Republic of Korea: Meat-Preparation Industrial Machinery Market 2024

Meat-Preparation Industrial Machinery Market Size in Republic of Korea

The South Korean meat-preparation industrial machinery market soared to $X in 2022, surging by 21% against the previous year. In general, consumption posted a resilient increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Meat-Preparation Industrial Machinery Production in Republic of Korea

In value terms, meat-preparation industrial machinery production surged to $X in 2022 estimated in export price. Overall, production showed a prominent increase. The growth pace was the most rapid in 2020 when the production volume increased by 115%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Meat-Preparation Industrial Machinery Exports

Exports from Republic of Korea

In 2022, the amount of industrial machinery for the preparation of meat or poultry exported from South Korea contracted rapidly to X units, with a decrease of -29.5% on the year before. Over the period under review, exports, however, enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 142% against the previous year. As a result, the exports attained the peak of X units, and then reduced markedly in the following year.

In value terms, meat-preparation industrial machinery exports shrank sharply to $X in 2022. In general, exports continue to indicate a mild curtailment. The growth pace was the most rapid in 2016 with an increase of 58% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Israel (X units) was the main destination for meat-preparation industrial machinery exports from South Korea, with a 58% share of total exports. Moreover, meat-preparation industrial machinery exports to Israel exceeded the volume sent to the second major destination, the United States (X units), fourfold. Japan (X units) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to Israel totaled +43.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+15.2% per year) and Japan (-7.5% per year).

In value terms, Israel ($X), the United States ($X) and Japan ($X) were the largest markets for meat-preparation industrial machinery exported from South Korea worldwide, together comprising 71% of total exports.

Israel, with a CAGR of +45.9%, recorded the highest growth rate of 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 meat-preparation industrial machinery export price stood at $X per unit in 2022, surging by 14% against the previous year. Over the period under review, the export price, however, saw a pronounced downturn. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Israel ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Meat-Preparation Industrial Machinery Imports

Imports into Republic of Korea

Meat-preparation industrial machinery imports into South Korea skyrocketed to X units in 2022, surging by 25% against the previous year. In general, imports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2017 when imports increased by 171% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, meat-preparation industrial machinery imports dropped to $X in 2022. Overall, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 194% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), the Netherlands (X units) and Germany (X units) were the main suppliers of meat-preparation industrial machinery imports to South Korea, with a combined 59% share of total imports. The United States, Belgium, France, Poland, Slovakia and Denmark lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovakia (with a CAGR of +36.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and China ($X) were the largest meat-preparation industrial machinery suppliers to South Korea, with a combined 53% share of total imports. Belgium, the United States, Poland, Denmark, Slovakia and France lagged somewhat behind, together accounting for a further 24%.

Slovakia, with a CAGR of +53.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average meat-preparation industrial machinery import price amounted to $X per unit, with a decrease of -22.1% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 64%. As a result, import price attained the peak level of $X per unit, and then reduced markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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