Republic of Korea: Green Bean Market 2024

Green Bean Market Size in Republic of Korea

In 2022, the South Korean green bean market decreased by -80.2% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, enjoyed a significant increase. Green bean consumption peaked at $X in 2021, and then contracted sharply in the following year.

Green Bean Production in Republic of Korea

In value terms, green bean production stood at $X in 2022 estimated in export price. Overall, production posted buoyant growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 2,250,600%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

In 2022, the average green bean yield in South Korea amounted to less than X kg per ha, therefore, remained relatively stable against 2021. Over the period under review, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of green beans were harvested in South Korea; therefore, remained relatively stable against the previous year. Over the period under review, the harvested area recorded a relatively flat trend pattern.

Green Bean Exports

Exports from Republic of Korea

In 2022, overseas shipments of green beans decreased by -45.4% to X kg for the first time since 2016, thus ending a five-year declining trend. In general, exports saw a pronounced descent. The pace of growth appeared the most rapid in 2016 with an increase of 10,274% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, green bean exports declined rapidly to $X in 2022. Overall, exports, however, posted a modest increase. The pace of growth appeared the most rapid in 2016 with an increase of 5,474%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X kg) was the main destination for green bean exports from South Korea, accounting for a 74% share of total exports. Moreover, green bean exports to the Philippines exceeded the volume sent to the second major destination, Vietnam (X kg), threefold.

From 2012 to 2022, the average annual growth rate of volume to the Philippines amounted to +34.0%.

In value terms, the Philippines ($X) and Vietnam ($X) appeared to be the largest markets for green bean exported from South Korea worldwide.

The Philippines, with a CAGR of +33.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average green bean export price stood at $X per ton in 2022, which is down by -60.8% against the previous year. Over the period under review, the export price, however, posted a pronounced expansion. The pace of growth was the most pronounced in 2017 when the average export price increased by 142% against the previous year. The export price peaked at $X per ton in 2021, and then declined significantly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+38.9%), while the prices for the other major destinations experienced more modest paces of growth.

Green Bean Imports

Imports into Republic of Korea

After two years of growth, overseas purchases of green beans decreased by -99.9% to X kg in 2022. Overall, imports saw a perceptible slump. The pace of growth appeared the most rapid in 2021 with an increase of 618,500% against the previous year. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, green bean imports declined significantly to $X in 2022. Over the period under review, imports, however, recorded a mild expansion. The pace of growth was the most pronounced in 2021 when imports increased by 1,131,157% against the previous year. As a result, imports attained the peak of $X, and then declined markedly in the following year.

Imports by Country

Vietnam (X kg), China (X kg) and the United States (X kg) were the main suppliers of green bean imports to South Korea, with a combined 92% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Germany ($X) appeared to be the largest green bean suppliers to South Korea, with a combined 90% share of total imports.

China, with a CAGR of +43.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average green bean import price stood at $X per ton in 2022, picking up by 21% against the previous year. Overall, the import price continues to indicate moderate growth. The pace of growth was the most pronounced in 2021 an increase of 83% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($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 United States (+24.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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