Republic of Korea: Preserved Beef Market 2024

Preserved Beef Market Size in Republic of Korea

In 2021, after three years of growth, there was significant decline in the South Korean preserved beef market, when its value decreased by -13.3% to $X. Overall, consumption saw a perceptible decline. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Preserved Beef Production in Republic of Korea

In value terms, preserved beef production fell to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Preserved Beef Exports

Exports from Republic of Korea

In 2021, approx. X tons of beef and veal (salted, in brine, dried or smoked) were exported from South Korea; remaining relatively unchanged against the year before. Overall, exports saw a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 663% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, preserved beef exports declined rapidly to $X in 2021. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 763%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for preserved beef exports from South Korea, with a 89% share of total exports. Moreover, preserved beef exports to China exceeded the volume sent to the second major destination, Algeria (X kg), more than tenfold. Mongolia (X kg) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +30.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Algeria (+25.2% per year) and Mongolia (+27.9% per year).

In value terms, China ($X) emerged as the key foreign market for beef and veal (salted, in brine, dried or smoked) exports from South Korea, comprising 79% of total exports. The second position in the ranking was taken by Mongolia ($X), with a 4.9% share of total exports. It was followed by Algeria, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +30.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mongolia (+46.8% per year) and Algeria (+13.0% per year).

Export Prices by Country

The average preserved beef export price stood at $X per ton in 2021, waning by -19.4% against the previous year. In general, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 beef export price increased by +94.5% against 2017 indices. The growth pace was the most rapid in 2020 when the average export price increased by 60%. As a result, the export price attained the peak level of $X per ton, and then reduced dramatically 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 ($X per ton), while the average price for exports to Algeria ($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 Mongolia (+14.6%), while the prices for the other major destinations experienced a decline.

Preserved Beef Imports

Imports into Republic of Korea

In 2021, preserved beef imports into South Korea skyrocketed to X tons, growing by 1,680% compared with the previous year. Over the period under review, imports enjoyed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved beef imports surged to $X in 2021. Overall, imports saw a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, France (X tons) constituted the largest supplier of preserved beef to South Korea, accounting for a 48% share of total imports. Moreover, preserved beef imports from France exceeded the figures recorded by the second-largest supplier, Australia (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from France totaled +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-19.4% per year) and Brazil (+60.7% per year).

In value terms, France ($X) constituted the largest supplier of beef and veal (salted, in brine, dried or smoked) to South Korea, comprising 47% of total imports. The second position in the ranking was taken by Australia ($X), with a 3.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from France stood at +27.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-14.3% per year) and Brazil (+78.2% per year).

Import Prices by Country

The average preserved beef import price stood at $X per ton in 2021, which is down by -29.2% against the previous year. In general, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 beef import price decreased by -42.0% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 58% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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