Republic of Korea: Wrapping Papers Market 2024

Wrapping Papers Market Size in Republic of Korea

In 2021, after five years of growth, there was significant decline in the South Korean wrapping papers market, when its value decreased by -13.5% to $X. In general, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced in the following year.

Wrapping Papers Production in Republic of Korea

In value terms, wrapping papers production contracted to $X in 2021 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% 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 increased by +24.5% against 2016 indices. The pace of growth appeared the most rapid in 2014 with an increase of 76% against the previous year. Wrapping papers production peaked at $X in 2020, and then shrank in the following year.

Wrapping Papers Exports

Exports from Republic of Korea

Wrapping papers exports from South Korea surged to X tons in 2021, rising by 31% on the previous year. Over the period under review, exports showed a resilient increase. The growth pace was the most rapid in 2015 with an increase of 82%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, wrapping papers exports soared to $X in 2021. In general, total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +73.7% against 2019 indices. The pace of growth was the most pronounced in 2015 when exports increased by 47% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons), the UK (X tons) and China (X tons) were the main destinations of wrapping papers exports from South Korea, together comprising 75% of total exports.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +27.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Vietnam ($X) and China ($X) constituted the largest markets for wrapping papers exported from South Korea worldwide, with a combined 71% share of total exports. Iran, Taiwan (Chinese), Bangladesh and Indonesia lagged somewhat behind, together accounting for a further 14%.

Indonesia, with a CAGR of +23.7%, saw the highest growth rate of the value of exports, among 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

The average wrapping papers export price stood at $X per ton in 2021, growing by 9.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2014 when the average export price increased by 13% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Iran ($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 Taiwan (Chinese) (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Wrapping Papers Imports

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of wrapping paper, packaging paper and paperboard, when their volume increased by 5.6% to X tons. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 12% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, wrapping papers imports expanded sharply to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 20% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest wrapping papers supplier to South Korea, accounting for a 29% share of total imports. Moreover, wrapping papers imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. Sweden (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.6% per year) and Sweden (+0.7% per year).

In value terms, Japan ($X) constituted the largest supplier of wrapping paper, packaging paper and paperboard to South Korea, comprising 26% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.9% per year) and Taiwan (Chinese) (+4.8% per year).

Import Prices by Country

In 2021, the average wrapping papers import price amounted to $X per ton, rising by 7.6% against the previous year. In general, the import price, however, recorded a slight downturn. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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