Republic of Korea: Preserved Anchovies Market 2024

Preserved Anchovies Market Size in Republic of Korea

The South Korean preserved anchovies market shrank to $X in 2021, which is down by -5.7% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.6% against 2017 indices. Over the period under review, the market reached the peak level at $X in 2020, and then shrank in the following year.

Preserved Anchovies Production in Republic of Korea

In value terms, preserved anchovies production declined to $X in 2021 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +86.9% against 2017 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 79%. Preserved anchovies production peaked at $X in 2020, and then dropped in the following year.

Preserved Anchovies Exports

Exports from Republic of Korea

In 2021, preserved anchovies exports from South Korea shrank markedly to X tons, reducing by -79.6% compared with the previous year. Over the period under review, exports continue to indicate a deep slump. The growth pace was the most rapid in 2017 when exports increased by 842% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved anchovies exports fell remarkably to $X in 2021. In general, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 795% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for preserved anchovies exports from South Korea, with a 28% share of total exports. Moreover, preserved anchovies exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was held by Jordan (X tons), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-34.0% per year) and Jordan (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for anchovies (prepared or preserved) exports from South Korea, comprising 42% of total exports. The second position in the ranking was taken by Japan ($X), with a 7.2% share of total exports. It was followed by New Zealand, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-35.6% per year) and New Zealand (+26.8% per year).

Export Prices by Country

In 2021, the average preserved anchovies export price amounted to $X per ton, falling by -6.8% against the previous year. In general, export price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the average export price increased by 47% against the previous year. The export price peaked at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Anchovies Imports

Imports into Republic of Korea

Preserved anchovies imports into South Korea soared to X tons in 2021, jumping by 35% compared with the previous year's figure. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 63% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, preserved anchovies imports skyrocketed to $X in 2021. In general, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.4% against 2017 indices. The growth pace was the most rapid in 2014 when imports increased by 71% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X tons), Albania (X tons) and Spain (X tons) were the main suppliers of preserved anchovies imports to South Korea, together comprising 44% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Albania (with a CAGR of +28.4%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest preserved anchovies suppliers to South Korea were Italy ($X), Albania ($X) and Spain ($X), together comprising 48% of total imports.

Among the main suppliers, Albania, with a CAGR of +26.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average preserved anchovies import price stood at $X per ton in 2021, approximately mirroring the previous year. Overall, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved anchovies import price increased by +47.7% against 2017 indices. The growth pace was the most rapid in 2018 when the average import price increased by 34% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Morocco ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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