Republic of Korea: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Republic of Korea

The South Korean market for sweet biscuits, waffles and wafers reached $X in 2022, remaining stable 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). Overall, consumption, however, showed a resilient expansion. Sweet biscuit, waffle and wafer consumption peaked in 2022 and is expected to retain growth in years to come.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Republic of Korea

After two years of growth, shipments abroad of sweet biscuits, waffles and wafers decreased by X% to X tons in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of X%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweet biscuit, waffle and wafer exports dropped to $X in 2022. Overall, exports, however, posted a significant increase. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

China (X tons) was the main destination for sweet biscuit, waffle and wafer exports from South Korea, with a X% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with a 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 Japan (X% per year).

In value terms, China ($X) remains the key foreign market for sweet biscuits, waffles and wafers exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with an X% share of total exports. It was followed by Vietnam, 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: Indonesia (X% per year) and Vietnam (X% per year).

Export Prices by Country

The average export price for sweet biscuits, waffles and wafers stood at $X per ton in 2022, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Brazil ($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.

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Imports of Sweet Biscuits, Waffles and Wafers

Imports into Republic of Korea

In 2022, overseas purchases of sweet biscuits, waffles and wafers decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Imports peaked at X tons in 2021, and then fell slightly in the following year.

In value terms, sweet biscuit, waffle and wafer imports stood at $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and Belgium (X tons) were the main suppliers of sweet biscuit, waffle and wafer imports to South Korea, together accounting for X% of total imports. Germany, Italy, China, Thailand, the Netherlands, Poland, the United States, Vietnam, France and the Philippines lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Italy ($X) were the largest sweet biscuit, waffle and wafer suppliers to South Korea, together comprising X% of total imports. Belgium, Germany, France, the United States, China, Thailand, Poland, the Netherlands, Vietnam and the Philippines lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average import price for sweet biscuits, waffles and wafers stood at $X per ton in 2022, stabilizing at the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for the Philippines ($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 more modest paces of growth.

Source: IndexBox Platform

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