Republic of Korea: Pork Market 2025

Pork Market Size in Republic of Korea

The South Korean pork market amounted to $X in 2022, with an increase of 2.2% against the previous year. Overall, consumption posted prominent growth. Pork consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Pork Production in Republic of Korea

In value terms, pork production fell to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 313%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

In 2022, the average yield of pork in South Korea amounted to X kg per head, therefore, remained relatively stable against the previous year. Overall, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield decreased by -1.2%. The pork yield peaked at X kg per head in 2012; however, from 2013 to 2022, the yield remained at a lower figure.

In 2022, approx. X heads of animals slaughtered for pork production in South Korea; approximately equating the year before. This number increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 17%. The number of animals slaughtered for pork production peaked at X heads in 2021, and then fell modestly in the following year.

Pork Exports

Exports from Republic of Korea

After three years of growth, shipments abroad of pork decreased by -72.4% to X tons in 2022. Overall, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 1,086% against the previous year. The exports peaked at X tons in 2021, and then contracted rapidly in the following year.

In value terms, pork exports shrank remarkably to $X in 2022. Over the period under review, exports, however, saw a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 801% against the previous year. The exports peaked at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for pork exports from South Korea, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR totaled +59.5%.

In value terms, Hong Kong SAR ($X) also remains the key foreign market for pork exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled +54.9%.

Export Prices by Country

The average pork export price stood at $X per ton in 2022, surging by 58% against the previous year. In general, the export price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 281% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Hong Kong SAR amounted to -2.9% per year.

Pork Imports

Imports into Republic of Korea

In 2022, overseas purchases of pork increased by 27% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +28.2% against 2020 indices. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, pork imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +46.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Spain (X tons), the United States (X tons) and Canada (X tons) were the main suppliers of pork imports to South Korea, together comprising 63% of total imports. The Netherlands, Chile, Austria, Denmark, Ireland, Mexico and Germany lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +28.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pork suppliers to South Korea were Spain ($X), the United States ($X) and the Netherlands ($X), with a combined 61% share of total imports. Canada, Chile, Austria, Denmark, Mexico, Ireland and Germany lagged somewhat behind, together comprising a further 32%.

In terms of the main suppliers, Ireland, with a CAGR of +32.2%, saw the highest rates of growth with regard to 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 pork import price stood at $X per ton in 2022, dropping by -6.2% 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 21% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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