Republic of Korea: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in Republic of Korea

The South Korean sugary soft drink market fell slightly to $X in 2022, reducing by -3.6% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Sugary Soft Drink Production in Republic of Korea

In value terms, sugary soft drink production declined slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 46%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Sugary Soft Drink Exports

Exports from Republic of Korea

In 2022, sugary soft drink exports from South Korea was estimated at X litres, approximately mirroring 2021. Overall, exports showed strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 36%. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, sugary soft drink exports expanded rapidly to $X in 2022. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 26%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Cambodia (X litres) was the main destination for sugary soft drink exports from South Korea, accounting for a 46% share of total exports. Moreover, sugary soft drink exports to Cambodia exceeded the volume sent to the second major destination, Russia (X litres), fourfold. The third position in this ranking was taken by China (X litres), with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume to Cambodia totaled +14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-1.6% per year) and China (+17.9% per year).

In value terms, Cambodia ($X) remains the key foreign market for sugary soft drinks exports from South Korea, comprising 49% of total exports. The second position in the ranking was held by Russia ($X), with a 10% share of total exports. It was followed by China, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to +16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-0.7% per year) and China (+15.0% per year).

Export Prices by Country

The average sugary soft drink export price stood at $X per litre in 2022, surging by 4% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2013 when the average export price increased by 6.2% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

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 the United States ($X per litre), while the average price for exports to Hong Kong SAR ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Sugary Soft Drink Imports

Imports into Republic of Korea

In 2022, after three years of decline, there was growth in purchases abroad of sugary soft drinks, when their volume increased by 2.8% to X litres. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 15%. As a result, imports attained the peak of X litres. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, sugary soft drink imports stood at $X in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 17% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Germany (X litres) constituted the largest sugary soft drink supplier to South Korea, with a 37% share of total imports. Moreover, sugary soft drink imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X litres), threefold. Austria (X litres) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.3% per year) and Austria (-7.4% per year).

In value terms, Austria ($X), Germany ($X) and Switzerland ($X) constituted the largest sugary soft drink suppliers to South Korea, together accounting for 60% of total imports. France, the United States, Japan, China, Malaysia, Italy, Vietnam, Greece and Thailand lagged somewhat behind, together accounting for a further 33%.

Among the main suppliers, Vietnam, with a CAGR of +123.9%, 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

The average sugary soft drink import price stood at $X per litre in 2022, with an increase of 7.2% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 19% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

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 Austria ($X per litre), while the price for Greece ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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