Chocolate and cocoa products market in South Korea

Earlier Report Observations

The South Korean chocolate market saw significant volume fluctuations between 2018 and 2023. Early in the period, demographic headwinds like a declining child population and a growing consumer preference for healthier options moderated growth. The COVID-19 pandemic in 2020 caused a sharp contraction, with market volume dropping to 14 265 tons as lockdowns and economic uncertainty reduced festive and impulse consumption.

A post-pandemic rebound in 2021 pushed volume to 18 938 tons, fueled by strong demand for premium and imported chocolates used for gifting and desserts. However, from 2022 onward, severe global cocoa supply disruptions took center stage. Drought and disease in West African growing regions slashed production, causing prices to soar above $6 000 per ton and creating shortages for major manufacturers like Lotte Wellfood. These supply constraints contributed to a market volume dip in 2022 and, coupled with a strategic reduction in exports to preserve domestic supply, led to a notable volume increase to 25 363 tons in 2023.

The cocoa crisis intensified into 2024, with supply gaps exceeding 40% for some manufacturers and inventories dwindling to one-month levels. Throughout the period, the market structure was shaped by major companies like Lotte and Orion, which accelerated innovation in organic, natural, and premium segments with clear cocoa-solid labeling to meet persistent consumer demand for healthier and more transparent products.

Production chocolate and cocoa products in South Korea

In kind, 2017-2020, t

Top producers of chocolate and cocoa products, 2017-2020

World map of production of chocolate and cocoa products, 2017-2020

South Korea's chocolate and cocoa products production volume increased in 2020, following a two-year decline. The country produced 571.6 t of these products, marking a 1.3% increase from the previous year. The lowest production level was recorded in 2019 at 564.4 t, which also saw the largest decline of 0.9% during the period.

Annual dynamics of production in South Korea in kind, 2017-2020, t

In value, 2017-2020, K $ US

South Korea's chocolate and cocoa products production value rose in 2020 after two years of decreases. The output was valued at 946 K $ US, showing a modest gain of 4.9% compared to 2019. Over the 2017-2020 period, production decreased by 13.9%, equivalent to an annualized rate of 4.9%. The minimum value occurred in 2019 at 902 K $ US, which also experienced the largest decline of 15.1%.

Annual dynamics of production in South Korea in value, 2017-2020, K $ US

Exports chocolate and cocoa products from South Korea

Exports in kind, t

South Korea's chocolate and cocoa products export volume increased for the second consecutive year in 2020, reaching 34 975 t, a 1.8% rise from the previous year. Between 2017 and 2020, exports grew by 4.2%, with an annualized rate of 1.4%. The lowest volume was recorded in 2018 at 33 415 t, which saw the largest decline of 0.5%. The largest increase occurred in 2019 at 2.9%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

From 2017 to 2020, Japan was the primary partner for South Korea's chocolate and cocoa products exports in kind, accounting for 92.7% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, M $ US

South Korea's chocolate and cocoa products export value increased in 2020 after a two-year reduction, reaching 57.9 M $ US, up by 5.4% from the previous year. Over the 2017-2020 period, exports decreased by 10.6%, equivalent to an annualized rate of 3.7%. The minimum value was recorded in 2019 at 54.9 M $ US, which also saw the largest decline of 11.8%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, M $ US

During 2017-2020, Japan, China, and Malaysia remained the main buyers of South Korea's chocolate and cocoa products in value terms, accounting for 58.2%, 12.0%, and 5.7% of exports, respectively. Together, they formed 76.0% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports chocolate and cocoa products to South Korea

Imports in kind, t

South Korea imported approximately 48 669 t of chocolate and cocoa products in 2020, down by 4.7% from the previous year. Over the 2017-2020 period, imports decreased by 2.5%, with a compound annual growth rate of 0.8%. The highest volume was recorded in 2019 at 51 070 t, which also saw the largest increase of 2.3%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

From 2017 to 2020, imports of chocolate and cocoa products to South Korea in kind were characterized by a broad market spread. The United States, Singapore, and Belgium accounted for 22.7%, 12.1%, and 8.9% of imports, respectively, together making up only 43.7% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, M $ US

South Korea's imports of chocolate and cocoa products in value terms declined for the second consecutive year in 2020, amounting to 326.7 M $ US, with minimal year-over-year change compared to 2019. The highest value was recorded in 2018 at 329.2 M $ US, which saw the largest increase of 1.6%. The largest decline occurred in 2019 at 0.4%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, M $ US

The country composition of South Korea's chocolate and cocoa products imports in value terms from 2017 to 2020 was dispersed. The United States, China, and Italy accounted for 26.4%, 9.6%, and 9.0% of imports, respectively, together forming just 45.1% of total flows, with the remaining 54.9% distributed among a wide range of other destinations.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020