Market Size for Candies, Sweets, and Nonchocolate Confectionery in Republic of Korea

For the ninth year in a row, the South Korean market for candies, sweets, and nonchocolate confectionery recorded growth in sales value, which increased by 9.5% to $X in 2022. Overall, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +104.7% against 2013 indices. Candy, sweets, and nonchocolate confectionery consumption peaked in 2022 and is likely to continue growth in years to come.

Production of Candies, Sweets, and Nonchocolate Confectionery in Republic of Korea

In value terms, candy, sweets, and nonchocolate confectionery production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 12% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Candies, Sweets, and Nonchocolate Confectionery

Exports from Republic of Korea

For the third consecutive year, South Korea recorded decline in overseas shipments of candies, sweets, and nonchocolate confectionery, which decreased by -10.7% to X tons in 2022. Over the period under review, exports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 10% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, candy, sweets, and nonchocolate confectionery exports totaled $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for candy, sweets, and nonchocolate confectionery exports from South Korea, accounting for a 85% share of total exports. Moreover, candy, sweets, and nonchocolate confectionery exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at -3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.4% per year) and Vietnam (+16.5% per year).

In value terms, Japan ($X) remains the key foreign market for candies, sweets, and nonchocolate confectionery exports from South Korea, comprising 64% of total exports. The second position in the ranking was taken by China ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+4.2% per year) and Vietnam (+17.1% per year).

Export Prices by Country

The average export price for candies, sweets, and nonchocolate confectionery stood at $X per ton in 2022, rising by 22% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($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 Japan (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Candies, Sweets, and Nonchocolate Confectionery

Imports into Republic of Korea

In 2022, supplies from abroad of candies, sweets, and nonchocolate confectionery increased by 11% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.3% 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 +11.7% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by 31%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, candy, sweets, and nonchocolate confectionery imports expanded notably to $X in 2022. In general, imports recorded strong growth. The most prominent rate of growth was recorded in 2014 when imports increased by 31% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Germany (X tons) and Turkey (X tons) were the main suppliers of candy, sweets, and nonchocolate confectionery imports to South Korea, together accounting for 57% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +40.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest candy, sweets, and nonchocolate confectionery suppliers to South Korea were China ($X), Germany ($X) and Turkey ($X), together comprising 51% of total imports.

Among the main suppliers, Turkey, with a CAGR of +39.1%, 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 candies, sweets, and nonchocolate confectionery amounted to $X per ton, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2013 an increase of 9.9% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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