Republic of Korea: Market for Prepared Dishes And Meals 2024

Market Size for Prepared Dishes And Meals in Republic of Korea

The South Korean prepared dish and meal market expanded to $X in 2021, with an increase of 3.5% against the previous year. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +36.0% against 2017 indices. Prepared dish and meal consumption peaked in 2021 and is expected to retain growth in the near future.

Production of Prepared Dishes And Meals in Republic of Korea

In value terms, prepared dish and meal production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 27%. Over the period under review, production attained the maximum level at $X in 2020, and then declined in the following year.

Exports of Prepared Dishes And Meals

Exports from Republic of Korea

In 2021, approx. X tons of prepared dishes and meals were exported from South Korea; waning by -18.8% compared with 2020. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 12% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, prepared dish and meal exports skyrocketed to $X in 2021. Overall, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +72.5% against 2013 indices. The most prominent rate of growth was recorded in 2016 with an increase of 26% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Japan (X tons) was the main destination for prepared dish and meal exports from South Korea, with a 41% share of total exports. Moreover, prepared dish and meal exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-2.4% per year) and China (+5.2% per year).

In value terms, the largest markets for prepared dish and meal exported from South Korea were China ($X), Japan ($X) and Vietnam ($X), with a combined 35% share of total exports.

Vietnam, with a CAGR of +21.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the average prepared dish and meal export price amounted to $X per ton, growing by 45% against the previous year. Over the period under review, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, prepared dish and meal export price increased by +92.7% against 2015 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($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 Singapore (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Dishes And Meals

Imports into Republic of Korea

Prepared dish and meal imports into South Korea rose significantly to X tons in 2021, with an increase of 13% compared with the year before. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.7% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 61%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, prepared dish and meal imports rose significantly to $X in 2021. Overall, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2015 when imports increased by 67%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

The United States (X tons), Thailand (X tons) and New Zealand (X tons) were the main suppliers of prepared dish and meal imports to South Korea, together accounting for 30% of total imports. China, Malaysia, Taiwan (Chinese), Germany, Vietnam, the Netherlands, Australia, Singapore, Italy and Canada lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +19.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of prepared dishes and meals to South Korea, comprising 49% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.8% share of total imports. It was followed by New Zealand, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+38.1% per year) and New Zealand (+13.8% per year).

Import Prices by Country

In 2021, the average prepared dish and meal import price amounted to $X per ton, stabilizing at the previous year. In general, the import price posted a buoyant increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 68% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+21.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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