Republic of Korea: Market for Frozen Pig Meat Other Than Cuts Or Carcases 2024

Market Size for Frozen Pig Meat Other Than Cuts Or Carcases in Republic of Korea

In 2022, the South Korean market for frozen pig meat other than cuts or carcases increased by 20% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +42.5% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Exports of Frozen Pig Meat Other Than Cuts Or Carcases

Exports from Republic of Korea

In 2022, after three years of growth, there was significant decline in shipments abroad of frozen pig meat other than cuts or carcases, when their volume decreased by -78.2% to X tons. In general, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 1,136% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2021, and then declined markedly in the following year.

In value terms, exports of frozen pig meat other than cuts or carcases reduced remarkably to $X in 2022. Overall, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of 1,063%. The exports peaked at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for exports of frozen pig meat other than cuts or carcases from South Korea, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR stood at +198.9%.

In value terms, Hong Kong SAR ($X) also remains the key foreign market for frozen pig meat other than cuts or carcases exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to +226.1%.

Export Prices by Country

The average export price for frozen pig meat other than cuts or carcases stood at $X per ton in 2022, picking up by 56% against the previous year. Overall, the export price continues to indicate resilient growth. The pace of growth was the most pronounced in 2018 an increase of 254%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to +9.1% per year.

Imports of Frozen Pig Meat Other Than Cuts Or Carcases

Imports into Republic of Korea

In 2022, purchases abroad of frozen pig meat other than cuts or carcases increased by 27% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +29.2% against 2020 indices. Over the period under review, imports of attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, imports of frozen pig meat other than cuts or carcases surged to $X in 2022. In general, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +44.9% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 41%. Over the period under review, imports of reached the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Spain (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of imports of frozen pig meat other than cuts or carcases to South Korea, with a combined 64% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +18.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen pig meat other than cuts or carcases suppliers to South Korea were Spain ($X), the United States ($X) and the Netherlands ($X), together comprising 63% of total imports.

In terms of the main suppliers, Spain, with a CAGR of +25.1%, saw 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 2022, the average import price for frozen pig meat other than cuts or carcases amounted to $X per ton, waning by -6.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2021 an increase of 20% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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