Republic of Korea: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Republic of Korea

The South Korean odoriferous substance mixture market contracted modestly to $X in 2022, declining by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a moderate 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. Over the period under review, the market attained the maximum level at $X in 2021, and then declined slightly in the following year.

Odoriferous Substance Mixture Exports

Exports from Republic of Korea

In 2022, overseas shipments of mixtures of odoriferous substances and their preparations increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, total exports indicated buoyant growth 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 increased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; afterwards, it flattened through to 2022.

In value terms, odoriferous substance mixture exports expanded sharply to $X in 2022. In general, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), the United Arab Emirates (X tons) and the Philippines (X tons) were the main destinations of odoriferous substance mixture exports from South Korea, with a combined X% share of total exports. Vietnam, Indonesia, Thailand, Russia, India, Turkey, Malaysia, the United States and Japan lagged somewhat behind, together comprising 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 Turkey (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for odoriferous substance mixture exported from South Korea were China ($X), Indonesia ($X) and the Philippines ($X), together comprising X% of total exports. Vietnam, the United Arab Emirates, Thailand, Japan, India, Russia, Malaysia, the United States and Turkey lagged somewhat behind, together comprising a further X%.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of exports, among 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 odoriferous substance mixture export price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price 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. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. The export price peaked at $X per ton in 2021, and then dropped remarkably in the following year.

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

Odoriferous Substance Mixture Imports

Imports into Republic of Korea

Odoriferous substance mixture imports into South Korea rose significantly to X tons in 2022, increasing by X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, odoriferous substance mixture imports totaled $X in 2022. Overall, total imports indicated a moderate 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, imports increased by X% against 2013 indices. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of odoriferous substance mixture to South Korea, with a X% share of total imports. Moreover, odoriferous substance mixture imports from Singapore exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The United States (X tons) ranked third in terms of total imports with an X% share.

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

In value terms, Singapore ($X), Japan ($X) and the United States ($X) constituted the largest odoriferous substance mixture suppliers to South Korea, together comprising X% of total imports. China, Malaysia, Germany, France, the Netherlands, Indonesia and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, saw the highest growth rate of 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

The average odoriferous substance mixture import price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 an increase of X%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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