Republic of Korea: Crabs, Not Frozen Market 2024

Crabs, Not Frozen Market Size in Republic of Korea

In 2022, the South Korean crabs, not frozen market decreased by -0.2% to $X for the first time since 2016, thus ending a five-year rising trend. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +10.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.4% against 2015 indices. Crabs, not frozen consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Crabs, Not Frozen Exports

Exports from Republic of Korea

In 2022, overseas shipments of crabs, not frozen decreased by -4% to X tons for the first time since 2013, thus ending a eight-year rising trend. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 617%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, crabs, not frozen exports declined to $X in 2022. Overall, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 771% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced in the following year.

Exports by Country

Canada (X tons), China (X tons) and the United States (X tons) were the main destinations of crabs, not frozen exports from South Korea, with a combined 68% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +35.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), China ($X) and the United States ($X) constituted the largest markets for crabs, not frozen exported from South Korea worldwide, with a combined 70% share of total exports.

Among the main countries of destination, Canada, with a CAGR of +35.7%, recorded the highest growth rate of 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 crabs, not frozen export price stood at $X per ton in 2022, waning by -2.4% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crabs, not frozen export price increased by +66.5% against 2012 indices. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. The export price peaked at $X per ton in 2021, and then shrank slightly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Japan (+25.0%), while the prices for the other major destinations experienced more modest paces of growth.

Crabs, Not Frozen Imports

Imports into Republic of Korea

In 2022, supplies from abroad of crabs, not frozen was finally on the rise to reach X tons for the first time since 2015, thus ending a six-year declining trend. Overall, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -30.4% against 2015 indices. The pace of growth was the most pronounced in 2015 when imports increased by 40% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crabs, not frozen imports dropped slightly to $X in 2022. In general, imports showed buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 73% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell slightly in the following year.

Imports by Country

Japan (X tons), China (X tons) and Russia (X tons) were the main suppliers of crabs, not frozen imports to South Korea, together accounting for 97% of total imports. Bahrain lagged somewhat behind, accounting for a further 3.3%.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +43.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Japan ($X) and China ($X) were the largest crabs, not frozen suppliers to South Korea, together comprising 99% of total imports. These countries were followed by Bahrain, which accounted for a further 0.7%.

Among the main suppliers, Bahrain, with a CAGR of +53.9%, 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 crabs, not frozen import price stood at $X per ton in 2022, declining by -4% against the previous year. Overall, the import price, however, continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 an increase of 42% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then contracted slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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