Republic of Korea: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in Republic of Korea

The South Korean inedible fish products market dropped to $X in 2022, with a decrease of -10.1% against the previous year. Overall, consumption showed a noticeable decrease. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Inedible Fish Products Production in Republic of Korea

In value terms, inedible fish products production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2015 when the production volume increased by 50% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Inedible Fish Products Exports

Exports from Republic of Korea

In 2022, approx. X tons of inedible fish products were exported from South Korea; growing by 12% compared with 2021. Over the period under review, exports posted a noticeable expansion. The growth pace was the most rapid in 2019 with an increase of 99.9% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, inedible fish products exports reduced to $X in 2022. In general, exports, however, showed a slight reduction. The pace of growth appeared the most rapid in 2019 when exports increased by 109%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for inedible fish products exports from South Korea, accounting for a 86% share of total exports. Moreover, inedible fish products exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.0% per year) and Taiwan (Chinese) (+2.9% per year).

In value terms, Japan ($X) remains the key foreign market for inedible fish products exports from South Korea, comprising 76% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by Taiwan (Chinese), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.1% per year) and Taiwan (Chinese) (+4.4% per year).

Export Prices by Country

In 2022, the average inedible fish products export price amounted to $X per ton, declining by -19.6% against the previous year. Over the period under review, the export price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 14%. The export price peaked at $X per ton in 2012; however, from 2013 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 Taiwan (Chinese) ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+1.6%), while the prices for the other major destinations experienced mixed trend patterns.

Inedible Fish Products Imports

Imports into Republic of Korea

For the fifth consecutive year, South Korea recorded growth in overseas purchases of inedible fish products, which increased by 49% to X tons in 2022. In general, imports showed prominent growth. The growth pace was the most rapid in 2019 with an increase of 87%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, inedible fish products imports rose sharply to $X in 2022. Over the period under review, imports saw a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 36%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Vietnam (X tons), Bangladesh (X tons) and China (X tons) were the main suppliers of inedible fish products imports to South Korea, together comprising 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +46.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Bangladesh ($X) and China ($X) were the largest inedible fish products suppliers to South Korea, with a combined 62% share of total imports.

Vietnam, with a CAGR of +34.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average inedible fish products import price stood at $X per ton in 2022, waning by -24.4% against the previous year. Overall, the import price continues to indicate a noticeable slump. The pace of growth appeared the most rapid in 2017 an increase of 39%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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 Canada ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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