Republic of Korea: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Republic of Korea

After two years of growth, the South Korean market for sweet biscuits, waffles and wafers decreased by -9.8% to $X in 2021. Overall, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +55.4% against 2016 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then fell in the following year.

Production of Sweet Biscuits, Waffles and Wafers in Republic of Korea

In value terms, sweet biscuit, waffle and wafer production shrank to $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +56.7% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 32% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Republic of Korea

In 2021, approx. X tons of sweet biscuits, waffles and wafers were exported from South Korea; rising by 25% against the year before. Overall, exports enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 215% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, sweet biscuit, waffle and wafer exports soared to $X in 2021. Over the period under review, exports showed a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 201% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X tons) was the main destination for sweet biscuit, waffle and wafer exports from South Korea, with a 23% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to China exceeded the volume sent to the second major destination, Russia (X tons), threefold. The third position in this ranking was held by Australia (X tons), with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +40.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-9.0% per year) and Australia (-4.3% per year).

In value terms, China ($X) remains the key foreign market for sweet biscuits, waffles and wafers exports from South Korea, comprising 23% of total exports. The second position in the ranking was held by Australia ($X), with a 6.5% share of total exports. It was followed by Russia, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +39.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+2.8% per year) and Russia (-5.1% per year).

Export Prices by Country

The average export price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, with an increase of 6.8% against the previous year. Overall, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet biscuit, waffle and wafer export price increased by +61.6% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 29%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Russia ($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 Macao SAR (+15.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into Republic of Korea

In 2021, approx. X tons of sweet biscuits, waffles and wafers were imported into South Korea; rising by 34% against the year before. Overall, imports posted a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 98%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in years to come.

In value terms, sweet biscuit, waffle and wafer imports skyrocketed to $X in 2021. In general, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 86%. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Indonesia (X tons), Belgium (X tons) and Malaysia (X tons) were the main suppliers of sweet biscuit, waffle and wafer imports to South Korea, together accounting for 20% of total imports. Italy, China, Germany, the United States, the Netherlands, Thailand, Austria, Vietnam, Poland and Denmark lagged somewhat behind, together comprising a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +26.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Italy ($X) and Malaysia ($X) appeared to be the largest sweet biscuit, waffle and wafer suppliers to South Korea, with a combined 19% share of total imports. These countries were followed by Belgium, the United States, Germany, China, Thailand, the Netherlands, Austria, Poland, Vietnam and Denmark, which together accounted for a further 27%.

Among the main suppliers, Austria, with a CAGR of +30.6%, recorded 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 2021, the average import price for sweet biscuits, waffles and wafers amounted to $X per ton, growing by 4.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 7.6% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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