Republic of Korea: Potato Market 2025

Potato Market Size in Republic of Korea

The South Korean potato market amounted to $X in 2021, with an increase of 10% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Potato consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Potato Production in Republic of Korea

In value terms, potato production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 36% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

In 2021, the average potato yield in South Korea rose significantly to X tons per ha, increasing by 11% on 2020. In general, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the yield increased by 26% against the previous year. The potato yield peaked at X tons per ha in 2019; however, from 2020 to 2021, the yield remained at a 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, the harvested area of potatoes in South Korea contracted slightly to X ha, declining by -3.4% compared with the year before. Over the period under review, the harvested area continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2018 with an increase of 12%. The potato harvested area peaked at X ha in 2013; however, from 2014 to 2021, the harvested area stood at a somewhat lower figure.

Potato Exports

Exports from Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas shipments of potatoes, when their volume increased by 44% to X tons. Overall, exports enjoyed a tangible expansion. The growth pace was the most rapid in 2018 when exports increased by 280%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, potato exports surged to $X in 2021. Over the period under review, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 282%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for potato exports from South Korea, accounting for a 83% share of total exports. Moreover, potato exports to Vietnam exceeded the volume sent to the second major destination, Russia (X tons), ninefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+0.5% per year) and Hong Kong SAR (+13.1% per year).

In value terms, Vietnam ($X) remains the key foreign market for potato exports from South Korea, comprising 64% of total exports. The second position in the ranking was held by Russia ($X), with a 21% share of total exports. It was followed by Hong Kong SAR, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-5.9% per year) and Hong Kong SAR (+12.2% per year).

Export Prices by Country

The average potato export price stood at $X per ton in 2021, with a decrease of -3.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2014 an increase of 48%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($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 Vietnam (+12.1%), while the prices for the other major destinations experienced mixed trend patterns.

Potato Imports

Imports into Republic of Korea

In 2021, overseas purchases of potatoes were finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 32% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, potato imports expanded notably to $X in 2021. Overall, total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.6% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 25% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons) and Australia (X tons) were the main suppliers of potato 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 Australia (with a CAGR of +4.3%).

In value terms, the largest potato suppliers to South Korea were the United States ($X) and Australia ($X).

In terms of the main suppliers, the United States, with a CAGR of +3.6%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2021, the average potato import price amounted to $X per ton, flattening at the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 16% 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 immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Australia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.1%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :