Republic of Korea - Tea - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Tea Market 2024
Tea Market Size in Republic of Korea
The South Korean tea market fell modestly to $X in 2022, which is down by X% against the previous year. Overall, consumption, however, enjoyed prominent growth. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.
Tea Production in Republic of Korea
In value terms, tea production totaled $X in 2022 estimated in export price. In general, production recorded a abrupt decline. The pace of growth was the most pronounced in 2017 with a decrease of X%. Tea production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.
The average yield of tea in South Korea totaled less than X kg per ha in 2022, leveling off at 2021. Overall, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2022, the total area harvested in terms of tea production in South Korea was estimated at less than X ha, approximately mirroring 2021. Over the period under review, the harvested area showed a relatively flat trend pattern.
Tea Exports
Exports from Republic of Korea
Tea exports from South Korea reached X tons in 2022, approximately equating the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.
In value terms, tea exports rose markedly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.
Exports by Country
The United States (X tons) was the main destination for tea exports from South Korea, accounting for a X% share of total exports. Moreover, tea exports to the United States exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a X% share.
From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and the Netherlands (X% per year).
In value terms, the largest markets for tea exported from South Korea were the United States ($X), Japan ($X) and Singapore ($X), with a combined X% share of total exports. The Netherlands, Germany, Australia, China, Canada, Taiwan (Chinese), Hong Kong SAR, Thailand, Indonesia and the United Arab Emirates lagged somewhat behind, together comprising a further X%.
Thailand, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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 tea export price amounted to $X per ton, rising by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United Arab Emirates ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.
Tea Imports
Imports into Republic of Korea
In 2022, approx. X tons of tea were imported into South Korea; with a decrease of X% compared with the year before. In general, total imports indicated measured 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 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, tea imports expanded slightly to $X in 2022. Over the period under review, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of X%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.
Imports by Country
China (X tons), Sri Lanka (X tons) and India (X tons) were the main suppliers of tea imports to South Korea, together accounting for X% of total imports. Taiwan (Chinese), the United Arab Emirates, Germany, the UK, Thailand, Poland, Pakistan, Indonesia, the United States and Vietnam lagged somewhat behind, together accounting for a further X%.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest tea suppliers to South Korea were China ($X), Taiwan (Chinese) ($X) and Sri Lanka ($X), with a combined X% share of total imports. Germany, India, the United States, Poland, the UK, the United Arab Emirates, Thailand, Vietnam, Pakistan and Indonesia lagged somewhat behind, together comprising a further X%.
Thailand, with a CAGR of X%, saw 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 tea import price stood at $X per ton in 2022, growing by X% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price 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, tea import price decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($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 Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the tea 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:
- FCL 667 - Tea
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
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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
- COUNTRIES WITH TOP YIELDS
- 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, HARVESTED AREA AND YIELD
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
- Yield 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
- Area Harvested, 2012–2023
- Yield, 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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