Republic of Korea: Market for Dried Or Salted Fish 2025

Market Size for Dried Or Salted Fish in Republic of Korea

The South Korean dried or salted fish market shrank modestly to $X in 2021, falling by -2.6% against the previous year. Over the period under review, consumption continues to indicate a abrupt slump. Dried or salted fish consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Dried Or Salted Fish in Republic of Korea

In value terms, dried or salted fish production amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.4%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Exports of Dried Or Salted Fish

Exports from Republic of Korea

In 2021, exports of dried or salted fish from South Korea surged to X tons, growing by 17% on the previous year. Over the period under review, exports, however, showed a mild decline. The pace of growth appeared the most rapid in 2015 with an increase of 72%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, dried or salted fish exports soared to $X in 2021. In general, exports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 with an increase of 65% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for dried or salted fish exports from South Korea, with a 65% share of total exports. Moreover, dried or salted fish exports to the United States exceeded the volume sent to the second major destination, China (X tons), eightfold. The third position in this ranking was held by Canada (X tons), with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.5% per year) and Canada (+0.5% per year).

In value terms, the United States ($X) remains the key foreign market for dried or salted fish exports from South Korea, comprising 65% of total exports. The second position in the ranking was taken by China ($X), with an 8.6% share of total exports. It was followed by Australia, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-5.3% per year) and Australia (-0.2% per year).

Export Prices by Country

In 2021, the average dried or salted fish export price amounted to $X per ton, with an increase of 13% against the previous year. In general, the export price, however, recorded a noticeable decline. The growth pace was the most rapid in 2016 when the average export price increased by 14%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Australia ($X per ton), while the average price for exports to Japan ($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 Thailand (+5.9%), while the prices for the other major destinations experienced a decline.

Imports of Dried Or Salted Fish

Imports into Republic of Korea

In 2021, purchases abroad of dried or salted fish decreased by -12.1% to X tons, falling for the second consecutive year after five years of growth. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 27%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, dried or salted fish imports declined to $X in 2021. In general, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -16.1% against 2019 indices. The growth pace was the most rapid in 2016 when imports increased by 18% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of dried or salted fish to South Korea, with a 76% share of total imports. Moreover, dried or salted fish imports from Russia exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume from Russia totaled +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-0.1% per year) and China (-7.8% per year).

In value terms, Russia ($X) constituted the largest supplier of dried or salted fish to South Korea, comprising 84% of total imports. The second position in the ranking was taken by China ($X), with an 8.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Russia amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.8% per year) and Vietnam (+2.0% per year).

Import Prices by Country

The average dried or salted fish import price stood at $X per ton in 2021, increasing by 3.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2014 when the average import price increased by 18% against the previous year. The import price peaked in 2021 and is likely to continue 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 Russia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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