Republic of Korea: Market for Fresh cheese (unripened or uncured cheese), including whey cheese and curd 2021

Market Size for Fresh cheese (unripened or uncured cheese), including whey cheese and curd in Republic of Korea

In 2020, the South Korean market for fresh cheese (unripened or uncured cheese), including whey cheese and curd increased by X% to $X, rising for the third year in a row after two years of decline. In general, the total consumption indicated a tangible expansion from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2017 indices. The pace of growth appeared the most rapid in 2009 when the market value increased by X% against the previous year. Over the period under review, the market attained the maximum level in 2020 and is likely to continue growth in the immediate term.

Production of Fresh cheese (unripened or uncured cheese), including whey cheese and curd in Republic of Korea

In value terms, production of fresh cheese (unripened or uncured cheese), including whey cheese and curd reached $X in 2020 estimated in export prices. Overall, the total production indicated a notable increase from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production increased by +X% against 2017 indices. The pace of growth appeared the most rapid in 2009 with an increase of X% y-o-y. Production peaked at $X in 2012; afterwards, it flattened through to 2020.

Exports of Fresh cheese (unripened or uncured cheese), including whey cheese and curd

Exports from Republic of Korea

In 2020, after three years of growth, there was significant decline in overseas shipments of fresh cheese (unripened or uncured cheese), including whey cheese and curd, when their volume decreased by -X% to X tons. In general, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Exports peaked at X tons in 2015; however, from 2016 to 2020, exports stood at a somewhat lower figure.

In value terms, exports of fresh cheese (unripened or uncured cheese), including whey cheese and curd shrank significantly to $X in 2020. Overall, exports recorded a pronounced contraction. The pace of growth appeared the most rapid in 2017 with an increase of X% y-o-y. Over the period under review, exports reached the maximum at $X in 2015; however, from 2016 to 2020, exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for exports of fresh cheese (unripened or uncured cheese), including whey cheese and curd from South Korea, with a X% share of total exports. Moreover, exports of fresh cheese (unripened or uncured cheese), including whey cheese and curd to Russia exceeded the volume sent to the second major destination, China (X tons), twofold.

From 2007 to 2020, the average annual growth rate of volume to Russia totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-X% per year) and Hong Kong SAR (-X% per year).

In value terms, China ($X), Russia ($X) and Hong Kong SAR ($X) appeared to be the largest markets for fresh cheese (unripened or uncured cheese), including whey cheese and curd exported from South Korea worldwide, with a combined X% share of total exports.

Among the main countries of destination, Russia recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2020, the average export price for fresh cheese (unripened or uncured cheese), including whey cheese and curd amounted to $X per ton, with an increase of X% against the previous year. Overall, export price indicated noticeable growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, export price for fresh cheese (unripened or uncured cheese), including whey cheese and curd decreased by -X% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. Over the period under review, average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2020, export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2020, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR, while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fresh cheese (unripened or uncured cheese), including whey cheese and curd

Imports into Republic of Korea

For the fourth year in a row, South Korea recorded growth in overseas purchases of fresh cheese (unripened or uncured cheese), including whey cheese and curd, which increased by X% to X tons in 2020. In general, imports saw a strong increase. The most prominent rate of growth was recorded in 2009 with an increase of X% against the previous year. Imports peaked in 2020 and are expected to retain growth in years to come.

In value terms, imports of fresh cheese (unripened or uncured cheese), including whey cheese and curd contracted modestly to $X in 2020. Overall, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2010 when imports increased by X% against the previous year. Imports peaked at $X in 2019, and then reduced in the following year.

Imports by Country

In 2020, the U.S. (X tons) constituted the largest supplier of fresh cheese (unripened or uncured cheese), including whey cheese and curd to South Korea, with a X% share of total imports. Moreover, imports of fresh cheese (unripened or uncured cheese), including whey cheese and curd from the U.S. exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was occupied by Denmark (X tons), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume from the U.S. totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+X% per year) and Denmark (+X% per year).

In value terms, the U.S. ($X) constituted the largest supplier of fresh cheese (unripened or uncured cheese), including whey cheese and curd to South Korea, comprising X% of total imports. The second position in the ranking was occupied by Germany ($X), with a X% share of total imports. It was followed by Denmark, with a X% share.

From 2007 to 2020, the average annual growth rate of value from the U.S. amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+X% per year) and Denmark (+X% per year).

Import Prices by Country

The average import price for fresh cheese (unripened or uncured cheese), including whey cheese and curd stood at $X per ton in 2020, dropping by -X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2020, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2020, the countries with the highest prices were the U.S. ($X per ton) and New Zealand ($X per ton), while the price for Denmark ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by New Zealand, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :