Republic of Korea: Frozen Potato Market 2024

Frozen Potato Market Size in Republic of Korea

In 2021, the South Korean frozen potato market decreased by -5.1% to $X, falling for the second consecutive year after five years of growth. Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.6% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Frozen Potato Exports

Exports from Republic of Korea

In 2021, after four years of growth, there was decline in shipments abroad of frozen potatoes, when their volume decreased by -1.6% to X tons. Overall, exports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 144% against the previous year. As a result, the exports reached the peak of X tons, and then dropped modestly in the following year.

In value terms, frozen potato exports soared to $X in 2021. In general, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 156%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

Exports by Country

Russia (X tons), Japan (X tons) and China (X tons) were the main destinations of frozen potato exports from South Korea, together accounting for 73% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +85.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for frozen potato exported from South Korea were Russia ($X), Japan ($X) and China ($X), with a combined 68% share of total exports.

China, with a CAGR of +90.7%, recorded the highest rates of growth with regard to 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 potato export price stood at $X per ton in 2021, increasing by 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +6.2%. The pace of growth appeared the most rapid in 2013 an increase of 53%. The export price peaked in 2021 and is expected to retain 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 ($X per ton), while the average price for exports to Cambodia ($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 Malaysia (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Potato Imports

Imports into Republic of Korea

In 2021, the amount of frozen potatoes imported into South Korea rose slightly to X tons, increasing by 3.9% compared with 2020 figures. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.2% 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 -0.3% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 15%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen potato imports reduced to $X in 2021. In general, total imports indicated resilient growth 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, imports decreased by -10.6% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 18%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of frozen potato to South Korea, with a 64% share of total imports. Moreover, frozen potato imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. Belgium (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+18.3% per year) and Belgium (+39.8% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen potatoes to South Korea, comprising 68% of total imports. The second position in the ranking was held by Belgium ($X), with a 12% share of total imports. It was followed by the Netherlands, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+40.5% per year) and the Netherlands (+16.6% per year).

Import Prices by Country

The average frozen potato import price stood at $X per ton in 2021, dropping by -9.8% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 16%. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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