Concentrated or sweetened milk and cream market in South Korea

Earlier Report Observations

From 2018 to 2023, the South Korean market for concentrated or sweetened milk and cream experienced significant volatility, ending lower overall. The market volume dropped sharply in 2019 to 75 627 t from 101 801 t the previous year, pressured by declining milk consumption due to low birth rates, changing consumer trends, and price increases. Additionally, rising imports of sterilized milk intensified competition for local dairy producers.

The COVID-19 outbreak in 2020 contributed to higher production costs through global grain price spikes and currency fluctuations, yet market volume saw a slight recovery to 77 813 t as online sales channels expanded. Further pressure came in 2021 with scheduled tariff reductions on EU dairy products and extended duty-free access for Australian and New Zealand goods, which heightened import competition and coincided with a drop in market volume to 71 903 t. By 2022, the industry responded by diversifying into higher-value product lines, helping to push market volume back up to 83 196 t.

In 2023, the market contracted again to 70 943 t as imports of sterilized milk surged more than tenfold over six years, reshaping the competitive landscape. Major dairy companies like Maeil Dairy focused on core business competitiveness and launched premium offerings such as A2 milk to differentiate themselves. Throughout the period, a persistent decline in domestic milk self-sufficiency and shifting consumer preferences continued to challenge market growth.

Production concentrated or sweetened milk and cream in South Korea

In kind, 2017-2020, t

Top producers of concentrated or sweetened milk and cream, 2017-2020

World map of production of concentrated or sweetened milk and cream, 2017-2020

South Korea produced 62 233 tons of concentrated or sweetened milk and cream in 2020, marking a 19.0% increase from the previous year. Looking at the period from 2017 to 2020, production grew by 4.9%, which translates to an average annual growth rate of 1.6%. The lowest production level was recorded in 2019 at 52 293 tons, while the highest was in 2018 at 75 864 tons. The most significant drop occurred in 2019 with a 31.1% decrease, whereas the largest rise was in 2018 with a 27.9% increase.

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

In value, 2017-2020, M $ US

In 2020, the output of concentrated or sweetened milk and cream in South Korea was valued at 117.2 million US dollars, showing a substantial 12.8% gain compared to 2019. From 2017 to 2020, production value increased by 2.2%, with a compound annual growth rate of 0.7%. The minimum value was 103.9 million US dollars in 2019, and the maximum was 147.0 million US dollars in 2018. The sharpest decline was in 2019 at 29.3%, while the biggest increase was in 2018 at 28.1%.

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

Exports concentrated or sweetened milk and cream from South Korea

Exports in kind, t

South Korea's exports of concentrated or sweetened milk and cream have risen for the third year in a row. In 2020, export volume reached 7 457 tons, reflecting a sharp 31.4% increase from the previous year. Over the 2017-2020 period, exports surged by 97.6%, averaging an annual growth rate of 25.5%.

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

From 2017 to 2020, the United States, accounting for 34.2% of exports in volume, Asia not elsewhere specified at 19.2%, and the Philippines at 9.4%, were the leading destinations for South Korea's concentrated or sweetened milk and cream exports. Together, these three markets made up 62.8% 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

South Korea's exports of concentrated or sweetened milk and cream in value terms have grown for the third consecutive year. In 2020, exports amounted to 14 042 thousand US dollars, up 24.5% from the year before. Between 2017 and 2020, export value increased by 92.4%, with an average annual rate of 24.4%.

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

During 2017-2020, the United States, with 28.9% of exports in value, Asia not elsewhere specified at 21.2%, and China at 9.0%, were the primary markets for South Korea's concentrated or sweetened milk and cream exports. Combined, these three accounted for 59.0% 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 concentrated or sweetened milk and cream to South Korea

Imports in kind, t

Imports of concentrated or sweetened milk and cream into South Korea fell for the second year in a row. In 2020, imports totaled 23 037 tons, a notable 20.6% drop from 2019. From 2017 to 2020, import volume decreased by 17.3%, averaging an annual decline of 6.1%. The peak was in 2018 at 30 113 tons, with the largest increase that year at 8.2%.

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

From 2017 to 2020, the United States, France, and Australia were the main sources of concentrated or sweetened milk and cream imports into South Korea, representing 26.1%, 19.0%, and 18.1% of import volume, respectively. Together, they accounted for 63.2% of total import 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, K $ US

After two years of growth, South Korea's imports of concentrated or sweetened milk and cream in value terms declined. In 2020, imports stood at 70 310 thousand US dollars, a moderate 6.9% decrease from 2019. The highest value was recorded in 2019 at 75 554 thousand US dollars, with the largest increase that year at 8.4%.

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

In the 2017-2020 period, the United States, France, and New Zealand were the key suppliers for South Korea's concentrated or sweetened milk and cream imports in value terms, with shares of 23.4%, 19.6%, and 18.2%, respectively. Collectively, they made up 61.2% 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