Not defatted cocoa paste market in South Korea

Earlier Report Observations

From 2018 to 2022, the market volume of not defatted cocoa paste in South Korea remained relatively stable, fluctuating between 8 000 and 8 500 t, with a peak of 8 474 t in 2022. In value terms, the market showed more pronounced growth, rising from $35.9 million in 2018 to $44.1 million in 2022. This increase in value was partly driven by global supply constraints, including droughts in major cocoa-producing countries like Ghana and Côte d'Ivoire, which reduced worldwide availability and raised raw material costs. Concurrently, the local market saw a steady trend of new cocoa-based product launches, sustaining consumer demand.

In 2023, the market experienced a sharp contraction: volume fell by 20.8% to 6 711 t, while value declined by 13.0% to $38.4 million. This drop was a direct result of a severe cocoa bean supply shortage caused by extreme weather and crop diseases in West Africa, leading cocoa prices to more than triple over two years. South Korean confectionery firms, such as Lotte Wellfood and Orion, raised prices on chocolate products, and some cocoa-powder-based items were temporarily discontinued. At the same time, a premiumization trend gained ground, with consumers shifting toward dark and premium chocolate with high cocoa content, reflected in a 34–45% sales increase for such products according to industry reports.

Production not defatted cocoa paste in South Korea

In kind, 2017-2020, t

Top producers of not defatted cocoa paste, 2017-2020

World map of production of not defatted cocoa paste, 2017-2020

South Korea's production of not defatted cocoa paste increased for the second consecutive year. In 2020, the country produced 3 871 tonnes, which is 1.8% higher than in 2019. However, looking at the broader period from 2017 to 2020, production actually decreased by 31.1%, averaging an annual decline of 11.7%. The lowest production level was recorded in 2018 at 3 771 tonnes, with the largest year-on-year drop of 32.8% also occurring that year.

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

In value, 2017-2020, K $ US

South Korea's production of not defatted cocoa paste increased for the second consecutive year in value terms. In 2020, the output was valued at 22 527 thousand US dollars, representing a 17.4% increase compared to the previous year. Over the 2017-2020 period, however, production value decreased by 34.8%, with a compound annual growth rate of -13.3%. The lowest value was recorded in 2018 at 18 575 thousand US dollars, when the largest decline of 46.2% occurred.

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

Exports not defatted cocoa paste from South Korea

Exports in kind, t

The export market for not defatted cocoa paste showed an unstable trend during this period. South Korea exported 51 tonnes in 2020, marking a controlled contraction of 8.7% compared to 2019. The highest export volume was recorded in 2018 at 63 tonnes, while the lowest was in 2017 at 37 tonnes, creating a 1.7-fold difference between these years. The largest decline occurred in 2019 at 11.8%, while the most significant increase was in 2018 at 71.8%.

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

From 2017 to 2020, Vietnam and Malaysia played the leading roles in South Korea's exports of not defatted cocoa paste in volume terms, together accounting for 83.8% of total flows. The remaining share was distributed among other countries.

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

In 2020, South Korea's exports of not defatted cocoa paste in value terms amounted to 294 thousand US dollars, showing a moderate uptick of 5.3% year-over-year. Over the 2017-2020 period, exports increased by 30.9%, with an annualized growth rate of 9.4%. The highest value was recorded in 2018 at 309 thousand US dollars. The largest decline occurred in 2019 at 9.6%, while the most significant increase was in 2018 at 37.5%.

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

From 2017 to 2020, the geographical pattern of South Korea's exports in value terms was characterized by a strong dominance of Vietnam, which accounted for 72.5% of total flows. Other trading partners held relatively minor shares during this period.

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 not defatted cocoa paste to South Korea

Imports in kind, t

After a two-year uptick, South Korea's imports of not defatted cocoa paste declined in 2020. The country imported approximately 4 375 tonnes that year, down by 3.0% from 2019. The highest import volume was recorded in 2019 at 4 511 tonnes. The largest increase occurred in 2018 at 2.5%.

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

From 2017 to 2020, Malaysia, the Netherlands, and Ghana remained the leading sources for South Korea's imports of not defatted cocoa paste in volume terms. Malaysia accounted for 40.3% of imports, the Netherlands for 21.4%, and Ghana for 13.0%, together representing 74.7% 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, K $ US

South Korea's imports of not defatted cocoa paste increased in value terms for the third consecutive year. In 2020, imports reached 18 941 thousand US dollars, indicating a 4.9% increase compared to 2019. Over the 2017-2020 period, imports grew by 9.4%, with a compound annual growth rate of 3.0%.

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

From 2017 to 2020, Malaysia, the Netherlands, and Spain consistently remained the main sources for South Korea's imports in value terms. Malaysia accounted for 40.1% of imports, the Netherlands for 23.4%, and Spain for 12.0%, together representing 75.5% of total flows.

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

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