Republic of Korea: Mushroom And Truffle Market 2024

Mushroom And Truffle Market Size in Republic of Korea

After two years of growth, the South Korean mushroom and truffle market decreased by -18.3% to $X in 2022. Overall, consumption recorded a deep slump. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Mushroom And Truffle Production in Republic of Korea

In value terms, mushroom and truffle production reached $X in 2022 estimated in export price. Over the period under review, production, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 20% against the previous year. Mushroom and truffle production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average mushroom and truffle yield in South Korea amounted to less than X kg per ha, standing approx. at 2021 figures. In general, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The mushroom and truffle harvested area in South Korea totaled less than X ha in 2022, therefore, remained relatively stable against 2021. Overall, the harvested area showed a relatively flat trend pattern.

Mushroom And Truffle Exports

Exports from Republic of Korea

In 2022, overseas shipments of mushrooms and truffles decreased by -20.5% to X tons, falling for the third consecutive year after four years of growth. Overall, exports continue to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 14% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, mushroom and truffle exports contracted dramatically to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 14% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons), the United States (X tons) and Vietnam (X tons) were the main destinations of mushroom and truffle exports from South Korea, with a combined 63% share of total exports. The Netherlands, Hong Kong SAR, Canada, Belgium and Malaysia lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +123.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), the United States ($X) and the Netherlands ($X) were the largest markets for mushroom and truffle exported from South Korea worldwide, together comprising 64% of total exports. Hong Kong SAR, Vietnam, Belgium, Canada and Malaysia lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, Belgium, with a CAGR of +125.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average mushroom and truffle export price amounted to $X per ton, picking up by 4.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2021 an increase of 13%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Vietnam ($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 Malaysia (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Mushroom And Truffle Imports

Imports into Republic of Korea

In 2022, the amount of mushrooms and truffles imported into South Korea reduced dramatically to X tons, declining by -96.7% on 2021 figures. Over the period under review, imports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 34% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mushroom and truffle imports contracted notably to $X in 2022. Overall, imports faced a significant curtailment. The pace of growth was the most pronounced in 2014 with an increase of 36% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main mushroom and truffle supplier to South Korea, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -29.1%.

In value terms, China ($X) constituted the largest supplier of mushrooms and truffles to South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -30.4%.

Import Prices by Country

The average mushroom and truffle import price stood at $X per ton in 2022, declining by -12.6% against the previous year. Over the period under review, the import price recorded a mild decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 9.9%. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -1.8% per year.

Source: IndexBox Platform

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