Republic of Korea: Dairy Produce Market 2024

Dairy Produce Market Size in Republic of Korea

In 2022, the South Korean dairy produce market increased by X% to $X, rising for the third year in a row after five years of decline. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Dairy Produce Production in Republic of Korea

In value terms, dairy produce production reduced to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Dairy Produce Exports

Exports from Republic of Korea

In 2022, shipments abroad of dairy produce decreased by X% to X tons, falling for the second consecutive year after three years of growth. In general, total exports indicated a prominent increase 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, exports decreased by X% against 2020 indices. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, dairy produce exports dropped slightly to $X in 2022. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its value 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, exports increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted modestly in the following year.

Exports by Country

The United States (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of dairy produce exports from South Korea, with a combined X% share of total exports. The Philippines, Canada, Hong Kong SAR and Australia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for dairy produce exported from South Korea were China ($X), the United States ($X) and Taiwan (Chinese) ($X), with a combined X% share of total exports. The Philippines, Hong Kong SAR, Canada and Australia lagged somewhat behind, together comprising a further X%.

Hong Kong SAR, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of 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

The average dairy produce export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 ($X per ton), while the average price for exports to Canada ($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 United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Dairy Produce Imports

Imports into Republic of Korea

Dairy produce imports into South Korea expanded notably to X tons in 2022, picking up by X% against the year before. Overall, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, dairy produce imports surged to $X in 2022. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

Among the main suppliers, Poland, with a CAGR of X%, saw the highest rates of growth with regard to 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 dairy produce import price amounted to $X per ton, with an increase of X% against the previous year. In general, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 France ($X per ton), while the price for Poland ($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 more modest paces of growth.

Source: IndexBox Platform

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