Republic of Korea: Market for Lamb and Sheep Meat 2024

Market Size for Lamb and Sheep Meat in Republic of Korea

The South Korean lamb and sheep meat market soared to $X in 2021, surging by 26% against the previous year. Overall, consumption saw a significant increase. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Production of Lamb and Sheep Meat in Republic of Korea

In value terms, lamb and sheep meat production expanded to $X in 2021 estimated in export price. In general, production saw a deep contraction. The growth pace was the most rapid in 2017 when the production volume increased by 82% against the previous year. Lamb and sheep meat production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

In 2021, the average yield of lamb and sheep meat in South Korea was estimated at X kg per head, approximately mirroring 2020. Over the period under review, the yield showed a relatively flat trend pattern. The lamb and sheep meat yield peaked in 2021 and is likely to see steady growth in the immediate term.

The number of animals slaughtered for lamb and sheep meat production in South Korea declined to X head in 2021, with a decrease of -10.7% on 2020. Overall, the number of producing animals faced a abrupt slump. The pace of growth appeared the most rapid in 2017 when the number of producing animals increased by 57%. Over the period under review, this number hit record highs at X head in 2015; however, from 2016 to 2021, producing animals failed to regain momentum.

Exports of Lamb and Sheep Meat

Exports from Republic of Korea

In 2021, approx. X kg of lamb and sheep meat were exported from South Korea; declining by -34.4% compared with the previous year's figure. In general, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2017 with an increase of 18,355%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, lamb and sheep meat exports reduced to $X in 2021. Overall, exports saw a significant decrease. The most prominent rate of growth was recorded in 2017 with an increase of 7,632%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Gambia (X kg) was the main destination for lamb and sheep meat exports from South Korea, with a 41% share of total exports. Moreover, lamb and sheep meat exports to Gambia exceeded the volume sent to the second major destination, Chile (X kg), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Gambia was relatively modest.

In value terms, the largest markets for lamb and sheep meat exported from South Korea were Gambia ($X) and Chile ($X).

In terms of the main countries of destination, Chile, with a CAGR of 0.0%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average lamb and sheep meat export price stood at $X per ton in 2021, picking up by 33% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 224%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Gambia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+196.7%).

Imports of Lamb and Sheep Meat

Imports into Republic of Korea

In 2021, the amount of lamb and sheep meat imported into South Korea expanded notably to X tons, surging by 11% on 2020. Overall, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 49%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, lamb and sheep meat imports soared to $X in 2021. In general, imports showed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 68%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Australia (X tons) was the main lamb and sheep meat supplier to South Korea, accounting for a 91% share of total imports. Moreover, lamb and sheep meat imports from Australia exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Australia totaled +16.9%.

In value terms, Australia ($X) constituted the largest supplier of lamb and sheep meat to South Korea, comprising 90% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 9.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Australia amounted to +23.8%.

Import Prices by Country

The average lamb and sheep meat import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Overall, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lamb and sheep meat import price increased by +73.0% against 2016 indices. The growth pace was the most rapid in 2018 an increase of 24%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Australia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+11.4%).

Source: IndexBox Platform

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