Republic of Korea: Market for Caviar (Salmon) And Caviar Substitutes 2024

Market Size for Caviar (Salmon) And Caviar Substitutes in Republic of Korea

The South Korean market for caviar (salmon) and caviar substitutes skyrocketed to $X in 2021, increasing by 52% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Caviar (Salmon) And Caviar Substitutes in Republic of Korea

In value terms, caviar (salmon) and caviar substitutes production reduced rapidly to $X in 2021 estimated in export price. Overall, production faced a dramatic decline. The most prominent rate of growth was recorded in 2013 when the production volume decreased by -13.4% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Caviar (Salmon) And Caviar Substitutes

Exports from Republic of Korea

In 2021, approx. X tons of caviar (salmon) and caviar substitutes were exported from South Korea; picking up by 45% compared with the previous year's figure. Overall, exports, however, faced a abrupt decline. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, caviar (salmon) and caviar substitutes exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a drastic downturn. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for caviar (salmon) and caviar substitutes exports from South Korea, with a 55% share of total exports. Moreover, caviar (salmon) and caviar substitutes exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), twofold. Japan (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+4.6% per year) and Japan (-34.1% per year).

In value terms, the United States ($X), Germany ($X) and Japan ($X) appeared to be the largest markets for caviar (salmon) and caviar substitutes exported from South Korea worldwide, together comprising 90% of total exports.

Among the main countries of destination, the United States, with a CAGR of +19.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for caviar (salmon) and caviar substitutes stood at $X per ton in 2021, growing by 22% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to China ($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 Vietnam (+8.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Caviar (Salmon) And Caviar Substitutes

Imports into Republic of Korea

In 2021, imports of caviar (salmon) and caviar substitutes into South Korea skyrocketed to X tons, picking up by 38% compared with 2020 figures. Overall, imports posted a significant expansion. The growth pace was the most rapid in 2014 with an increase of 489%. Imports peaked in 2021 and are likely to continue growth in years to come.

In value terms, caviar (salmon) and caviar substitutes imports soared to $X in 2021. In general, imports recorded a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 415% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Norway (X tons), Iceland (X tons) and Peru (X tons) were the main suppliers of caviar (salmon) and caviar substitutes imports to South Korea, together accounting for 72% of total imports. These countries were followed by Denmark, Indonesia, the UK and Thailand, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +81.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest caviar (salmon) and caviar substitutes suppliers to South Korea were Indonesia ($X), Norway ($X) and Iceland ($X), with a combined 72% share of total imports. These countries were followed by Peru, Denmark, Thailand and the UK, which together accounted for a further 23%.

Among the main suppliers, Denmark, with a CAGR of +85.5%, 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 import price for caviar (salmon) and caviar substitutes stood at $X per ton in 2021, surging by 22% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, caviar (salmon) and caviar substitutes import price increased by +43.5% against 2017 indices. The growth pace was the most rapid in 2020 when the average import price increased by 34%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Indonesia ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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