Republic of Korea - Soups And Broths - Market Analysis, Forecast, Size, Trends And Insights
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View PricingSoups Price in South Korea - 2022
Contents:
- Soups Price in South Korea (FOB) - 2022
- Soups Price in South Korea (CIF) - 2022
- Soups Exports in South Korea
- Soups Imports in South Korea
Soups Price in South Korea (FOB) - 2022
The average soups export price stood at $3,986 per ton in December 2022, falling by -5.2% against the previous month. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in October 2022 an increase of 13% against the previous month. The export price peaked at $4,206 per ton in November 2022, and then contracted in the following month.
Prices varied noticeably by the country of destination: the country with the highest price was the Philippines ($4,583 per ton), while the average price for exports to Vietnam ($2,789 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.
Soups Price in South Korea (CIF) - 2022
The average soups import price stood at $3,022 per ton in 2022, waning by -2% against the previous year. In general, the import price showed a noticeable downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 12%. As a result, import price attained the peak level of $4,365 per ton. From 2018 to 2022, the average import prices remained at a lower figure.
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 Japan ($4,786 per ton), while the price for China ($2,057 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Soups Exports in South Korea
In 2022, shipments abroad of soups and broths decreased by -5.8% to 9K tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +19.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +70.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 61%.
In value terms, soups exports reduced to $31M in 2022. Over the period under review, total exports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +20.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 58% against the previous year.
| Export of Soups in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 6.0 | 13.1 | 12.8 | 15.8 | 38.1% |
| Japan | 3.3 | 4.4 | 5.2 | 2.6 | -7.6% |
| Taiwan (Chinese) | 0.7 | 1.2 | 1.6 | 1.7 | 34.4% |
| Hong Kong SAR | 0.8 | 1.6 | 1.6 | 1.7 | 28.6% |
| Australia | 0.7 | 1.0 | 1.1 | 1.2 | 19.7% |
| Singapore | 0.5 | 0.7 | 0.8 | 0.9 | 21.6% |
| Vietnam | 0.9 | 0.9 | 0.8 | 0.8 | -3.9% |
| China | 0.2 | 0.5 | 0.7 | 0.8 | 58.7% |
| Russia | 1.5 | 0.4 | 0.5 | 0.8 | -18.9% |
| Canada | 0.6 | 0.8 | 0.5 | 0.7 | 5.3% |
| Guatemala | N/A | N/A | N/A | 0.6 | 0% |
| Dominican Republic | 0.3 | 0.3 | 0.3 | 0.3 | 0.0% |
| Others | 2.2 | 2.9 | 7.9 | 3.0 | 10.9% |
| Total | 17.6 | 27.9 | 33.9 | 30.9 | 20.6% |
Top Export Markets for Soups from South Korea in 2022:
- United States (4862.5 tons)
- Japan (1187.0 tons)
- Hong Kong SAR (454.1 tons)
- Taiwan (Chinese) (428.5 tons)
- Australia (300.2 tons)
- Vietnam (208.7 tons)
- Singapore (207.1 tons)
- Canada (173.7 tons)
- Russia (169.5 tons)
- China (148.6 tons)
- Guatemala (136.1 tons)
- Dominican Republic (129.0 tons)
Soups Imports in South Korea
After three years of growth, overseas purchases of soups and broths decreased by -1.3% to 4.3K tons in 2022. The total import volume increased at an average annual rate of +3.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 8.3% against the previous year.
In value terms, soups imports dropped to $13M in 2022. In general, imports saw a mild shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 7% against the previous year. As a result, imports reached the peak of $13M, and then dropped slightly in the following year.
| Import of Soups in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 2.6 | 2.8 | 2.4 | 3.8 | 13.5% |
| Malaysia | 2.0 | 2.8 | 3.2 | 2.9 | 13.2% |
| China | 2.4 | 2.8 | 1.6 | 1.9 | -7.5% |
| India | 0.1 | 0.7 | 1.3 | 1.2 | 128.9% |
| Vietnam | 1.1 | 0.9 | 0.5 | 0.7 | -14.0% |
| Japan | 3.2 | 0.6 | 0.9 | 0.7 | -39.7% |
| Taiwan (Chinese) | 0.3 | 0.2 | 0.3 | 0.3 | 0.0% |
| Paraguay | 0.1 | N/A | 0.2 | 0.3 | 44.2% |
| Spain | 0.1 | 0.3 | 0.3 | 0.3 | 44.2% |
| Others | 1.6 | 1.2 | 2.7 | 0.9 | -17.5% |
| Total | 13.3 | 12.4 | 13.3 | 12.9 | -1.0% |
Top Suppliers of Soups to South Korea in 2022:
- Malaysia (1081.9 tons)
- United States (1016.7 tons)
- China (918.1 tons)
- India (469.6 tons)
- Vietnam (187.0 tons)
- Japan (150.6 tons)
- Spain (108.1 tons)
- Paraguay (95.7 tons)
- Taiwan (Chinese) (94.6 tons)
This report provides an in-depth analysis of the soups market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 10891100 - Soups and broths and preparations therefor
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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