Republic of Korea - Baking Soda - Market Analysis, Forecast, Size, Trends And Insights
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View PricingBaking Soda Price in South Korea - 2022
Contents:
- Baking Soda Price in South Korea (CIF) - 2022
- Baking Soda Price in South Korea (FOB) - 2022
- Baking Soda Imports in South Korea
- Baking Soda Exports in South Korea
Baking Soda Price in South Korea (CIF) - 2022
The average baking soda import price stood at $369 per ton in December 2022, with a decrease of -2.3% against the previous month. In general, the import price continues to indicate a slight descent. The most prominent rate of growth was recorded in April 2022 an increase of 5.6% m-o-m. The import price peaked at $432 per ton in May 2022; however, from June 2022 to December 2022, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was the United States ($608 per ton), while the price for China amounted to $359 per ton.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.5%), while the prices for the other major suppliers experienced a decline.
Baking Soda Price in South Korea (FOB) - 2022
The average baking soda export price stood at $2,384 per ton in 2022, surging by 18% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 50%. As a result, the export price attained the peak level of $3,002 per ton. From 2016 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($3,371 per ton), while the average price for exports to Bangladesh ($887 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 Philippines (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.
Baking Soda Imports in South Korea
In 2022, baking soda imports into South Korea was estimated at 226K tons, leveling off at 2021 figures. The total import volume increased at an average annual rate of +7.0% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 23%. As a result, imports attained the peak of 228K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, baking soda imports declined to $59M in 2022. The total import value increased at an average annual rate of +4.7% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. As a result, imports reached the peak of $64M, and then shrank in the following year.
Import of Baking Soda in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 42.8 | 43.1 | 52.4 | 48.3 | 4.1% |
Turkey | 2.1 | 5.2 | 4.7 | 4.3 | 27.0% |
United States | 4.2 | 4.1 | 3.4 | 3.6 | -5.0% |
Others | 2.6 | 2.3 | 3.4 | 3.1 | 6.0% |
Total | 51.7 | 54.7 | 63.9 | 59.3 | 4.7% |
Top Suppliers of Baking Soda to South Korea in 2022:
- China (192.4K tons)
- Turkey (20.6K tons)
- United States (5.5K tons)
Baking Soda Exports in South Korea
In 2022, overseas shipments of baking soda decreased by -14% to 122 tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2020 with an increase of 141% against the previous year.
In value terms, baking soda exports amounted to $291K in 2022. In general, exports, however, posted significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 148%. As a result, the exports reached the peak of $295K. From 2021 to 2022, the growth of the exports remained at a lower figure.
Export of Baking Soda in South Korea (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Japan | 23.5 | 165 | 70.7 | 85.4 | 53.7% |
China | 21.5 | 36.8 | 55.2 | 52.9 | 35.0% |
Russia | 16.2 | 15.0 | 53.4 | 51.1 | 46.7% |
Vietnam | 32.4 | 40.3 | 51.8 | 49.6 | 15.3% |
Indonesia | 7.0 | 7.0 | 26.3 | 25.2 | 53.3% |
United States | 7.0 | 14.6 | 10.5 | 10.5 | 14.5% |
Bangladesh | 0.2 | 0.1 | 2.1 | 2.0 | 115.4% |
Others | 10.8 | 16.1 | 16.7 | 13.9 | 8.8% |
Total | 119 | 295 | 287 | 291 | 34.7% |
Top Export Markets for Baking Soda from South Korea in 2022:
- Russia (28.8 tons)
- Japan (25.4 tons)
- China (23.1 tons)
- Vietnam (18.9 tons)
- Indonesia (14.8 tons)
- United States (3.9 tons)
- Bangladesh (2.3 tons)
This report provides an in-depth analysis of the baking soda market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20134320 - Sodium hydrogencarbonate (sodium bicarbonate)
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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