Report Update: May 1, 2024

Republic of Korea - Vinegar - Market Analysis, Forecast, Size, Trends And Insights

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Vinegar Price in South Korea - 2022

Vinegar Price in South Korea (FOB) - 2022

In December 2022, the average vinegar export price amounted to $1,684 per ton, rising by 13% against the previous month. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $1,861 per ton in March 2022; however, from April 2022 to December 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In December 2022, the highest price was recorded for prices to Vietnam ($1,776 per ton) and Japan ($1,717 per ton), while the average price for exports to China ($1,250 per ton) and the United States ($1,688 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+3.3%), while the prices for the other major destinations experienced a decline.

Vinegar Price in South Korea (CIF) - 2022

In December 2022, the average vinegar import price amounted to $4,204 per ton, growing by 58% against the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $4,609 per ton in December 2021; however, from January 2022 to December 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Italy ($6,773 per ton), while the price for Thailand ($692 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 the Philippines (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Vinegar Exports in South Korea

For the fourth consecutive year, South Korea recorded growth in overseas shipments of vinegar, which increased by 2% to 39K tons in 2022. Overall, exports continue to indicate significant growth. The growth pace was the most rapid in 2020 with an increase of 43% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, vinegar exports totaled $67M in 2022. In general, total exports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +24.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +94.7% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 51%. The exports peaked in 2022 and are expected to retain growth in the near future.

Export of Vinegar in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	28.3	44.0	58.9	59.7	28.3%
United States	1.5	1.9	1.8	1.6	2.2%
China	1.2	1.5	1.7	1.3	2.7%
Vietnam	0.7	0.9	0.8	0.9	8.7%
Others	2.8	3.7	3.9	3.9	11.7%
Total	34.6	52.1	67.2	67.3	24.8%

Top Export Markets for Vinegar from South Korea in 2022:

Japan (35.0K tons)
United States (0.9K tons)
China (0.9K tons)
Vietnam (0.6K tons)

Vinegar Imports in South Korea

Vinegar imports into South Korea amounted to 5.2K tons in 2022, stabilizing at the previous year. Over the period under review, total imports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +15.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +54.8% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 25%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, vinegar imports dropped modestly to $19M in 2022. In general, imports saw a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 50%.

Import of Vinegar in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Italy	4.9	7.0	11.1	10.9	30.5%
United States	1.8	3.5	3.9	4.3	33.7%
China	0.8	0.8	0.9	1.2	14.5%
Japan	0.5	0.5	0.5	0.6	6.3%
France	0.2	0.4	0.6	0.3	14.5%
Thailand	N/A	0.1	0.1	0.1	0.0%
Others	0.7	1.0	1.8	1.5	28.9%
Total	8.9	13.3	18.9	18.8	28.3%

Top Suppliers of Vinegar to South Korea in 2022:

Italy (2192.0 tons)
United States (1684.4 tons)
China (619.8 tons)
Japan (363.5 tons)
Thailand (88.1 tons)
France (86.9 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the vinegar 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 10841130 - Vinegar and substitutes for vinegar made from wine
Prodcom 10841190 - Vinegar and substitutes for vinegar (excluding made from wine)

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023