Republic of Korea: Frozen Fish Meat Market 2024

Frozen Fish Meat Market Size in Republic of Korea

The South Korean frozen fish meat market declined modestly to $X in 2021, remaining constant against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Frozen Fish Meat Production in Republic of Korea

In value terms, frozen fish meat production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable decrease. The growth pace was the most rapid in 2013 when the production volume increased by 190%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Frozen Fish Meat Exports

Exports from Republic of Korea

In 2021, overseas shipments of frozen fish meat were finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 189% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, frozen fish meat exports soared to $X in 2021. Overall, exports showed resilient growth. The pace of growth was the most pronounced in 2015 when exports increased by 172%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main destinations of frozen fish meat exports from South Korea, together comprising 59% of total exports. These countries were followed by Thailand, Malaysia, Vietnam, Estonia, Hong Kong SAR, Australia, France and Germany, which together accounted for a further 35%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +212.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen fish meat exported from South Korea were Japan ($X), China ($X) and the United States ($X), together comprising 59% of total exports. Australia, Thailand, Malaysia, Hong Kong SAR, France, Vietnam, Estonia and Germany lagged somewhat behind, together accounting for a further 32%.

France, with a CAGR of +150.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen fish meat export price stood at $X per ton in 2021, with a decrease of -4.1% against the previous year. Over the period under review, the export price continues to indicate a mild downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 30%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Estonia ($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 Thailand (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Meat Imports

Imports into Republic of Korea

Frozen fish meat imports into South Korea contracted modestly to X tons in 2021, waning by -2.8% on 2020. The total import volume increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 8.4% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, frozen fish meat imports expanded modestly to $X in 2021. The total import value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 21%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Vietnam (X tons), China (X tons) and the United States (X tons) were the main suppliers of frozen fish meat imports to South Korea, with a combined 88% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +8.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the United States ($X) and China ($X) constituted the largest frozen fish meat suppliers to South Korea, together comprising 87% of total imports.

The United States, with a CAGR of +10.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen fish meat import price stood at $X per ton in 2021, with an increase of 5.8% against the previous year. Overall, the import price continues to indicate a slight increase. The growth pace was the most rapid in 2018 an increase of 11% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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