Report Update Nov 1, 2024

Republic of Korea - Asparagus - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Asparagus Market 2024

Asparagus Market Size in Republic of Korea

In 2022, the South Korean asparagus market decreased by -8.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, recorded a prominent increase. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Asparagus Exports

Exports from Republic of Korea

In 2022, approx. X tons of asparagus were exported from South Korea; surging by 9.8% on the previous year's figure. Over the period under review, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 1,249% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, asparagus exports expanded modestly to $X in 2022. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 715% 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 failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for asparagus exports from South Korea, with a 96% share of total exports. It was followed by Hong Kong SAR (X kg), with a 2.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +166.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+143.0% per year) and Malaysia (-5.1% per year).

In value terms, Japan ($X) remains the key foreign market for asparagus exports from South Korea, comprising 92% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +220.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+257.1% per year) and Malaysia (-2.5% per year).

Export Prices by Country

In 2022, the average asparagus export price amounted to $X per ton, dropping by -7% against the previous year. Over the period under review, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2016 an increase of 75%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Japan ($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 Hong Kong SAR (+47.0%), while the prices for the other major destinations experienced more modest paces of growth.

Asparagus Imports

Imports into Republic of Korea

In 2022, the amount of asparagus imported into South Korea contracted to X tons, reducing by -10.5% compared with 2021 figures. In general, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 44% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, asparagus imports dropped to $X in 2022. Over the period under review, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2015 when imports increased by 37% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Mexico (X tons), Peru (X tons) and Australia (X tons) were the main suppliers of asparagus imports to South Korea, together accounting for 81% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +28.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Mexico ($X) and Thailand ($X) constituted the largest asparagus suppliers to South Korea, with a combined 81% share of total imports.

Among the main suppliers, Mexico, with a CAGR of +29.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average asparagus import price stood at $X per ton in 2022, with an increase of 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2013 when the average import price increased by 9% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for asparagus in the world?

The country with the largest volume of asparagus consumption was China, comprising approx. 87% of total volume. Moreover, asparagus consumption in China exceeded the figures recorded by the second-largest consumer, the United States, more than tenfold. Peru ranked third in terms of total consumption with a 2.7% share.

What are the largest producers of asparagus in the world?

The country with the largest volume of asparagus production was China, comprising approx. 87% of total volume. Moreover, asparagus production in China exceeded the figures recorded by the second-largest producer, Peru, more than tenfold.

What are the leading suppliers of asparagus to Republic of Korea?

In value terms, the largest asparagus suppliers to South Korea were Thailand, Peru and Mexico, with a combined 80% share of total imports.

What are the leading importers of asparagus from Republic of Korea?

In value terms, Japan remains the key foreign market for asparagus exports from South Korea, comprising 73% of total exports. The second position in the ranking was occupied by Singapore, with a 15% share of total exports. It was followed by Malaysia, with a 10% share.

What is the average export price for asparagus in Republic of Korea?

The average asparagus export price stood at $6,968 per ton in 2021, dropping by -6.9% against the previous year.

What is the average import price for asparagus in Republic of Korea?

In 2021, the average asparagus import price amounted to $7,599 per ton, declining by -4.1% against the previous year.

This report provides an in-depth analysis of the asparagus market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 367 - Asparagus

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023