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Republic of Korea - Honey - Market Analysis, Forecast, Size, Trends and Insights
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Republic of Korea: Honey Market Overview 2021

Honey Market Size in Republic of Korea

The South Korean honey market contracted significantly to $X in 2020, shrinking by -X% against the previous year. In general, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of X% y-o-y. Over the period under review, the market attained the peak level at $X in 2019, and then dropped sharply in the following year.

Honey Production in Republic of Korea

In value terms, honey production dropped markedly to $X in 2020 estimated in export prices. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by X% y-o-y. Over the period under review, production hit record highs at $X in 2019, and then declined sharply in the following year.

Honey Exports

Exports from Republic of Korea

In 2020, the amount of honey exported from South Korea fell rapidly to X tonnes, shrinking by -X% on the previous year. Over the period under review, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of X% y-o-y. As a result, exports reached the peak of X tonnes. from 2014 to 2020, the growth exports failed to regain the momentum.

In value terms, honey exports shrank rapidly to $X in 2020. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2017 with an increase of X% y-o-y. Exports peaked at $X in 2013; however, from 2014 to 2020, exports remained at a lower figure.

Exports by Country

Singapore (X tonnes) was the main destination for honey exports from South Korea, with a X% share of total exports. Moreover, honey exports to Singapore exceeded the volume sent to the second major destination, Viet Nam (X tonnes), fivefold. The U.S. (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume to Singapore amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Viet Nam (-X% per year) and the U.S. (-X% per year).

In value terms, Singapore ($X) remains the key foreign market for honey exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by the U.S. ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to Singapore amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the U.S. (-X% per year) and the Philippines (+X% per year).

Export Prices by Country

In 2020, the average honey export price amounted to $X per tonne, picking up by X% against the previous year. Overall, export price indicated a tangible increase 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, honey export price increased by +X% against 2018 indices. The growth pace was the most rapid in 2019 when the average export price increased by X% y-o-y. The export price peaked in 2020 and is expected to retain growth in the immediate term.

Prices varied noticeably by the country of destination; the country with the highest price was Japan ($X per tonne), while the average price for exports to Singapore ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines, while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Republic of Korea

In 2020, purchases abroad of honey was finally on the rise to reach X tonnes for the first time since 2017, thus ending a two-year declining trend. Over the period under review, imports enjoyed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, honey imports surged to $X in 2020. Overall, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2020, the U.S. (X tonnes) constituted the largest honey supplier to South Korea, accounting for a X% share of total imports. Moreover, honey imports from the U.S. exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), sixfold. The third position in this ranking was occupied by Argentina (X tonnes), with a X% share.

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

In value terms, the largest honey suppliers to South Korea were the U.S. ($X), New Zealand ($X) and Australia ($X), with a combined X% share of total imports. Argentina, Canada and Bulgaria lagged somewhat behind, together comprising a further X (+X% per year) recorded the highest growth rate of 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 honey import price stood at $X per tonne in 2020, reducing by -X% against the previous year. In general, import price indicated perceptible 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, honey import price decreased by -X% against 2018 indices. The most prominent rate of growth was recorded in 2009 when the average import price increased by X% against the previous year. The import price peaked at $X per tonne in 2012; however, from 2013 to 2020, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was New Zealand ($X per tonne), while the price for the U.S. ($X per tonne) was 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 Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for honey in the world?
+
The countries with the highest volumes of honey consumption in 2020 were China (325K tonnes), the U.S. (226K tonnes) and Turkey (107K tonnes), together accounting for 34% of global consumption. Germany, Canada, Iran, Russia, the UK, Ethiopia, Japan, France, Spain and Mexico lagged somewhat behind, together accounting for a further 31%.
What are the largest producers of honey in the world?
+
The country with the largest volume of honey production was China (453K tonnes), accounting for 23% of total volume. Moreover, honey production in China exceeded the figures recorded by the second-largest producer, Turkey (113K tonnes), fourfold. The third position in this ranking was occupied by Ukraine (93K tonnes), with a 4.7% share.
What are the leading suppliers of honey to Republic of Korea?
+
In value terms, the largest honey suppliers to South Korea were the U.S. ($5M), New Zealand ($3.4M) and Australia ($1.8M), with a combined 82% share of total imports. Argentina, Canada and Bulgaria lagged somewhat behind, together comprising a further 12%.
What are the leading importers of honey from Republic of Korea?
+
In value terms, Singapore ($39K) remains the key foreign market for honey exports from South Korea, comprising 46% of total exports. The second position in the ranking was occupied by the U.S. ($19K), with a 22% share of total exports. It was followed by the Philippines, with a 13% share.
What is the average export price for honey in Republic of Korea?
+
The average honey export price stood at $8,351 per tonne in 2020, jumping by 21% against the previous year.
What is the average import price for honey in Republic of Korea?
+
In 2020, the average honey import price amounted to $6,008 per tonne, falling by -4.6% against the previous year.

Product coverage:
• FCL 1182 - Honey

This report provides an in-depth analysis of the honey market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.


Country coverage:
• South Korea

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Trade (exports and imports) in Republic of Korea
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007–2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2020
Figure 5:
Trade Balance, In Physical Terms, 2007–2020
Figure 6:
Trade Balance, In Value Terms, 2007–2020
Figure 7:
Per Capita Consumption, 2007–2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2007–2020
Figure 21:
Production, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, 2007–2020
Figure 23:
Imports, In Value Terms, 2007–2020
Figure 24:
Imports, In Physical Terms, By Country, 2020
Figure 25:
Imports, In Physical Terms, By Country, 2007–2020
Figure 26:
Imports, In Value Terms, By Country, 2007–2020
Figure 27:
Import Prices, By Country Of Origin, 2007–2020
Figure 28:
Exports, In Physical Terms, 2007–2020
Figure 29:
Exports, In Value Terms, 2007–2020
Figure 30:
Exports, In Physical Terms, By Country, 2020
Figure 31:
Exports, In Physical Terms, By Country, 2007–2020
Figure 32:
Exports, In Value Terms, By Country, 2007–2020
Figure 33:
Export Prices, By Country Of Destination, 2007–2020

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