Cocoa butter market in South Korea

Earlier Report Observations

From 2018 to 2022, the South Korean cocoa butter market volume in physical terms showed modest fluctuations, reaching a peak of 5 198 t in 2022 after a dip to 4 748 t in 2020. In value terms, the market declined consistently from $113.6 million in 2018 to $96.6 million in 2022. The broader growth of the Asia-Pacific cocoa butter market, which began expanding around 2018, provided underlying support during this period.

In 2023, the market volume dropped sharply by 16.6% to 4 336 t, while the market value fell 21.9% to $75.4 million. This contraction was driven by a significant increase in the production of cocoa butter alternatives, such as those supplied by Fuji Oil Holdings, and a trend where approximately 36% of newly launched chocolate products contained plant-based cocoa butter substitutes, reducing demand for conventional cocoa butter.

Production cocoa butter in South Korea

In kind, 2017-2020, t

South Korea ranked 28th globally in cocoa butter production between 2017 and 2020.

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

In 2020, South Korea produced 3,852 tonnes of cocoa butter, showing a slight year-on-year decrease of 0.7%. Over the period from 2017 to 2020, production fell by 17.8%, which translates to an annualized decline of 6.3%. The most significant drop occurred in 2018, with a 17.6% decrease, while 2019 saw a modest increase of 0.5%.

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

In value, 2017-2020, M $ US

After two consecutive years of decline, cocoa butter production in South Korea rebounded in value terms. In 2020, the output was valued at 100.9 million US dollars, up by 1.0% compared to the previous year. However, from 2017 to 2020, production value decreased by 22.2%, averaging an 8.0% annualized decline. The lowest value was recorded in 2019 at 99.9 million US dollars, and the largest drop occurred in 2018 with a 17.4% decrease.

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

Exports cocoa butter from South Korea

Exports in kind, t

The data shows irregular changes, indicating a volatile market environment. Exports varied significantly, with a 19-fold difference between the minimum in 2017 and the maximum in 2019. In 2020, cocoa butter shipments from South Korea totaled 1 tonne, representing a 20.7% contraction from the previous year. The peak was in 2019 at 1 tonne, and the largest increase was recorded in 2018 with a 974.5% surge.

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

From 2017 to 2020, China dominated the export structure in kind, consistently accounting for 96.8% 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, K $ US

Market performance exhibited noticeable fluctuations during this period. Export volumes peaked in 2019 and hit their lowest point in 2017, with a 17-fold difference between these years. In 2020, South Korea exported 20,000 US dollars worth of cocoa butter, which is 19.3% lower than the previous year. The maximum value was recorded in 2019 at 24,000 US dollars, and the largest increase occurred in 2018 with a 977.1% rise.

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

Between 2017 and 2020, China was the almost exclusive buyer of cocoa butter from South Korea in value terms, taking 97.1% of total exports.

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 cocoa butter to South Korea

Imports in kind, t

In 2020, cross-border shipments of cocoa butter into South Korea were recorded at 897 tonnes, down by 23.1% compared to the previous year. Over the 2017-2020 period, imports decreased by 39.3%, with a compound annual growth rate (CAGR) of -15.3%. The largest increase was in 2019 at 1.3%.

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

Throughout 2017 to 2020, Singapore and Malaysia were the core markets for imports in kind, jointly accounting for 87.8% of total flows, while other destinations had comparatively modest shares.

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, K $ US

South Korea imported approximately 5,061,000 US dollars worth of cocoa butter in 2020, marking a decline of 24.4% compared to the previous year. Over the 2017-2020 period, imports decreased by 45.3%, with a CAGR of -18.2%. The largest decline was recorded in 2018 at 29.0%, while the largest increase occurred in 2019 with a 1.8% rise.

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

From 2017 to 2020, Singapore and Malaysia remained the key destinations for imports in value terms, jointly taking 85.7% of total flows, while other partners were much less significant individually.

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

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