Republic of Korea: Potato Chips Market 2024

Potato Chips Market Size in Republic of Korea

The South Korean potato chips market shrank to $X in 2022, falling by X% against the previous year. In general, consumption, however, recorded strong growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Potato Chips Production in Republic of Korea

In value terms, potato chips production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

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Potato Chips Exports

Exports from Republic of Korea

In 2022, shipments abroad of potato chips increased by X% to X tons, rising for the fourth year in a row after two years of decline. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, potato chips exports expanded to $X in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Taiwan (Chinese) (X tons), the United States (X tons) and Hong Kong SAR (X tons) were the main destinations of potato chips exports from South Korea, with a combined X% share of total exports. Japan, Australia, Canada and China 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 Canada (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for potato chips exported from South Korea were the United States ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X), with a combined X% share of total exports. Australia, Canada, China and Japan lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Canada, with a CAGR of X%, recorded the highest growth rate of 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

The average potato chips export price stood at $X per ton in 2022, declining by X% against the previous year. In general, export price indicated noticeable 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 2015 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Japan ($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 China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Potato Chips Imports

Imports into Republic of Korea

After three years of growth, supplies from abroad of potato chips decreased by X% to X tons in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, potato chips imports stood at $X in 2022. In general, imports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of potato chips to South Korea, with a X% share of total imports. Moreover, potato chips imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was taken by China (X tons), with a X% share.

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

In value terms, the United States ($X), Spain ($X) and Italy ($X) appeared to be the largest potato chips suppliers to South Korea, with a combined X% share of total imports.

Spain, with a CAGR of X%, saw 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

In 2022, the average potato chips import price amounted to $X per ton, picking up by X% against the previous year. Overall, import price indicated a prominent increase 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. Based on 2022 figures, potato chips import price increased by X% against 2017 indices. The most prominent rate of growth was recorded 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 steady growth in the immediate term.

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

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

Source: IndexBox Platform

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