Republic of Korea: Vitamin Market 2024

Vitamin Market Size in Republic of Korea

The South Korean vitamin market reached $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Vitamin consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Vitamin Production in Republic of Korea

In value terms, vitamin production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

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Vitamin Exports

Exports from Republic of Korea

In 2022, overseas shipments of provitamins and vitamins decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then declined sharply in the following year.

In value terms, vitamin exports fell to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Germany (X tons) was the main destination for vitamin exports from South Korea, with a X% share of total exports. Moreover, vitamin exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), twofold. Singapore (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Singapore (X% per year).

In value terms, the largest markets for vitamin exported from South Korea were Germany ($X), the United States ($X) and Singapore ($X), together accounting for X% of total exports. China, Japan, India, Brazil, Argentina and Vietnam lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Argentina, with a CAGR of X.5%, saw 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 vitamin export price stood at $X per ton in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2018; however, from 2019 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 Japan ($X per ton), while the average price for exports to Argentina ($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 Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Republic of Korea

In 2022, vitamin imports into South Korea was estimated at X tons, picking up by X% against the previous year's figure. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, vitamin imports expanded notably to $X in 2022. Over the period under review, imports showed a buoyant increase. The growth pace was the most rapid in 2018 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of vitamin to South Korea, accounting for a X% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. Switzerland (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Switzerland (X% per year).

In value terms, China ($X) constituted the largest supplier of provitamins and vitamins to South Korea, comprising X% of total imports. The second position in the ranking was held by the UK ($X), with a X% share of total imports. It was followed by Switzerland, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Switzerland (X% per year).

Import Prices by Country

In 2022, the average vitamin import price amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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