Republic of Korea: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Republic of Korea

The South Korean market for fish fillets and other fish meat surged to $X in 2022, jumping by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +24.1% against 2018 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Fish Fillets and Other Fish Meat

Exports from Republic of Korea

Exports of fish fillets and other fish meat from South Korea shrank to X tons in 2022, falling by -2.1% on 2021. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 15% against the previous year. As a result, the exports reached the peak of X tons, and then declined modestly in the following year.

In value terms, exports of fish fillets and other fish meat totaled $X in 2022. The total export value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons) was the main destination for exports of fish fillets and other fish meat from South Korea, accounting for a 39% share of total exports. Moreover, exports of fish fillets and other fish meat to Japan exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was held by France (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+13.7% per year) and France (+18.6% per year).

In value terms, Japan ($X) remains the key foreign market for fish fillets and other fish meat exports from South Korea, comprising 43% of total exports. The second position in the ranking was held by France ($X), with an 18% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+20.5% per year) and China (+15.2% per year).

Export Prices by Country

In 2022, the average export price for fish fillets and other fish meat amounted to $X per ton, rising by 2.7% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 15% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the Philippines ($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 Italy (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in purchases abroad of fish fillets and other fish meat, which increased by 6.8% to X tons in 2022. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 9.4% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, imports of fish fillets and other fish meat skyrocketed to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +28.8% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Vietnam (X tons), China (X tons) and the United States (X tons) were the main suppliers of imports of fish fillets and other fish meat to South Korea, with a combined 68% share of total imports. Russia, Norway, India, Indonesia and Pakistan lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +24.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), the United States ($X) and Vietnam ($X) constituted the largest fish fillets and other fish meat suppliers to South Korea, with a combined 47% share of total imports.

In terms of the main suppliers, Norway, with a CAGR of +27.6%, saw 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

In 2022, the average import price for fish fillets and other fish meat amounted to $X per ton, increasing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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