Republic of Korea: Frozen Fish Market 2024

Frozen Fish Market Size in Republic of Korea

After three years of decline, the South Korean frozen fish market increased by X% to $X in 2022. Overall, consumption continues to indicate a slight contraction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Frozen Fish Production in Republic of Korea

In value terms, frozen fish production contracted slightly to $X in 2022 estimated in export price. In general, production, however, saw a pronounced setback. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Frozen Fish Exports

Exports from Republic of Korea

Frozen fish exports from South Korea skyrocketed to X tons in 2022, growing by X% on the previous year. In general, total exports indicated temperate growth 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, frozen fish exports soared to $X in 2022. Over the period under review, total exports indicated moderate growth 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, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons) was the main destination for frozen fish exports from South Korea, with a X% share of total exports. Moreover, frozen fish exports to China exceeded the volume sent to the second major destination, Thailand (X tons), fourfold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

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

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

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

Export Prices by Country

The average frozen fish export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Ghana ($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 Indonesia (X%), while the prices for the other major destinations experienced a decline.

Frozen Fish Imports

Imports into Republic of Korea

Frozen fish imports into South Korea rose remarkably to X tons in 2022, increasing by X% against 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, frozen fish imports soared to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) constituted the largest frozen fish supplier to South Korea, accounting for a X% share of total imports. Moreover, frozen fish imports from Russia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. 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 from Russia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Vietnam (X% per year).

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

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

Import Prices by Country

The average frozen fish import price stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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