Republic of Korea: Chocolate Market 2024

Chocolate Market Size in Republic of Korea

The South Korean chocolate market stood at $X in 2023, standing approx. at the previous year. Over the period under review, the total consumption indicated a tangible 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, consumption decreased by X% against 2021 indices. Chocolate consumption peaked at $X in 2018; afterwards, it flattened through to 2023.

Chocolate Production in Republic of Korea

In value terms, chocolate production totaled $X in 2023 estimated in export price. Overall, the total production indicated a pronounced 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, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2015 when the production volume increased by X%. Chocolate production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Chocolate Exports

Exports from Republic of Korea

In 2023, exports of chocolate and cocoa products from South Korea contracted slightly to X tons, declining by X% against the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when exports increased by X%. The exports peaked at X tons in 2022, and then declined modestly in the following year.

In value terms, chocolate exports declined slightly to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2022, and then shrank modestly in the following year.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from South Korea, with a X% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2023, the average annual growth rate of volume to Japan totaled X%.

In value terms, Japan ($X) remains the key foreign market for chocolate and cocoa products exports from South Korea, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to Japan stood at X%.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2023, flattening at the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, 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 China ($X per ton), while the average price for exports to Japan stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%).

Chocolate Imports

Imports into Republic of Korea

Chocolate imports into South Korea totaled X tons in 2023, approximately reflecting the year before. The total import volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by X%. Imports peaked at X tons in 2016; however, from 2017 to 2023, imports remained at a lower figure.

In value terms, chocolate imports reduced to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; 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 2013 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

The United States (X tons), Belgium (X tons) and China (X tons) were the main suppliers of chocolate imports to South Korea, with a combined X% share of total imports. Malaysia, the Netherlands, Germany, Italy, Turkey, Poland, Australia, the UK and Brazil lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Belgium ($X) and China ($X) appeared to be the largest chocolate suppliers to South Korea, together comprising X% of total imports. Germany, Malaysia, the Netherlands, Italy, Australia, Turkey, Poland, the UK and Brazil lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Poland, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average chocolate import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2023, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform