Republic of Korea: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Republic of Korea

For the ninth consecutive year, the South Korean butter and dairy spreads market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption recorded resilient growth. Butter and dairy spreads consumption peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Butter And Dairy Spreads

Exports from Republic of Korea

In 2022, the amount of butter and dairy spreads exported from South Korea skyrocketed to X tons, rising by X% against the previous year's figure. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter and dairy spreads exports soared to $X in 2022. Overall, exports showed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for butter and dairy spreads exports from South Korea, accounting for a X% share of total exports. Moreover, butter and dairy spreads exports to Russia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), tenfold.

From 2012 to 2022, the average annual growth rate of volume to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and China (X% per year).

In value terms, Russia ($X) emerged as the key foreign market for butter and dairy spreads exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, declining by X% against the previous year. Overall, the export price saw a abrupt downturn. The growth pace was the most rapid in 2019 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Hong Kong SAR ($X per ton), while the average price for exports to Russia ($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 Russia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Butter And Dairy Spreads

Imports into Republic of Korea

In 2022, purchases abroad of butter and dairy spreads increased by X% to X tons, rising for the eighth year in a row after two years of decline. Over the period under review, imports posted a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, butter and dairy spreads imports soared to $X in 2022. In general, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

New Zealand (X tons), France (X tons) and the United States (X tons) were the main suppliers of butter and dairy spreads imports to South Korea, with a combined X% share of total imports. Australia, Germany, Denmark and Italy lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest butter and dairy spreads suppliers to South Korea were New Zealand ($X), France ($X) and the United States ($X), together comprising X% of total imports. Germany, Australia, Denmark and Italy lagged somewhat behind, together comprising a further X%.

Italy, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 butter and dairy spreads import price amounted to $X per ton, increasing by X% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price 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, butter and dairy spreads import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 France ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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