Republic of Korea: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in Republic of Korea

The South Korean frozen crustaceans market surged to $X in 2022, increasing by X% 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 remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. Frozen crustaceans consumption peaked in 2022 and is likely to see steady growth in the near future.

Frozen Crustaceans Exports

Exports from Republic of Korea

In 2022, shipments abroad of frozen crustaceans increased by X% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports enjoyed a pronounced increase. The growth pace was the most rapid in 2017 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, frozen crustaceans exports skyrocketed to $X in 2022. In general, exports enjoyed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for frozen crustaceans exports from South Korea, with a X% share of total exports. Moreover, frozen crustaceans exports to China exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Vietnam (X% per year).

In value terms, China ($X) remains the key foreign market for frozen crustaceans exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with a X% share of total exports. It was followed by Indonesia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2022, the average frozen crustaceans export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen crustaceans export price increased by X% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Crustaceans Imports

Imports into Republic of Korea

In 2022, frozen crustaceans imports into South Korea reached X tons, increasing by X% on the previous year's figure. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, frozen crustaceans imports surged to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Vietnam (X tons), China (X tons) and Ecuador (X tons) were the main suppliers of frozen crustaceans imports to South Korea, together comprising X% of total imports. Peru, Russia, Malaysia, India, Canada, Pakistan, Argentina, Bahrain, Tunisia and Thailand lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Tunisia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constituted the largest supplier of frozen crustaceans to South Korea, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Russia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Russia (X% per year).

Import Prices by Country

The average frozen crustaceans import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Pakistan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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