Republic of Korea: Breakfast Cereal Market 2024

Breakfast Cereal Market Size in Republic of Korea

In 2022, the South Korean breakfast cereal market decreased by X% to $X, falling for the second year in a row after six years of growth. In general, consumption, however, showed a buoyant expansion. Breakfast cereal consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Breakfast Cereal Production in Republic of Korea

In value terms, breakfast cereal production totaled $X in 2022 estimated in export price. Overall, production showed a resilient expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

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Breakfast Cereal Exports

Exports from Republic of Korea

For the seventh year in a row, South Korea recorded growth in overseas shipments of breakfast cereals, which increased by X% to X tons in 2022. Over the period under review, exports continue to indicate a strong increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, breakfast cereal exports amounted to $X in 2022. Overall, exports posted strong growth. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Australia (X% per year).

In value terms, the United States ($X), China ($X) and Australia ($X) were the largest markets for breakfast cereal exported from South Korea worldwide, with a combined X% share of total exports.

China, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the average breakfast cereal export price amounted to $X per ton, declining by X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the United States ($X 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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Breakfast Cereal Imports

Imports into Republic of Korea

After three years of growth, purchases abroad of breakfast cereals decreased by X% to X tons in 2022. Over the period under review, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, breakfast cereal imports contracted to $X in 2022. Overall, imports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

China (X tons), Belgium (X tons) and the United States (X tons) were the main suppliers of breakfast cereal imports to South Korea, together accounting for X% of total imports. Vietnam, India, Taiwan (Chinese), Italy, Germany and the UK lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Belgium ($X) were the largest breakfast cereal suppliers to South Korea, together comprising X% of total imports. Vietnam, Taiwan (Chinese), Italy, Germany, India and the UK lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of 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 2022, the average breakfast cereal import price amounted to $X per ton, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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