Republic of Korea: Honey Market 2024

Honey Market Size in Republic of Korea

The South Korean honey market rose modestly to $X in 2022, with an increase of X% against the previous year. In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value 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, consumption decreased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Honey Production in Republic of Korea

In value terms, honey production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production saw a resilient increase. The growth pace was the most rapid in 2015 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Honey Exports

Exports from Republic of Korea

For the fifth year in a row, South Korea recorded decline in shipments abroad of honey, which decreased by X% to X tons in 2022. Over the period under review, exports continue to indicate a deep downturn. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, honey exports expanded to $X in 2022. In general, exports showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X tons), Hong Kong SAR (X tons) and Vietnam (X kg) were the main destinations of honey exports from South Korea, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for honey exported from South Korea were Vietnam ($X), Hong Kong SAR ($X) and Singapore ($X), with a combined X% share of total exports.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average honey export price amounted to $X per ton, rising by X% against the previous year. In general, the export price saw a strong increase. The growth pace was the most rapid in 2015 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Singapore ($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.

Honey Imports

Imports into Republic of Korea

In 2022, honey imports into South Korea stood at X tons, picking up by X% against the year before. In general, total imports indicated a resilient expansion 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 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, honey imports rose sharply to $X in 2022. Over the period under review, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of honey to South Korea, with a X% share of total imports. Moreover, honey imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by New Zealand (X tons), with a X% share.

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

In value terms, the United States ($X), New Zealand ($X) and Australia ($X) were the largest honey suppliers to South Korea, with a combined X% share of total imports. Greece, Canada, Argentina, China and Vietnam lagged somewhat behind, together accounting for a further X%.

Greece, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average honey import 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 was the most pronounced in 2018 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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 New Zealand ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, 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 more modest paces of growth.

Source: IndexBox Platform

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