Republic of Korea - Tea - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTea Price in South Korea - 2022
Contents:
- Tea Price in South Korea (CIF) - 2022
- Tea Price in South Korea (FOB) - 2022
- Tea Imports in South Korea
- Tea Exports in South Korea
Tea Price in South Korea (CIF) - 2022
The average tea import price stood at $20,221 per ton in December 2022, increasing by 36% against the previous month. In general, import price indicated a modest increase from December 2021 to December 2022: its price increased at an average monthly rate of +1.6% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, tea import price decreased by +0.3% against September 2022 indices. The growth pace was the most rapid in September 2022 an increase of 88% m-o-m. Over the period under review, average import prices reached the maximum at $20,363 per ton in January 2022; however, from February 2022 to December 2022, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Singapore ($140K per ton), while the price for Indonesia ($4,227 per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by India (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Tea Price in South Korea (FOB) - 2022
In 2022, the average tea export price amounted to $10,360 per ton, growing by 4.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. As a result, the export price reached the peak level of $12,196 per ton. From 2019 to 2022, the average export prices remained at a lower figure.
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 Japan ($36,786 per ton), while the average price for exports to Myanmar ($280 per ton) 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 (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.
Tea Imports in South Korea
In 2022, approx. 1.6K tons of tea were imported into South Korea; which is down by -4.5% on 2021. In general, imports showed a noticeable slump. The pace of growth was the most pronounced in 2021 when imports increased by 11% against the previous year.
In value terms, tea imports expanded slightly to $21M in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 6.7%. As a result, imports reached the peak of $21M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Tea in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 5.2 | 5.9 | 4.9 | 3.9 | -9.1% |
| Taiwan (Chinese) | 2.8 | 3.0 | 2.3 | 2.5 | -3.7% |
| Sri Lanka | 1.9 | 1.8 | 2.0 | 2.4 | 8.1% |
| United States | 1.3 | 1.1 | 1.2 | 2.0 | 15.4% |
| India | 0.8 | 1.0 | 1.2 | 1.7 | 28.6% |
| Poland | 1.1 | 1.0 | 1.5 | 1.5 | 10.9% |
| United Kingdom | 0.7 | 0.7 | 0.9 | 0.9 | 8.7% |
| Germany | 1.2 | 1.9 | 2.0 | 0.8 | -12.6% |
| United Arab Emirates | 0.9 | 0.4 | 0.5 | 0.6 | -12.6% |
| Thailand | 0.1 | 0.3 | 0.3 | 0.5 | 71.0% |
| Russia | 0.3 | 0.4 | 0.4 | 0.4 | 10.1% |
| Indonesia | 0.2 | 0.2 | N/A | 0.2 | 0.0% |
| Pakistan | 0.2 | 0.1 | 0.1 | 0.1 | -20.6% |
| Others | 3.3 | 3.6 | 3.2 | 3.4 | 1.0% |
| Total | 19.9 | 21.2 | 20.6 | 20.9 | 1.6% |
Top Suppliers of Tea to South Korea in 2022:
- China (340.5 tons)
- Sri Lanka (285.6 tons)
- India (244.1 tons)
- Taiwan (Chinese) (144.9 tons)
- Indonesia (76.5 tons)
- United States (65.4 tons)
- Germany (57.2 tons)
- United Arab Emirates (55.2 tons)
- Poland (48.9 tons)
- Russia (47.9 tons)
- United Kingdom (33.7 tons)
- Pakistan (30.1 tons)
- Thailand (28.9 tons)
Tea Exports in South Korea
In 2022, the amount of tea exported from South Korea totaled 626 tons, flattening at the year before. The total export volume increased at an average annual rate of +1.0% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 4.1%. As a result, the exports attained the peak of 633 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, tea exports rose remarkably to $6.5M in 2022. The total export value increased at an average annual rate of +5.9% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 25% against the previous year. As a result, the exports attained the peak of $6.8M. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.
| Export of Tea in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 1,345 | 2,279 | 1,767 | 2,215 | 18.1% |
| Japan | 114 | 382 | 1,430 | 1,402 | 130.8% |
| China | 795 | 337 | 232 | 320 | -26.2% |
| Germany | 660 | 606 | 296 | 312 | -22.1% |
| Singapore | 277 | 268 | 241 | 254 | -2.8% |
| Netherlands | 307 | 530 | 305 | 173 | -17.4% |
| France | 74.0 | 121 | 142 | 146 | 25.4% |
| Egypt | 327 | 456 | 93.1 | 122 | -28.0% |
| Hong Kong SAR | 90.8 | 92.5 | 125 | 121 | 10.0% |
| Canada | 148 | 145 | 122 | 117 | -7.5% |
| Taiwan (Chinese) | 25.6 | 99.4 | 27.6 | 39.4 | 15.5% |
| United Arab Emirates | 12.3 | 4.3 | 40.3 | 28.8 | 32.8% |
| Myanmar | 31.9 | 32.3 | 5.1 | 4.8 | -46.8% |
| Others | 1,250 | 1,481 | 1,322 | 1,235 | -0.4% |
| Total | 5,457 | 6,834 | 6,146 | 6,490 | 5.9% |
Top Export Markets for Tea from South Korea in 2022:
- Egypt (158.1 tons)
- United States (101.1 tons)
- Hong Kong SAR (47.2 tons)
- Japan (38.1 tons)
- Netherlands (21.9 tons)
- United Arab Emirates (20.8 tons)
- Taiwan (Chinese) (18.3 tons)
- Singapore (18.3 tons)
- Myanmar (17.3 tons)
- Germany (17.2 tons)
- Canada (15.8 tons)
- China (15.0 tons)
- France (13.2 tons)
This report provides an in-depth analysis of the tea 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:
- FCL 667 - Tea
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
- COUNTRIES WITH TOP YIELDS
- 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, HARVESTED AREA AND YIELD
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
- Yield 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
- Area Harvested, 2012–2023
- Yield, 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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This report provides an in-depth analysis of the tea market in Republic of Korea.
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This report provides an in-depth analysis of the global tea market.
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This report provides an in-depth analysis of the tea market in Republic of Korea.
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This report provides an in-depth analysis of the global tea market.
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