Republic of Korea: Pasta Products Market 2024

Pasta Products Market Size in Republic of Korea

The South Korean pasta products market contracted markedly to $X in 2022, waning by X% against the previous year. Overall, consumption continues to indicate a abrupt contraction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Pasta Products Production in Republic of Korea

In value terms, pasta products production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient expansion 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, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. Pasta products production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Pasta Products Exports

Exports from Republic of Korea

In 2022, approx. X tons of dried, undried and frozen pasta and pasta products were exported from South Korea; increasing by X% on 2021 figures. Overall, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2017 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, pasta products exports rose significantly to $X in 2022. In general, exports posted a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main destinations of pasta products exports from South Korea, together comprising X% of total exports.

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

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest markets for pasta products exported from South Korea worldwide, together comprising X% of total exports. The Philippines, the Netherlands, Thailand, Malaysia, Taiwan (Chinese), Australia, the UK, Canada, Hong Kong SAR and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Thailand, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the average pasta products export price amounted to $X per ton, approximately equating the previous year. In general, the export price, however, continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 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.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the UK ($X per ton) and Malaysia ($X per ton), while the average price for exports to Canada ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta Products Imports

Imports into Republic of Korea

In 2022, the amount of dried, undried and frozen pasta and pasta products imported into South Korea skyrocketed to X tons, surging by X% compared with the previous year. In general, imports showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, pasta products imports surged to $X in 2022. Over the period under review, imports recorded a significant increase. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Vietnam (X tons), China (X tons) and Japan (X tons) were the main suppliers of pasta products imports to South Korea, together comprising X% of total imports. Thailand, Indonesia, Taiwan (Chinese), the United States and Italy lagged somewhat behind, together comprising a further X%.

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

In value terms, China ($X), Japan ($X) and Vietnam ($X) were the largest pasta products suppliers to South Korea, with a combined X% share of total imports. Thailand, Taiwan (Chinese), Indonesia, the United States and Italy lagged somewhat behind, together accounting for a further X%.

Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average pasta products import price stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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