Republic of Korea: Bacon And Ham Market 2024

Bacon And Ham Market Size in Republic of Korea

The South Korean bacon and ham market contracted slightly to $X in 2022, waning by -2.6% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Bacon And Ham Production in Republic of Korea

In value terms, bacon and ham production reduced to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible increase. The pace of growth was the most pronounced in 2014 with an increase of 30% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Bacon And Ham Exports

Exports from Republic of Korea

In 2022, shipments abroad of bacon, ham and other dried, salted or smoked pig meat decreased by -98% to X tons, falling for the second year in a row after two years of growth. Overall, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 597% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, bacon and ham exports reduced remarkably to $X in 2022. Over the period under review, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 576%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X kg) was the main destination for bacon and ham exports from South Korea, with a 47% share of total exports. Moreover, bacon and ham exports to Hong Kong SAR exceeded the volume sent to the second major destination, Palau (X kg), fivefold. Iraq (X kg) ranked third in terms of total exports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR totaled +85.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Palau (+41.3% per year) and Iraq (+25.9% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for bacon, ham and other dried, salted or smoked pig meat exports from South Korea, comprising 65% of total exports. The second position in the ranking was taken by Palau ($X), with an 11% share of total exports. It was followed by Iraq, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to +95.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Palau (+60.1% per year) and Iraq (+30.8% per year).

Export Prices by Country

The average bacon and ham export price stood at $X per ton in 2022, surging by 150% against the previous year. Over the period under review, the export price continues to indicate a resilient expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Iraq ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Palau ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+37.0%), while the prices for the other major destinations experienced more modest paces of growth.

Bacon And Ham Imports

Imports into Republic of Korea

After two years of growth, overseas purchases of bacon, ham and other dried, salted or smoked pig meat decreased by -9% to X tons in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 25%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, bacon and ham imports reduced to $X in 2022. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 42%. Over the period under review, imports hit record highs at $X in 2021, and then dropped slightly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of bacon and ham to South Korea, accounting for a 79% share of total imports. Moreover, bacon and ham imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+30.6% per year) and Italy (+51.5% per year).

In value terms, the United States ($X) constituted the largest supplier of bacon, ham and other dried, salted or smoked pig meat to South Korea, comprising 61% of total imports. The second position in the ranking was taken by Spain ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+52.3% per year) and Italy (+55.7% per year).

Import Prices by Country

In 2022, the average bacon and ham import price amounted to $X per ton, picking up by 9.7% against the previous year. In general, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bacon and ham import price increased by +59.9% against 2014 indices. The growth pace was the most rapid in 2021 an increase of 20%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United States ($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 (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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