Republic of Korea: Tomato Ketchup Market 2024

Tomato Ketchup Market Size in Republic of Korea

The South Korean tomato ketchup market reached $X in 2022, growing by 6.8% against the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 -5.5% against 2020 indices. Tomato ketchup consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Tomato Ketchup Production in Republic of Korea

In value terms, tomato ketchup production rose significantly to $X in 2022 estimated in export price. Over the period under review, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 57%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Tomato Ketchup Exports

Exports from Republic of Korea

Tomato ketchup exports from South Korea rose notably to X tons in 2022, increasing by 14% compared with 2021. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.6% 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 +99.3% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 23% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, tomato ketchup exports skyrocketed to $X in 2022. Overall, total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +77.3% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main destinations of tomato ketchup exports from South Korea, with a combined 89% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +20.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Taiwan (Chinese) ($X) and China ($X) were the largest markets for tomato ketchup exported from South Korea worldwide, together accounting for 82% of total exports.

Taiwan (Chinese), with a CAGR of +26.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tomato ketchup export price amounted to $X per ton, surging by 6.1% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 10%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Mongolia ($X per ton) and the Philippines ($X per ton), while the average price for exports to China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Tomato Ketchup Imports

Imports into Republic of Korea

Tomato ketchup imports into South Korea expanded to X tons in 2022, increasing by 4.6% compared with the year before. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 17% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, tomato ketchup imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of tomato ketchup to South Korea, accounting for a 51% share of total imports. Moreover, tomato ketchup imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+216.9% per year) and Spain (+10.3% per year).

In value terms, the United States ($X) constituted the largest supplier of tomato ketchup and tomato sauces to South Korea, comprising 58% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports. It was followed by the Netherlands, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+15.9% per year) and the Netherlands (+152.3% per year).

Import Prices by Country

The average tomato ketchup import price stood at $X per ton in 2022, increasing by 5.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2020 an increase of 10% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Italy ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :