Republic of Korea: Bread And Bakery Market 2024

Bread And Bakery Market Size in Republic of Korea

The South Korean bread and bakery market shrank slightly to $X in 2023, which is down by X% against the previous year. In general, the total consumption indicated a tangible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Bread and bakery consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Bread And Bakery Production in Republic of Korea

In value terms, bread and bakery production declined modestly to $X in 2023 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Bread and bakery production peaked at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Bread And Bakery Exports

Exports from Republic of Korea

In 2023, approx. X tons of bread and bakery were exported from South Korea; surging by X% compared with the year before. In general, total exports indicated resilient growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, bread and bakery exports expanded to $X in 2023. Over the period under review, exports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for bread and bakery exports from South Korea, accounting for a X% share of total exports. Moreover, bread and bakery exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and the Philippines (X% per year).

In value terms, the United States ($X) remains the key foreign market for bread and bakery exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

Export Prices by Country

In 2023, the average bread and bakery export price amounted to $X per ton, remaining constant against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2022, and then shrank modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bread And Bakery Imports

Imports into Republic of Korea

After two years of growth, overseas purchases of bread and bakery decreased by X% to X tons in 2023. Overall, total imports indicated strong growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2022, and then contracted modestly in the following year.

In value terms, bread and bakery imports dropped slightly to $X in 2023. In general, total imports indicated prominent growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2022, and then dropped in the following year.

Imports by Country

The United States (X tons), Malaysia (X tons) and Belgium (X tons) were the main suppliers of bread and bakery imports to South Korea, with a combined X% share of total imports. Germany, Indonesia, Turkey, Canada, Portugal, the Netherlands, China, Italy, Vietnam and France lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the United States ($X) and Germany ($X) appeared to be the largest bread and bakery suppliers to South Korea, with a combined X% share of total imports. Belgium, Portugal, Indonesia, Turkey, Canada, France, the Netherlands, Italy, China and Vietnam lagged somewhat behind, together comprising a further X%.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average bread and bakery import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Portugal (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform