Republic of Korea: Preserved Herring Market 2024

Preserved Herring Market Size in Republic of Korea

The South Korean preserved herring market reached $X in 2021, rising by 9.3% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Preserved herring consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Preserved Herring Production in Republic of Korea

In value terms, preserved herring production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 25%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Preserved Herring Exports

Exports from Republic of Korea

In 2021, overseas shipments of herrings (prepared or preserved) increased by 94% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 1,519% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, preserved herring exports surged to $X in 2021. In general, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 2,333%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for preserved herring exports from South Korea, with a 68% share of total exports. Moreover, preserved herring exports to the United States exceeded the volume sent to the second major destination, Cambodia (X tons), eightfold. Vietnam (X kg) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (0.0% per year) and Vietnam (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for herrings (prepared or preserved) exports from South Korea, comprising 66% of total exports. The second position in the ranking was held by Vietnam ($X), with an 8.4% share of total exports. It was followed by Cambodia, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +120.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (0.0% per year) and Cambodia (0.0% per year).

Export Prices by Country

In 2021, the average preserved herring export price amounted to $X per ton, growing by 72% against the previous year. Overall, the export price, however, saw a abrupt contraction. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Cambodia ($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 the United States (+67.4%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Herring Imports

Imports into Republic of Korea

After two years of growth, overseas purchases of herrings (prepared or preserved) decreased by -33.4% to X tons in 2021. Overall, imports, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2020 when imports increased by 106% against the previous year. As a result, imports attained the peak of X tons, and then fell sharply in the following year.

In value terms, preserved herring imports dropped dramatically to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 168% against the previous year. Imports peaked at $X in 2020, and then shrank notably in the following year.

Imports by Country

Russia (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of preserved herring imports to South Korea, together accounting for 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +852.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of herrings (prepared or preserved) to South Korea, comprising 74% of total imports. The second position in the ranking was taken by Russia ($X), with an 11% share of total imports. It was followed by the United States, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+386.5% per year) and the United States (-39.5% per year).

Import Prices by Country

In 2021, the average preserved herring import price amounted to $X per ton, with a decrease of -12.4% against the previous year. In general, the import price continues to indicate a noticeable downturn. The growth pace was the most rapid in 2016 an increase of 64% 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.

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 Japan ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Latvia (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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