Republic of Korea: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Republic of Korea

In 2021, the South Korean bovine and equine leather market increased by 35% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, saw a slight slump. Bovine and equine leather consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Republic of Korea

In value terms, bovine and equine leather production expanded rapidly to $X in 2021 estimated in export price. Overall, production, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2015 with an increase of 16%. Bovine and equine leather production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Leather of Bovine and Equine Animals

Exports from Republic of Korea

In 2021, exports of leather of bovine and equine animals from South Korea amounted to X tons, picking up by 11% on 2020 figures. Over the period under review, exports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2019 when exports increased by 17% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, bovine and equine leather exports skyrocketed to $X in 2021. In general, exports, however, recorded a deep downturn. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for bovine and equine leather exports from South Korea, accounting for a 21% share of total exports. Moreover, bovine and equine leather exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. Japan (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled -15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-12.5% per year) and Japan (-3.4% per year).

In value terms, the largest markets for bovine and equine leather exported from South Korea were Vietnam ($X), Cambodia ($X) and China ($X), with a combined 36% share of total exports.

Cambodia, with a CAGR of +35.3%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 bovine and equine leather export price stood at $X per ton in 2021, with an increase of 4.3% against the previous year. In general, the export price, however, saw a mild setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 18%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Japan ($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 Philippines (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into Republic of Korea

In 2021, approx. X tons of leather of bovine and equine animals were imported into South Korea; increasing by 68% against the previous year. In general, imports, however, continue to indicate a deep slump. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, bovine and equine leather imports skyrocketed to $X in 2021. Overall, imports, however, saw a abrupt descent. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Italy (X tons) and South Africa (X tons) were the main suppliers of bovine and equine leather imports to South Korea, with a combined 42% share of total imports. India, China, Mexico, the United States, Vietnam, Thailand, Germany, Argentina, the Czech Republic and Taiwan (Chinese) lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +20.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bovine and equine leather suppliers to South Korea were Italy ($X), Brazil ($X) and China ($X), together comprising 44% of total imports. India, Argentina, Vietnam, Mexico, the United States, Germany, Thailand, South Africa, the Czech Republic and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 20%.

Vietnam, with a CAGR of +11.3%, recorded the highest rates of growth with regard to 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 2021, the average bovine and equine leather import price amounted to $X per ton, rising by 11% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2020 an increase of 29%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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 Argentina ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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