Republic of Korea: Carob Market 2023

Carob Market Size in Republic of Korea

After five years of decline, the South Korean carob market increased by 48% to $X in 2022. Over the period under review, consumption, however, saw a abrupt decrease. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Carob Exports

Exports from Republic of Korea

In 2022, shipments abroad of carob was finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 250,230%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, carob exports skyrocketed to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 20,784% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Sri Lanka (X kg) was the main destination for carob exports from South Korea, accounting for a 98% share of total exports. It was followed by Canada (X kg), with a 1.8% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Sri Lanka totaled +27.3%.

In value terms, Sri Lanka ($X) remains the key foreign market for carob exports from South Korea, comprising 100% of total exports. The second position in the ranking was taken by Canada ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Sri Lanka stood at +23.9%.

Export Prices by Country

The average carob export price stood at $X per ton in 2022, waning by -19.7% against the previous year. Over the period under review, the export price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2016 an increase of 908% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (-2.7%).

Carob Imports

Imports into Republic of Korea

After five years of decline, overseas purchases of carob increased by 87% to X tons in 2022. Overall, imports, however, showed a deep contraction. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, carob imports soared to $X in 2022. In general, imports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 55%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of carob to South Korea, with a 80% share of total imports. Moreover, carob imports from Turkey exceeded the figures recorded by the second-largest supplier, Spain (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at -14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+32.5% per year) and Algeria (-50.7% per year).

In value terms, Turkey ($X) constituted the largest supplier of carob to South Korea, comprising 66% of total imports. The second position in the ranking was held by Spain ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to -7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+33.6% per year) and Algeria (-47.0% per year).

Import Prices by Country

The average carob import price stood at $X per ton in 2022, declining by -26% against the previous year. Overall, the import price, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 an increase of 57%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then shrank sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+102.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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