Republic of Korea: Market for Flours, Meals And Pellets Of Meat Or Meat Offal 2024

Market Size for Flours, Meals And Pellets Of Meat Or Meat Offal in Republic of Korea

After two years of growth, the South Korean meat meals and pellets market decreased by -13.3% to $X in 2021. The market value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Production of Flours, Meals And Pellets Of Meat Or Meat Offal in Republic of Korea

In value terms, meat meals and pellets production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2020 when the production volume increased by 37%. As a result, production attained the peak level of $X, and then fell in the following year.

Exports of Flours, Meals And Pellets Of Meat Or Meat Offal

Exports from Republic of Korea

For the fourth consecutive year, South Korea recorded decline in shipments abroad of flours, meals and pellets of meat or meat offal, which decreased by -40.5% to X tons in 2021. Over the period under review, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 22,019%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, meat meals and pellets exports fell dramatically to $X in 2021. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 19,775%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for meat meals and pellets exports from South Korea, accounting for a 100% share of total exports. It was followed by the Philippines (X kg), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +65.7%.

In value terms, Vietnam ($X) remains the key foreign market for flours, meals and pellets of meat or meat offal exports from South Korea, comprising 100% of total exports. The second position in the ranking was held by the Philippines ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +95.3%.

Export Prices by Country

In 2021, the average meat meals and pellets export price amounted to $X per ton, rising by 5.7% against the previous year. Over the period under review, the export price, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 an increase of 31% 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 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Vietnam totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+17.9%), while the prices for the other major destinations experienced a decline.

Imports of Flours, Meals And Pellets Of Meat Or Meat Offal

Imports into Republic of Korea

In 2021, the amount of flours, meals and pellets of meat or meat offal imported into South Korea rose sharply to X tons, with an increase of 8.4% against the previous year. Overall, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2015 when imports increased by 106%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, meat meals and pellets imports expanded remarkably to $X in 2021. Over the period under review, imports, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 104%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Australia (X tons) constituted the largest meat meals and pellets supplier to South Korea, accounting for a 47% share of total imports. Moreover, meat meals and pellets imports from Australia exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Australia amounted to -10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-1.1% per year) and the Netherlands (+59.4% per year).

In value terms, the United States ($X), Australia ($X) and New Zealand ($X) were the largest meat meals and pellets suppliers to South Korea, together accounting for 80% of total imports. The UK, the Netherlands and China lagged somewhat behind, together comprising a further 17%.

Among the main suppliers, the Netherlands, with a CAGR of +72.5%, 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

In 2021, the average meat meals and pellets import price amounted to $X per ton, approximately equating the previous year. In general, the import price, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 41% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 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 ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+74.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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