Republic of Korea: Uncooked Pasta Market 2024

Uncooked Pasta Market Size in Republic of Korea

The South Korean uncooked pasta market reduced to $X in 2021, waning by -4.9% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Uncooked pasta consumption peaked at $X in 2020, and then shrank slightly in the following year.

Uncooked Pasta Production in Republic of Korea

In value terms, uncooked pasta production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 30% against the previous year. Uncooked pasta production peaked at $X in 2020, and then shrank in the following year.

Uncooked Pasta Exports

Exports from Republic of Korea

In 2021, overseas shipments of uncooked pasta (containing eggs) decreased by -82.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2020 when exports increased by 580% against the previous year. As a result, the exports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, uncooked pasta exports reduced rapidly to $X in 2021. Over the period under review, exports, however, recorded tangible growth. The pace of growth was the most pronounced in 2020 with an increase of 683% against the previous year. As a result, the exports attained the peak of $X, and then declined notably in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for uncooked pasta exports from South Korea, with a 93% share of total exports. It was followed by the United States (X tons), with a 2.8% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates amounted to +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-27.5% per year) and Canada (-0.7% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for uncooked pasta (containing eggs) exports from South Korea, comprising 92% of total exports. The second position in the ranking was taken by the United States ($X), with a 3.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-14.0% per year) and Canada (+5.3% per year).

Export Prices by Country

The average uncooked pasta export price stood at $X per ton in 2021, picking up by 3% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, uncooked pasta export price increased by +95.2% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 27%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Uncooked Pasta Imports

Imports into Republic of Korea

In 2021, overseas purchases of uncooked pasta (containing eggs) were finally on the rise to reach X tons after five years of decline. Over the period under review, imports, however, showed a abrupt slump. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, uncooked pasta imports soared to $X in 2021. In general, imports, however, saw a deep downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest uncooked pasta supplier to South Korea, with a 84% share of total imports. Moreover, uncooked pasta imports from Italy exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. The third position in this ranking was held by Turkey (X tons), with a 4.4% share.

From 2012 to 2021, the average annual growth rate of volume from Italy totaled -12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+25.7% per year) and Turkey (-17.9% per year).

In value terms, Italy ($X) constituted the largest supplier of uncooked pasta (containing eggs) to South Korea, comprising 69% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports. It was followed by Vietnam, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy totaled -10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+55.0% per year) and Vietnam (+27.2% per year).

Import Prices by Country

The average uncooked pasta import price stood at $X per ton in 2021, growing by 23% against the previous year. In general, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, uncooked pasta import price increased by +62.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 32% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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