Republic of Korea: Artificial Guts Market 2024

Artificial Guts Market Size in Republic of Korea

For the fourth year in a row, the South Korean artificial guts market recorded growth in sales value, which increased by 13% to $X in 2022. The market value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Artificial guts consumption peaked in 2022 and is expected to retain growth in the near future.

Artificial Guts Exports

Exports from Republic of Korea

In 2022, shipments abroad of artificial guts (sausage skins) decreased by -86.4% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, exports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 2,589% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, artificial guts exports contracted remarkably to $X in 2022. In general, exports showed a precipitous setback. The pace of growth was the most pronounced in 2017 when exports increased by 4,438% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for artificial guts exports from South Korea, with a 84% share of total exports. Moreover, artificial guts exports to Indonesia exceeded the volume sent to the second major destination, Poland (X kg), sevenfold. The United States (X kg) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to -26.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+196.5% per year) and the United States (-6.7% per year).

In value terms, Indonesia ($X) remains the key foreign market for artificial guts (sausage skins) exports from South Korea, comprising 75% of total exports. The second position in the ranking was held by Poland ($X), with a 21% share of total exports. It was followed by the United States, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at -16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+324.6% per year) and the United States (-1.4% per year).

Export Prices by Country

In 2022, the average artificial guts export price amounted to $X per ton, picking up by 12% against the previous year. Overall, the export price, however, continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 69% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+43.2%), while the prices for the other major destinations experienced more modest paces of growth.

Artificial Guts Imports

Imports into Republic of Korea

For the fourth year in a row, South Korea recorded growth in supplies from abroad of artificial guts (sausage skins), which increased by 9.7% to X tons in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +13.2% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 22% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, artificial guts imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 18% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Czech Republic (X tons) constituted the largest supplier of artificial guts to South Korea, accounting for a 34% share of total imports. Moreover, artificial guts imports from the Czech Republic exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from the Czech Republic totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+6.4% per year) and Germany (+15.5% per year).

In value terms, the Czech Republic ($X) constituted the largest supplier of artificial guts (sausage skins) to South Korea, comprising 34% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by the UK, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from the Czech Republic amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+17.4% per year) and the UK (+2.2% per year).

Import Prices by Country

The average artificial guts import price stood at $X per ton in 2022, rising by 1.9% against the previous year. In general, the import price, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 7.4% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :