Republic of Korea: Sugars Market 2025

Sugars Market Size in Republic of Korea

The South Korean sugars market surged to $X in 2021, rising by 25% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Sugars Production in Republic of Korea

In value terms, sugars production soared to $X in 2021 estimated in export price. In general, production, however, showed a abrupt downturn. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Sugars Exports

Exports from Republic of Korea

In 2021, overseas shipments of sugars, sugar ethers and salts decreased by -14% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate mild growth. The most prominent rate of growth was recorded in 2015 when exports increased by 79%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, sugars exports expanded markedly to $X in 2021. Overall, exports showed a noticeable contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 26%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for sugars exports from South Korea, with a 59% share of total exports. Moreover, sugars exports to the United States exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+56.7% per year) and Thailand (-6.7% per year).

In value terms, the largest markets for sugars exported from South Korea were the United States ($X), Japan ($X) and China ($X), with a combined 82% share of total exports. These countries were followed by Thailand, Vietnam, Germany, Spain and the Netherlands, which together accounted for a further 16%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +80.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sugars export price stood at $X per ton in 2021, surging by 28% against the previous year. Overall, the export price, however, continues to indicate a abrupt decrease. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 Japan (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sugars Imports

Imports into Republic of Korea

In 2021, approx. X tons of sugars, sugar ethers and salts were imported into South Korea; with an increase of 22% on 2020. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +24.3% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 35% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, sugars imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of sugars to South Korea, accounting for a 52% share of total imports. Moreover, sugars imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.2% per year) and Japan (-1.2% per year).

In value terms, the United States ($X), China ($X) and Austria ($X) were the largest sugars suppliers to South Korea, together accounting for 77% of total imports.

Austria, with a CAGR of +79.4%, 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 sugars import price stood at $X per ton in 2021, with an increase of 5.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 7.8%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+39.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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