Republic of Korea: Market for Non-Mineral or Non-Aerated Waters 2024

Market Size for Non-Mineral or Non-Aerated Waters in Republic of Korea

The South Korean non-mineral or non-aerated water market amounted to $X in 2021, picking up by 5.8% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 decreased by -5.2% against 2019 indices. Non-mineral or non-aerated water consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Non-Mineral or Non-Aerated Waters in Republic of Korea

In value terms, non-mineral or non-aerated water production expanded markedly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.6% 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 decreased by -5.4% against 2019 indices. The growth pace was the most rapid in 2018 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Non-Mineral or Non-Aerated Waters

Exports from Republic of Korea

In 2021, the amount of non-mineral or non-aerated waters exported from South Korea contracted markedly to X litres, with a decrease of -39.6% compared with the previous year. Overall, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2018 when exports increased by 101%. The exports peaked at X litres in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, non-mineral or non-aerated water exports contracted markedly to $X in 2021. In general, exports showed a perceptible descent. The growth pace was the most rapid in 2018 with an increase of 111%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X litres) was the main destination for non-mineral or non-aerated water exports from South Korea, accounting for a 63% share of total exports. Moreover, non-mineral or non-aerated water exports to Japan exceeded the volume sent to the second major destination, Guam (X litres), fivefold. Hong Kong SAR (X litres) ranked third in terms of total exports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guam (+6.2% per year) and Hong Kong SAR (+11.9% per year).

In value terms, Guam ($X), China ($X) and Vietnam ($X) constituted the largest markets for non-mineral or non-aerated water exported from South Korea worldwide, together comprising 46% of total exports.

Among the main countries of destination, Guam, with a CAGR of +24.8%, saw the highest rates of growth with regard to 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 non-mineral or non-aerated water export price stood at $X per litre in 2021, surging by 10% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-mineral or non-aerated water export price increased by +49.9% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of 46% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per litre in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per litre), while the average price for exports to Japan ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+33.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Mineral or Non-Aerated Waters

Imports into Republic of Korea

In 2021, purchases abroad of non-mineral or non-aerated waters was finally on the rise to reach X litres for the first time since 2018, thus ending a two-year declining trend. In general, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of 369% against the previous year. Over the period under review, imports reached the maximum at X litres in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, non-mineral or non-aerated water imports skyrocketed to $X in 2021. Overall, imports recorded a resilient increase. The pace of growth appeared the most rapid in 2015 with an increase of 513%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Norway (X litres) constituted the largest supplier of non-mineral or non-aerated water to South Korea, with a 46% share of total imports. Moreover, non-mineral or non-aerated water imports from Norway exceeded the figures recorded by the second-largest supplier, the United States (X litres), threefold. Oman (X litres) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Norway amounted to +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.2% per year) and Oman (+79.2% per year).

In value terms, the United States ($X) constituted the largest supplier of non-mineral or non-aerated waters to South Korea, comprising 33% of total imports. The second position in the ranking was held by Norway ($X), with a 15% share of total imports. It was followed by Oman, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+10.1% per year) and Oman (+64.0% per year).

Import Prices by Country

In 2021, the average non-mineral or non-aerated water import price amounted to $X per litre, falling by -17.3% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 64%. As a result, import price reached the peak level of $X per litre. From 2020 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per litre), while the price for Norway ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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