Sucrose in solid form market in South Korea

Earlier Report Observations

The market volume for sucrose in solid form in South Korea showed modest growth in 2019, reaching 1 463 thousand tons, but contracted by 3.2% to 1 416 thousand tons in 2020. This decline was primarily driven by the COVID-19 pandemic, which disrupted supply chains and dampened demand across chemical and related industries.

Post-pandemic recovery began in 2021, with market volume rising to 1 435 thousand tons, though ongoing global supply chain instability and raw material price volatility limited the pace of growth. A further increase to 1 467 thousand tons followed in 2022. However, in 2023, the market fell sharply by 7.3% to 1 360 thousand tons. This drop coincided with amendments to the Chemical Substances Control Act, which streamlined registration requirements and introduced risk-based differential regulation, potentially affecting production and import activities.

Production sucrose in solid form in South Korea

In kind, 2017-2020, K t

From 2017 to 2020, South Korea ranked as the 24th largest global producer of sucrose in solid form.

Top producers of sucrose in solid form, 2017-2020

World map of production of sucrose in solid form, 2017-2020

South Korea's production of sucrose in solid form declined for the third consecutive year. In 2020, the country produced 1 625 K t, marking a slight decrease of 0.6% compared to 2019.

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

In value, 2017-2020, M $ US

After two years of decline, South Korea's sucrose in solid form production increased in value. In 2020, the output was valued at 714.8 M $ US, showing a gradual rise of 4.4% from the previous year. Between 2017 and 2020, production decreased by 19.9%, equivalent to an annualized rate of 7.1%. The lowest value was recorded in 2019 at 684.8 M $ US, while the largest decline occurred in 2018 at 14.1%.

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

Exports sucrose in solid form from South Korea

Exports in kind, K t

Following a two-year reduction, South Korea's sucrose in solid form exports increased. In 2020, exports reached 314.1 K t, reflecting a year-on-year rise of 9.8%. Over the 2017-2020 period, exports grew by 2.1%, with a compound annual growth rate of 0.7%. The lowest volume was in 2019 at 286.0 K t, which also saw the largest decline of 4.7%.

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

From 2017 to 2020, China and Hong Kong dominated as the primary markets for South Korea's sucrose in solid form exports in kind, jointly accounting for 87.9% of total flows, with other countries making up the remainder.

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

After two years of contraction, South Korea's sucrose in solid form exports in value terms increased. In 2020, exports stood at 138.1 M $ US, representing a 15.3% increase compared to 2019. Between 2017 and 2020, exports decreased by 17.4%, equating to an annualized rate of 6.2%. The lowest value was recorded in 2019 at 119.8 M $ US, while the largest decline occurred in 2018 at 16.2%.

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

From 2017 to 2020, the export structure in value terms was highly concentrated, with China and Hong Kong together accounting for 84.6% of total flows, while other partners comprised the residual share.

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 sucrose in solid form to South Korea

Imports in kind, K t

After two years of increase, South Korea's sucrose in solid form imports declined. In 2020, imports reached 104.9 K t, indicating a 7.7% decrease from the previous year. Over the 2017-2020 period, imports rose by 11.8%, with a compound annual growth rate of 3.8%. The highest volume was recorded in 2019 at 113.7 K t, and the largest increase occurred in 2018 at 15.1%.

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

Throughout 2017 to 2020, Thailand played the leading role in South Korea's sucrose in solid form imports in kind, holding a 75.5% share of total flows, with other markets accounting for the rest.

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

After two years of decline, South Korea's sucrose in solid form imports in value terms increased. In 2020, imports amounted to 53.8 M $ US, showing a slight gain of 2.0% relative to the prior year. Between 2017 and 2020, imports decreased by 8.4%, equivalent to an annualized rate of 2.9%. The lowest value was in 2019 at 52.8 M $ US, while the largest decline was recorded in 2018 at 6.5%.

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

From 2017 to 2020, Thailand, Malaysia, and the United States consistently remained the main sources for South Korea's sucrose in solid form imports in value terms. Thailand accounted for 67.6%, Malaysia for 11.6%, and the United States for 5.9%, together making up 85.1% 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