Republic of Korea: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Republic of Korea

The South Korean frozen cuttlefishes market expanded notably to $X in 2021, with an increase of 13% 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, consumption, however, showed a perceptible curtailment. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Frozen Cuttlefishes Exports

Exports from Republic of Korea

In 2021, overseas shipments of frozen cuttlefishes were finally on the rise to reach X tons for the first time since 2013, thus ending a seven-year declining trend. Over the period under review, exports, however, continue to indicate a dramatic shrinkage. The growth pace was the most rapid in 2013 with an increase of 160%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a precipitous shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 101% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for frozen cuttlefishes exports from South Korea, accounting for a 43% share of total exports. Moreover, frozen cuttlefishes exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), twofold. Faroe Islands (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled -18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-38.1% per year) and Faroe Islands (-13.8% per year).

In value terms, the largest markets for frozen cuttlefishes exported from South Korea were China ($X), Vietnam ($X) and Canada ($X), with a combined 67% share of total exports. Faroe Islands, the United States, Thailand, Norway, Iceland and New Zealand lagged somewhat behind, together accounting for a further 18%.

Among the main countries of destination, Faroe Islands, with a CAGR of -2.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, picking up by 36% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The growth pace was the most rapid in 2017 when the average export price increased by 81%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Faroe Islands ($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 the United States (+52.5%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Republic of Korea

In 2021, the amount of frozen cuttlefishes imported into South Korea amounted to X tons, with an increase of 3% on the previous year's figure. Over the period under review, imports, however, showed a drastic downturn. The pace of growth was the most pronounced in 2014 with an increase of 49% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, frozen cuttlefishes imports soared to $X in 2021. In general, imports, however, showed a abrupt decrease. The growth pace was the most rapid in 2014 when imports increased by 28%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The UK (X tons), Vietnam (X tons) and Morocco (X tons) were the main suppliers of frozen cuttlefishes imports to South Korea, together comprising 32% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Morocco (with a CAGR of +51.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constituted the largest supplier of frozen cuttlefishes to South Korea, comprising 35% of total imports. The second position in the ranking was held by China ($X), with a 6.8% share of total imports. It was followed by Indonesia, with a 6% share.

From 2012 to 2021, the average annual growth rate of value from Vietnam stood at -10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.5% per year) and Indonesia (+20.9% per year).

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, picking up by 23% against the previous year. Overall, the import price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 148% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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