Republic of Korea: Market for Pasta Stuffed With Meat, Fish and Cheese 2024

Market Size for Pasta Stuffed With Meat, Fish and Cheese in Republic of Korea

The South Korean market for pasta stuffed with meat, fish and cheese expanded modestly to $X in 2022, picking up by 4.1% against the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.3% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Pasta Stuffed With Meat, Fish and Cheese in Republic of Korea

In value terms, meat, fish or cheese pasta production rose to $X in 2022 estimated in export price. In general, the total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 27%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Pasta Stuffed With Meat, Fish and Cheese

Exports from Republic of Korea

In 2022, overseas shipments of pasta stuffed with meat, fish and cheese decreased by -4.6% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, exports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 37% against the previous year. The exports peaked at X tons in 2021, and then contracted modestly in the following year.

In value terms, meat, fish or cheese pasta exports dropped modestly to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 46% against the previous year. The exports peaked at $X in 2021, and then shrank modestly in the following year.

Exports by Country

Japan (X tons) was the main destination for meat, fish or cheese pasta exports from South Korea, accounting for a 37% share of total exports. Moreover, meat, fish or cheese pasta exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by the Philippines (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +73.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.1% per year) and the Philippines (+21.2% per year).

In value terms, the largest markets for meat, fish or cheese pasta exported from South Korea were Japan ($X), the United States ($X) and Hong Kong SAR ($X), together comprising 61% of total exports.

Japan, with a CAGR of +69.8%, saw the highest rates of growth with regard to the value of exports, among 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 export price for pasta stuffed with meat, fish and cheese stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 8.6%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then reduced modestly in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Hong Kong SAR ($X per ton) and the United States ($X per ton), while the average price for exports to Germany ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pasta Stuffed With Meat, Fish and Cheese

Imports into Republic of Korea

In 2022, overseas purchases of pasta stuffed with meat, fish and cheese increased by 31% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 +36.8% against 2020 indices. Imports peaked at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, meat, fish or cheese pasta imports soared to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +41.7% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 43% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of meat, fish or cheese pasta to South Korea, accounting for a 65% share of total imports. Moreover, meat, fish or cheese pasta imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+6.4% per year) and Thailand (+12.3% per year).

In value terms, Vietnam ($X), China ($X) and Thailand ($X) appeared to be the largest meat, fish or cheese pasta suppliers to South Korea, together accounting for 92% of total imports. Italy and Australia lagged somewhat behind, together comprising a further 7.8%.

Australia, with a CAGR of +157.8%, recorded 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 more modest paces of growth.

Import Prices by Country

The average import price for pasta stuffed with meat, fish and cheese stood at $X per ton in 2022, dropping by -2.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2017 an increase of 11%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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