Republic of Korea: Peach And Nectarine Market 2024

Peach And Nectarine Market Size in Republic of Korea

In 2021, the South Korean peach and nectarine market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Peach And Nectarine Production in Republic of Korea

In value terms, peach and nectarine production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 65%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

The average yield of peaches and nectarines in South Korea rose markedly to X tons per ha in 2021, increasing by 5.2% against 2020 figures. Over the period under review, the yield, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2014 when the yield increased by 55% against the previous year. The peach and nectarine yield peaked at X tons per ha in 2012; however, from 2013 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of peaches and nectarines were harvested in South Korea; remaining stable against the year before. The harvested area increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the harvested area increased by 19%. Over the period under review, the harvested area dedicated to peach and nectarine production reached the peak figure at X ha in 2018; however, from 2019 to 2021, the harvested area stood at a somewhat lower figure.

Peach And Nectarine Exports

Exports from Republic of Korea

In 2021, overseas shipments of peaches and nectarines decreased by -8.5% to X tons, falling for the second consecutive year after eight years of growth. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 123% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, peach and nectarine exports surged to $X in 2021. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 110% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Hong Kong SAR (X tons) was the main destination for peach and nectarine exports from South Korea, accounting for a 72% share of total exports. Moreover, peach and nectarine exports to Hong Kong SAR exceeded the volume sent to the second major destination, Singapore (X tons), sevenfold. The third position in this ranking was held by Indonesia (X tons), with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +32.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+58.4% per year) and Indonesia (+26.1% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for peach and nectarine exports from South Korea, comprising 70% of total exports. The second position in the ranking was taken by Singapore ($X), with a 10% share of total exports. It was followed by Indonesia, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR amounted to +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+70.9% per year) and Indonesia (+33.7% per year).

Export Prices by Country

In 2021, the average peach and nectarine export price amounted to $X per ton, growing by 34% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($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 Singapore (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Peach And Nectarine Imports

Imports into Republic of Korea

In 2021, imports of peaches and nectarines into South Korea surged to X tons, with an increase of 455% on the previous year. Overall, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2019 with an increase of 1,037% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, peach and nectarine imports soared to $X in 2021. In general, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 722%. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons) and Chile (X tons) were the main suppliers of peach and nectarine imports to South Korea.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of +73.1%).

In value terms, the United States ($X) constituted the largest supplier of peach and nectarine to South Korea, comprising 81% of total imports. The second position in the ranking was taken by Chile ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +29.3%.

Import Prices by Country

In 2021, the average peach and nectarine import price amounted to $X per ton, with an increase of 22% against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, peach and nectarine import price increased by +21.7% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 53% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Chile stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.6%).

Source: IndexBox Platform

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