Republic of Korea: Market for Flours, Meals And Pellets Of Fish 2024

Market Size for Flours, Meals And Pellets Of Fish in Republic of Korea

In 2021, the South Korean fish meals and pellet market decreased by -58% to $X, falling for the second consecutive year after four years of growth. Overall, consumption continues to indicate a abrupt descent. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Flours, Meals And Pellets Of Fish in Republic of Korea

In value terms, fish meals and pellet production stood at less than $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with a decrease of 99.9% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Flours, Meals And Pellets Of Fish

Exports from Republic of Korea

In 2021, approx. X tons of flours, meals and pellets of fish were exported from South Korea; increasing by 61% on 2020. Over the period under review, exports, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 142% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, fish meals and pellet exports soared to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 127% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; afterwards, it flattened through to 2021.

Exports by Country

The United States (X tons) was the main destination for fish meals and pellet exports from South Korea, with a 69% share of total exports. Moreover, fish meals and pellet exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), fivefold. Australia (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-5.3% per year) and Australia (+18.4% per year).

In value terms, the United States ($X) remains the key foreign market for flours, meals and pellets of fish exports from South Korea, comprising 77% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.2% share of total exports. It was followed by Australia, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.4% per year) and Australia (+12.5% per year).

Export Prices by Country

In 2021, the average fish meals and pellet export price amounted to $X per ton, surging by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2014 an increase of 25%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Japan ($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 Vietnam (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flours, Meals And Pellets Of Fish

Imports into Republic of Korea

In 2021, overseas purchases of flours, meals and pellets of fish decreased by -82.1% to X tons, falling for the third consecutive year after two years of growth. Overall, imports faced a precipitous decline. The most prominent rate of growth was recorded in 2017 when imports increased by 1,614%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, fish meals and pellet imports fell rapidly to $X in 2021. Over the period under review, imports recorded a sharp decline. The most prominent rate of growth was recorded in 2017 when imports increased by 993%. Over the period under review, imports attained the peak figure at $X in 2020, and then declined dramatically in the following year.

Imports by Country

In 2021, Myanmar (X tons) constituted the largest fish meals and pellet supplier to South Korea, accounting for a 63% share of total imports. Moreover, fish meals and pellet imports from Myanmar exceeded the figures recorded by the second-largest supplier, Norway (X tons), fivefold. The third position in this ranking was held by New Zealand (X tons), with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume from Myanmar totaled -11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+78.2% per year) and New Zealand (+209.4% per year).

In value terms, New Zealand ($X), Myanmar ($X) and Norway ($X) constituted the largest fish meals and pellet suppliers to South Korea, together comprising 68% of total imports.

Among the main suppliers, New Zealand, with a CAGR of +139.2%, recorded the highest rates of growth with regard to 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 fish meals and pellet import price stood at $X per ton in 2021, declining by -35.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 113% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then shrank remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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