Cocoa powder and cake market in South Korea

Earlier Report Observations

Between 2018 and 2020, the South Korean cocoa powder and cake market volume remained relatively stable, averaging around 14 200 tonnes per year. The COVID-19 pandemic in 2020 caused temporary disruptions, but sustained consumer interest in premium chocolate and functional cocoa products supported market resilience.

Market volume then expanded to over 15 200 tonnes by 2022, a growth of more than 5% from the previous year. This surge was primarily driven by a 34% increase in premium chocolate sales and a 45% rise in dark chocolate sales, reflecting stronger health-conscious demand. Major players like Lotte Confectionery contributed with new sugar-free, probiotic-rich chocolate bar launches, broadening the product range.

In 2023, however, the market contracted to under 14 000 tonnes. Global cocoa price volatility and supply chain challenges directly impacted availability, even as domestic companies like Orion continued to innovate with new flavors and formulations for products such as Choco Pie.

Production cocoa powder and cake in South Korea

In kind, 2017-2020, t

South Korea was one of the world's leading producers of cocoa powder and cake from 2017 to 2020, ranking 29th globally by production volume during this period.

Top producers of cocoa powder and cake, 2017-2020

World map of production of cocoa powder and cake, 2017-2020

In 2020, South Korea produced 4 344 tonnes of cocoa powder and cake, marking a slight decrease of 0.7% compared to the previous year. Over the 2017-2020 period, production declined by 17.8%, with a compound annual growth rate of -6.3%. The largest drop occurred in 2018, at 17.6%, while the biggest increase was in 2019, at 0.5%.

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

Exports cocoa powder and cake from South Korea

Exports in kind, t

Exports of cocoa powder and cake from South Korea showed significant fluctuations from 2017 to 2020. In 2020, export volumes fell to 30 tonnes, a sharp decline of 59.7% compared to 2019. Over the period, exports varied by threefold, with the peak in 2017 and the lowest point in 2020. The largest increase was recorded in 2019, at 70.3%.

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

From 2017 to 2020, the main destinations for South Korea's cocoa powder and cake exports in volume terms were China, accounting for 39.1% of exports, Vietnam at 33.7%, and the United States at 6.7%. Together, these three countries represented 79.6% of total export 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

The export value of cocoa powder and cake from South Korea exhibited volatility from 2017 to 2020. In 2020, exports amounted to 134 thousand US dollars, a significant decrease of 54.0% compared to 2019. The value varied 2.3-fold between the minimum of 128 thousand US dollars in 2018 and the maximum of 292 thousand US dollars in 2019. The largest increase occurred in 2019, at 127.7%.

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

During 2017-2020, the leading destinations for South Korea's cocoa powder and cake exports in value terms were Vietnam, with 44.1% of exports, China at 25.0%, and Singapore at 10.1%. These three countries collectively accounted for 79.2% 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 cocoa powder and cake to South Korea

Imports in kind, t

In 2020, South Korea imported 9 979 tonnes of cocoa powder and cake, a small increase of 2.8% compared to the previous year. Over the 2017-2020 period, imports grew by 10.1%, with a compound annual growth rate of 3.2%. The largest decline was in 2019, at 2.5%, while the biggest increase was in 2018, at 9.7%.

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

From 2017 to 2020, the primary suppliers of cocoa powder and cake to South Korea in volume terms were the Netherlands, contributing 34.2% of imports, Singapore at 28.6%, and Malaysia at 14.6%. Together, these three countries made up 77.5% of total import volumes.

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

In 2020, South Korea's imports of cocoa powder and cake in value terms reached 31 135 thousand US dollars, a strong increase of 9.5% compared to 2019. Over the 2017-2020 period, imports rose by 8.8%, with a compound annual growth rate of 2.9%. The minimum value was recorded in 2019 at 28 444 thousand US dollars, with the largest decline that year at 1.4%.

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

Throughout 2017-2020, the key suppliers of cocoa powder and cake to South Korea in value terms were the Netherlands, accounting for 32.9% of imports, Singapore at 24.5%, and Malaysia at 11.7%. These three countries jointly represented 69.0% of total import value.

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

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