Republic of Korea: Canned Food Market 2024

Canned Food Market Size in Republic of Korea

The South Korean canned food market stood at $X in 2021, almost unchanged from the previous year. Over the period under review, consumption, however, showed a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Canned Food Production in Republic of Korea

In value terms, canned food production amounted to $X in 2021 estimated in export price. Overall, production, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 152%. Canned food production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Canned Food Exports

Exports from Republic of Korea

In 2021, the amount of canned food exported from South Korea rose remarkably to X tons, picking up by 12% compared with 2020 figures. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.5% against 2015 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 31% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, canned food exports surged to $X in 2021. In general, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.5% 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 +75.5% against 2017 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 35%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Japan (X tons), the United States (X tons) and China (X tons) were the main destinations of canned food exports from South Korea, with a combined 59% share of total exports. These countries were followed by Hong Kong SAR, Taiwan (Chinese), Australia, Vietnam, Canada, Singapore, Russia, Malaysia, the Netherlands and the Philippines, which together accounted for a further 29%.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +30.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for canned food exported from South Korea were Japan ($X), China ($X) and the United States ($X), with a combined 61% share of total exports. Vietnam, Hong Kong SAR, Taiwan (Chinese), Australia, Canada, Singapore, the Netherlands, Malaysia, the Philippines and Russia lagged somewhat behind, together accounting for a further 29%.

Among the main countries of destination, Malaysia, with a CAGR of +28.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average canned food export price stood at $X per ton in 2020, falling by -5.1% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 9.8% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2020, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2020, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into Republic of Korea

In 2021, overseas purchases of canned food decreased by -1.2% to X tons, falling for the second consecutive year after six years of growth. In general, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +4.2% 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 -5.1% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 14%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, canned food imports totaled $X in 2021. Over the period under review, total imports indicated a strong expansion 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, imports increased by +71.7% against 2012 indices. The most prominent rate of growth was recorded in 2018 with an increase of 12% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2020, China (X tons) constituted the largest canned food supplier to South Korea, with a 74% share of total imports. Moreover, canned food imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sixfold. The third position in this ranking was held by the United States (X tons), with a 3.7% share.

From 2012 to 2020, the average annual growth rate of volume from China stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+6.2% per year) and the United States (-2.0% per year).

In value terms, China ($X) constituted the largest supplier of canned food to South Korea, comprising 45% of total imports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total imports. It was followed by the United States, with an 8.5% share.

From 2012 to 2020, the average annual growth rate of value from China amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+9.1% per year) and the United States (+1.3% per year).

Import Prices by Country

In 2020, the average canned food import price amounted to $X per ton, with an increase of 4.4% against the previous year. Over the last eight-year period, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by the United States (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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