Republic of Korea: Market for Goat Or Kid Hides And Skins 2024

Market Size for Goat Or Kid Hides And Skins in Republic of Korea

The South Korean goat hides and skins market fell notably to $X in 2021, dropping by -15.8% against the previous year. Overall, consumption recorded a deep downturn. The growth pace was the most rapid in 2019 with an increase of 2.1% against the previous year. Goat hides and skins consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Goat Or Kid Hides And Skins in Republic of Korea

In value terms, goat hides and skins production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 23%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

In 2021, the average goat hides and skins yield in South Korea was estimated at X kg per head, approximately reflecting the previous year's figure. In general, the yield recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 12%. As a result, the yield attained the peak level of X kg per head. From 2019 to 2021, the growth of the average goat hides and skins yield remained at a somewhat lower figure.

In 2021, number of animals slaughtered for goat hides and skins production in South Korea expanded slightly to X heads, surging by 3.4% compared with the previous year's figure. Over the period under review, the total number of producing animals indicated a strong expansion from 2012 to 2021: its figure increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, number of animals slaughtered for goat hides and skins production increased by +15.4% against 2016 indices. The most prominent rate of growth was recorded in 2016 when the number of producing animals increased by 23%. Over the period under review, this number hit record highs in 2021 and is expected to retain growth in the near future.

Exports of Goat Or Kid Hides And Skins

Exports from Republic of Korea

In 2021, after three years of decline, there was significant growth in overseas shipments of goat or kid hides and skins, when their volume increased by 5.7% to X kg. In general, exports, however, saw a sharp curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 1,108%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, goat hides and skins exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a dramatic decline. The most prominent rate of growth was recorded in 2017 when exports increased by 558%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X kg), Japan (X kg) and Hong Kong SAR (X kg) were the main destinations of goat hides and skins exports from South Korea, together accounting for 91% of total exports. Pakistan, the Philippines, Vietnam and Myanmar lagged somewhat behind, together accounting for a further 8.5%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +37.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), Vietnam ($X) and Hong Kong SAR ($X) appeared to be the largest markets for goat hides and skins exported from South Korea worldwide, together comprising 84% of total exports.

Japan, with a CAGR of +24.4%, saw 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 mixed trend patterns.

Export Prices by Country

The average goat hides and skins export price stood at $X per ton in 2021, increasing by 148% against the previous year. In general, the export price, however, recorded a mild setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by 309%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Pakistan ($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 Myanmar (+38.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Goat Or Kid Hides And Skins

Imports into Republic of Korea

In 2021, supplies from abroad of goat or kid hides and skins decreased by -23.9% to X tons, falling for the second year in a row after three years of growth. In general, imports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2017 when imports increased by 7.1% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, goat hides and skins imports declined to $X in 2021. Over the period under review, imports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 16% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of goat hides and skins to South Korea, with a 86% share of total imports. Moreover, goat hides and skins imports from Japan exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold. South Africa (X tons) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled -13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+20.2% per year) and South Africa (+49.7% per year).

In value terms, Japan ($X) constituted the largest supplier of goat or kid hides and skins to South Korea, comprising 49% of total imports. The second position in the ranking was held by South Africa ($X), with a 15% share of total imports. It was followed by Canada, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+24.4% per year) and Canada (-0.6% per year).

Import Prices by Country

In 2021, the average goat hides and skins import price amounted to $X per ton, surging by 14% against the previous year. In general, the import price, however, showed a slight shrinkage. The pace of growth was the most pronounced in 2013 when the average import price increased by 44%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Greece ($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 (+17.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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