Republic of Korea: Natural Cork Stopper Market 2024

Natural Cork Stopper Market Size in Republic of Korea

The South Korean natural cork stopper market dropped to $X in 2022, reducing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Natural Cork Stopper Production in Republic of Korea

In value terms, natural cork stopper production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Natural Cork Stopper Exports

Exports from Republic of Korea

In 2022, approx. X kg of corks and stoppers of natural cork were exported from South Korea; dropping by X% compared with the previous year. Overall, exports recorded a sharp decline. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, natural cork stopper exports contracted rapidly to $X in 2022. In general, exports recorded a sharp descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X kg) was the main destination for natural cork stopper exports from South Korea, with a X% share of total exports. Moreover, natural cork stopper exports to Vietnam exceeded the volume sent to the second major destination, Mongolia (X kg), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam was relatively modest.

In value terms, Vietnam ($X) emerged as the key foreign market for corks and stoppers of natural cork exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Mongolia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam was relatively modest.

Export Prices by Country

In 2022, the average natural cork stopper export price amounted to $X per ton, which is down by X% against the previous year. Overall, the export price faced a deep contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mongolia ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced a decline.

Natural Cork Stopper Imports

Imports into Republic of Korea

In 2022, supplies from abroad of corks and stoppers of natural cork increased by X% to X tons, rising for the fourth year in a row after two years of decline. In general, imports saw a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, natural cork stopper imports soared to $X in 2022. Overall, imports recorded a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Portugal (X tons) constituted the largest natural cork stopper supplier to South Korea, with a X% share of total imports. Moreover, natural cork stopper imports from Portugal exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by the United States (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Portugal stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

In value terms, Portugal ($X) constituted the largest supplier of corks and stoppers of natural cork to South Korea, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Portugal totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average natural cork stopper import price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 Portugal ($X per ton), while the price for Canada ($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 a decline.

Source: IndexBox Platform

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