Republic of Korea: Peanut Butter Market 2024

Peanut Butter Market Size in Republic of Korea

For the sixth consecutive year, the South Korean peanut butter market recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Peanut butter consumption peaked in 2022 and is expected to retain growth in years to come.

Peanut Butter Production in Republic of Korea

In value terms, peanut butter production dropped slightly to $X in 2022 estimated in export price. In general, production, however, showed resilient growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Peanut butter production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Peanut Butter Exports

Exports from Republic of Korea

Peanut butter exports from South Korea surged to X tons in 2022, picking up by X% against the year before. Over the period under review, exports posted a pronounced expansion. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, peanut butter exports soared to $X in 2022. Overall, exports recorded resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for peanut butter exports from South Korea, with a X% share of total exports. Moreover, peanut butter exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. The third position in this ranking was taken by the Philippines (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and the Philippines (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for peanut butter and prepared or preserved groundnuts exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total exports. It was followed by the Philippines, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and the Philippines (X% per year).

Export Prices by Country

The average peanut butter export price stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Republic of Korea

In 2022, the amount of peanut butter and prepared or preserved groundnuts imported into South Korea rose modestly to X tons, with an increase of X% on the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 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, peanut butter imports rose modestly to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest peanut butter supplier to South Korea, with a X% share of total imports. Moreover, peanut butter imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Argentina (X% per year).

In value terms, China ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Argentina (X% per year).

Import Prices by Country

The average peanut butter import price stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform