Republic of Korea: Cocoa Powder Market 2024

Cocoa Powder Market Size in Republic of Korea

The South Korean cocoa powder market shrank to $X in 2022, dropping by X% against the previous year. Overall, consumption saw a pronounced shrinkage. Cocoa powder consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Republic of Korea

In value terms, cocoa powder production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Cocoa Powder Exports

Exports from Republic of Korea

Cocoa powder exports from South Korea surged to X tons in 2022, picking up by X% compared with the previous year's figure. Over the period under review, exports continue to indicate a significant increase. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, cocoa powder exports surged to $X in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Malaysia (X tons), Russia (X tons) and Vietnam (X tons) were the main destinations of cocoa powder exports from South Korea, with a combined X% share of total exports.

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

In value terms, the largest markets for cocoa powder exported from South Korea were Malaysia ($X), Russia ($X) and the United States ($X), together comprising X% of total exports.

Among the main countries of destination, Russia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in overseas purchases of cocoa powder (not sweetened), which increased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, cocoa powder imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Singapore (X tons) and Malaysia (X tons) were the main suppliers of cocoa powder imports to South Korea, with a combined X% share of total imports. Spain, Indonesia, the United States and France lagged somewhat behind, together accounting for a further X%.

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

In value terms, the Netherlands ($X), Singapore ($X) and Malaysia ($X) were the largest cocoa powder suppliers to South Korea, with a combined X% share of total imports. The United States, France, Spain and Indonesia lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Spain, with a CAGR of X%, saw the highest growth rate of the value of imports, 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 cocoa powder import price amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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