Republic of Korea: Market for Extracts And Juices Of Meat, Fish, Crustaceans And Molluscs 2025

Market Size for Extracts And Juices Of Meat, Fish, Crustaceans And Molluscs in Republic of Korea

In 2021, the South Korean meat and fish extracts market increased by 16% to $X, rising for the fourth year in a row after four years of decline. Over the period under review, consumption enjoyed a noticeable increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Exports of Extracts And Juices Of Meat, Fish, Crustaceans And Molluscs

Exports from Republic of Korea

In 2021, overseas shipments of extracts and juices of meat, fish, crustaceans and molluscs decreased by -10.6% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 38%. As a result, the exports attained the peak of X tons, and then contracted in the following year.

In value terms, meat and fish extracts exports fell to $X in 2021. In general, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 43% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

Japan (X tons), the United States (X tons) and China (X tons) were the main destinations of meat and fish extracts exports from South Korea, together comprising 65% of total exports. Indonesia, Vietnam, India, Taiwan (Chinese), Hong Kong SAR, France and Canada lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +72.5%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and China ($X) were the largest markets for meat and fish extracts exported from South Korea worldwide, together comprising 77% of total exports. Indonesia, Hong Kong SAR, India, Taiwan (Chinese), France, Canada and Vietnam lagged somewhat behind, together comprising a further 12%.

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of +57.9%, saw 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 meat and fish extracts export price stood at $X per ton in 2021, increasing by 11% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 11%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($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 Hong Kong SAR (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Extracts And Juices Of Meat, Fish, Crustaceans And Molluscs

Imports into Republic of Korea

Meat and fish extracts imports into South Korea rose slightly to X tons in 2021, with an increase of 2.5% on the previous year. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 101%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, meat and fish extracts imports surged to $X in 2021. Over the period under review, imports posted strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 31%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of meat and fish extracts to South Korea, accounting for a 35% share of total imports. Moreover, meat and fish extracts imports from Vietnam exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam stood at +38.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+6.3% per year) and Thailand (-9.1% per year).

In value terms, the largest meat and fish extracts suppliers to South Korea were New Zealand ($X), Australia ($X) and Vietnam ($X), with a combined 59% share of total imports. These countries were followed by the United States, Thailand, China and Mongolia, which together accounted for a further 23%.

The United States, with a CAGR of +45.5%, recorded the highest growth rate of 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 meat and fish extracts import price stood at $X per ton in 2021, jumping by 17% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average import price increased by 27% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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