Republic of Korea: Soap Market 2024

Soap Market Size in Republic of Korea

The South Korean soap market reduced modestly to $X in 2022, falling by X% against the previous year. Overall, consumption continues to indicate a abrupt shrinkage. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Soap Production in Republic of Korea

In value terms, soap production totaled $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. Soap production peaked in 2022 and is expected to retain growth in the near future.

Soap Exports

Exports from Republic of Korea

Soap exports from South Korea soared to X tons in 2022, with an increase of X% compared with the previous year's figure. Overall, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, soap exports shrank slightly to $X in 2022. In general, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of X%. The exports peaked at $X in 2021, and then contracted modestly in the following year.

Exports by Country

China (X tons) was the main destination for soap exports from South Korea, with a X% share of total exports. Moreover, soap exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X) remains the key foreign market for soap exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Taiwan (Chinese) (X% per year).

Export Prices by Country

In 2022, the average soap export price amounted to $X per ton, falling by X% against the previous year. In general, export price indicated a temperate 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. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped dramatically in the following year.

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

Soap Imports

Imports into Republic of Korea

In 2022, imports of soap into South Korea contracted to X tons, falling by X% against the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, soap imports reached $X in 2022. Overall, total imports indicated a strong increase 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 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of soap imports to South Korea, with a combined X% share of total imports. The United States, Thailand, Japan, Germany, France and Australia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Indonesia ($X) and Australia ($X) constituted the largest soap suppliers to South Korea, together accounting for X% of total imports.

Australia, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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 soap import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, import price indicated a buoyant 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, soap import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Australia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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