Republic of Korea: Vitamin Market 2023

Vitamin Market Size in Republic of Korea

The South Korean vitamin market expanded markedly to $X in 2021, surging by 6.7% against the previous year. Over the period under review, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +15.8% against 2019 indices. Vitamin consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Vitamin Production in Republic of Korea

In value terms, vitamin production stood at $X in 2021 estimated in export price. Over the period under review, production recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 27%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Vitamin Exports

Exports from Republic of Korea

In 2021, shipments abroad of provitamins and vitamins increased by 12% to X tons, rising for the third consecutive year after three years of decline. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when exports increased by 22% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, vitamin exports surged to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 22% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X tons), the United States (X tons) and China (X tons) were the main destinations of vitamin exports from South Korea, with a combined 36% share of total exports. These countries were followed by Singapore, India, Brazil, Japan, Indonesia, Russia, Mexico, Spain and Argentina, which together accounted for a further 21%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +41.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) appeared to be the largest markets for vitamin exported from South Korea worldwide, together comprising 39% of total exports. These countries were followed by Singapore, India, Japan, Indonesia, Brazil, Mexico, Russia, Spain and Argentina, which together accounted for a further 23%.

Spain, with a CAGR of +28.2%, saw 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 vitamin export price stood at $X per ton in 2021, surging by 3.9% against the previous year. Overall, the export price, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2016 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.4%), while the prices for the other major destinations experienced a decline.

Vitamin Imports

Imports into Republic of Korea

In 2021, supplies from abroad of provitamins and vitamins decreased by -1.6% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.8% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. As a result, imports attained the peak of X tons, and then reduced slightly in the following year.

In value terms, vitamin imports expanded sharply to $X in 2021. Overall, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +102.9% against 2014 indices. The growth pace was the most rapid in 2020 when imports increased by 17% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to South Korea, with a 55% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. The third position in this ranking was held by Switzerland (X tons), with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+7.8% per year) and Switzerland (-2.2% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to South Korea, comprising 35% of total imports. The second position in the ranking was held by the UK ($X), with a 14% share of total imports. It was followed by Switzerland, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+7.6% per year) and Switzerland (+1.6% per year).

Import Prices by Country

The average vitamin import price stood at $X per ton in 2021, surging by 12% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 18%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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