Republic of Korea: Vinegar Market 2024

Vinegar Market Size in Republic of Korea

The South Korean vinegar market fell to $X in 2023, with a decrease of X% against the previous year. Over the period under review, consumption recorded a mild slump. Vinegar consumption peaked at $X in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

Vinegar Production in Republic of Korea

In value terms, vinegar production dropped to $X in 2023 estimated in export price. In general, production continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

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Vinegar Exports

Exports from Republic of Korea

In 2023, overseas shipments of vinegar increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Overall, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, vinegar exports rose rapidly to $X in 2023. In general, total exports indicated a measured increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and Canada (X tons) were the main destinations of vinegar exports from South Korea, together comprising X% of total exports. New Zealand, Germany, the Philippines, Australia and Malaysia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for the Philippines (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for vinegar exported from South Korea were China ($X), the United States ($X) and Germany ($X), with a combined X% share of total exports. Canada, Australia, New Zealand, Malaysia and the Philippines lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, the Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to 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 vinegar export price stood at $X per ton in 2023, falling by X% against the previous year. In general, the export price showed a deep setback. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, 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 Germany ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (X%), while the prices for the other major destinations experienced mixed trend patterns.

Vinegar Imports

Imports into Republic of Korea

In 2023, the amount of vinegar imported into South Korea contracted to X tons, reducing by X% compared with 2022 figures. Overall, imports, however, showed a significant expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2022, and then reduced in the following year.

In value terms, vinegar imports amounted to $X in 2023. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2021; afterwards, it flattened through to 2023.

Imports by Country

Italy (X tons), the United States (X tons) and China (X tons) were the main suppliers of vinegar imports to South Korea, with a combined X% share of total imports. Japan, France and Thailand lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of vinegar to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Italy stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

Import Prices by Country

The average vinegar import price stood at $X per ton in 2023, jumping by X% against the previous year. Overall, the import price, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2023, 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 mixed trend patterns.

Source: IndexBox Platform