Republic of Korea: Fruit Market 2024

Fruit Market Size in Republic of Korea

The South Korean fruit market dropped to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Fruit consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Fruit Production in Republic of Korea

In value terms, fruit production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. Fruit production peaked at $X in 2020; afterwards, it flattened through to 2022.

In 2022, the average yield of fruits in South Korea reduced modestly to X tons per ha, waning by X% against the previous year's figure. Overall, the yield saw a mild decline. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, the yield reached the peak level of X tons per ha. From 2015 to 2022, the growth of the average fruit yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of fruits production in South Korea stood at X ha, standing approx. at the previous year. In general, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the harvested area increased by X% against the previous year. The fruit harvested area peaked at X ha in 2016; however, from 2017 to 2022, the harvested area stood at a somewhat lower figure.

Fruit Exports

Exports from Republic of Korea

In 2022, overseas shipments of fruits were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, fruit exports shrank slightly to $X in 2022. Overall, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) were the main destinations of fruit exports from South Korea, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Taiwan (Chinese) ($X) and Vietnam ($X) were the largest markets for fruit exported from South Korea worldwide, together comprising X% of total exports.

Vietnam, with a CAGR of X%, saw 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 fruit export price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fruit export price increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Russia ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Fruit Imports

Imports into Republic of Korea

In 2022, purchases abroad of fruits decreased by X% to X tons, falling for the fourth year in a row after five years of growth. In general, imports recorded a mild downturn. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, fruit imports declined to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest supplier of fruit to South Korea, accounting for a X% share of total imports. Moreover, fruit imports from the Philippines exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. New Zealand (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the Philippines amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and New Zealand (X% per year).

In value terms, the largest fruit suppliers to South Korea were the Philippines ($X), the United States ($X) and New Zealand ($X), together comprising X% of total imports. Peru, Chile, Thailand, Vietnam, Australia, Colombia, Ecuador and Guatemala lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Colombia, with a CAGR of X%, recorded the highest growth rate of 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 fruit import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :