Republic of Korea: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in Republic of Korea

The South Korean preserved mackerel market shrank to $X in 2021, falling by -10.5% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Preserved mackerel consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Preserved Mackerel Production in Republic of Korea

In value terms, preserved mackerel production fell to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 37% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Preserved Mackerel Exports

Exports from Republic of Korea

After three years of growth, shipments abroad of mackerel (prepared or preserved) decreased by -68.3% to X tons in 2021. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 when exports increased by 142% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, preserved mackerel exports declined markedly to $X in 2021. Over the period under review, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2018 when exports increased by 90% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for preserved mackerel exports from South Korea, accounting for a 54% share of total exports. Moreover, preserved mackerel exports to the United States exceeded the volume sent to the second major destination, the Philippines (X tons), sevenfold. The third position in this ranking was held by Australia (X tons), with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-5.7% per year) and Australia (-11.6% per year).

In value terms, the United States ($X) remains the key foreign market for mackerel (prepared or preserved) exports from South Korea, comprising 54% of total exports. The second position in the ranking was held by the Philippines ($X), with a 7.6% share of total exports. It was followed by Australia, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-3.7% per year) and Australia (-5.4% per year).

Export Prices by Country

The average preserved mackerel export price stood at $X per ton in 2021, picking up by 31% against the previous year. In general, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved mackerel export price increased by +77.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 36% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to New Zealand ($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 Thailand (+41.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Mackerel Imports

Imports into Republic of Korea

In 2021, the amount of mackerel (prepared or preserved) imported into South Korea rose significantly to X tons, picking up by 10% compared with 2020. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 72%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, preserved mackerel imports rose markedly to $X in 2021. Over the period under review, imports recorded buoyant growth. The pace of growth was the most pronounced in 2014 with an increase of 101%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of preserved mackerel to South Korea, accounting for a 48% share of total imports. Moreover, preserved mackerel imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 22% share.

From 2012 to 2021, the average annual growth rate of volume from Vietnam totaled +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.9% per year) and Thailand (+21.2% per year).

In value terms, the largest preserved mackerel suppliers to South Korea were China ($X), Vietnam ($X) and Thailand ($X), together accounting for 91% of total imports. These countries were followed by Norway, which accounted for a further 3.2%.

Among the main suppliers, Norway, with a CAGR of +79.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved mackerel import price stood at $X per ton in 2021, declining by -2.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2017 when the average import price increased by 20% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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