Republic of Korea: Lettuce And Chicory Market 2024

Lettuce And Chicory Market Size in Republic of Korea

The South Korean lettuce and chicory market fell to $X in 2022, approximately reflecting the previous year. In general, consumption saw a abrupt curtailment. Lettuce and chicory consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Lettuce And Chicory Production in Republic of Korea

In value terms, lettuce and chicory production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 33%. Lettuce and chicory production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

The average yield of lettuce and chicory in South Korea reached X tons per ha in 2022, approximately mirroring the year before. In general, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 6.2% against the previous year. Over the period under review, the average lettuce and chicory yield reached the maximum level at X tons per ha in 2014; however, from 2015 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The lettuce and chicory harvested area in South Korea fell slightly to X ha in 2022, approximately reflecting the year before. In general, the harvested area saw a slight curtailment. The most prominent rate of growth was recorded in 2014 when the harvested area increased by 12% against the previous year. The lettuce and chicory harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Lettuce And Chicory Exports

Exports from Republic of Korea

In 2022, shipments abroad of lettuce and chicory was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 535%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, lettuce and chicory exports surged to $X in 2022. Overall, exports recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 200% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for lettuce and chicory exports from South Korea, accounting for a 92% share of total exports. It was followed by Japan (X tons), with a 2.6% share of total exports. Hong Kong SAR (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) stood at +89.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+48.4% per year) and Hong Kong SAR (+57.7% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for lettuce and chicory exports from South Korea, comprising 69% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with an 18% share of total exports. It was followed by Australia, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value to Taiwan (Chinese) amounted to +81.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+80.1% per year) and Australia (+55.7% per year).

Export Prices by Country

The average lettuce and chicory export price stood at $X per ton in 2022, declining by -22.6% against the previous year. In general, the export price showed a abrupt descent. The pace of growth was the most pronounced in 2018 an increase of 28% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Lettuce And Chicory Imports

Imports into Republic of Korea

In 2022, overseas purchases of lettuce and chicory decreased by -10.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +16.8% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 47% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, lettuce and chicory imports fell modestly to $X in 2022. Overall, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +33.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 42%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped slightly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest lettuce and chicory supplier to South Korea, with a 78% share of total imports. Moreover, lettuce and chicory imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.2% per year) and the United States (-17.9% per year).

In value terms, China ($X) constituted the largest supplier of lettuce and chicory to South Korea, comprising 63% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.4% per year) and Taiwan (Chinese) (+8.1% per year).

Import Prices by Country

The average lettuce and chicory import price stood at $X per ton in 2022, picking up by 11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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