Republic of Korea: Molluscs Market 2024

Molluscs Market Size in Republic of Korea

The South Korean molluscs market shrank to $X in 2021, waning by -9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a perceptible curtailment. Molluscs consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Molluscs Exports

Exports from Republic of Korea

In 2021, after five years of decline, there was significant growth in shipments abroad of molluscs (scallops, mussels, cuttle fish, squid and octopus), when their volume increased by 23% to X tons. In general, total exports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 71% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, molluscs exports soared to $X in 2021. The total export value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 33%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for molluscs exports from South Korea, with a 47% share of total exports. Moreover, molluscs exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. Faroe Islands (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+15.1% per year) and Faroe Islands (+32.9% per year).

In value terms, China ($X) remains the key foreign market for molluscs (scallops, mussels, cuttle fish, squid and octopus) exports from South Korea, comprising 52% of total exports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total exports. It was followed by the United States, with a 7% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+11.3% per year) and the United States (-1.4% per year).

Export Prices by Country

The average molluscs export price stood at $X per ton in 2021, approximately reflecting the previous year. Overall, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, molluscs export price increased by +97.5% against 2015 indices. The growth pace was the most rapid in 2016 an increase of 51%. The export price peaked at $X per ton in 2020, and then reduced modestly in the following year.

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 Japan ($X per ton), while the average price for exports to Faroe Islands ($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 United States (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Molluscs Imports

Imports into Republic of Korea

In 2021, approx. X tons of molluscs (scallops, mussels, cuttle fish, squid and octopus) were imported into South Korea; which is down by -6.8% on 2020 figures. Overall, imports recorded a noticeable setback. The pace of growth was the most pronounced in 2014 with an increase of 16%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, molluscs imports totaled $X in 2021. Over the period under review, imports recorded a mild descent. The most prominent rate of growth was recorded in 2018 when imports increased by 26%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest molluscs supplier to South Korea, with a 36% share of total imports. Moreover, molluscs imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was held by Peru (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-5.1% per year) and Peru (+1.2% per year).

In value terms, China ($X), Vietnam ($X) and Thailand ($X) appeared to be the largest molluscs suppliers to South Korea, together accounting for 60% of total imports. Peru, Argentina, Indonesia, Chile and Taiwan (Chinese) lagged somewhat behind, together comprising a further 11%.

Argentina, with a CAGR of +24.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average molluscs import price stood at $X per ton in 2021, picking up by 7.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 17%. The import price peaked in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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