Republic of Korea: Poultry Incubator Market 2024

Poultry Incubator Market Size in Republic of Korea

The South Korean poultry incubator market contracted to $X in 2022, reducing by -11.8% against the previous year. In general, consumption showed a drastic downturn. Poultry incubator consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Poultry Incubator Production in Republic of Korea

In value terms, poultry incubator production dropped to $X in 2022 estimated in export price. Overall, production faced a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of 21% against the previous year. Poultry incubator production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Poultry Incubator Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of poultry incubators and brooders decreased by -30% to X units in 2022. Overall, exports, however, continue to indicate a measured increase. The pace of growth was the most pronounced in 2021 with an increase of 132%. As a result, the exports attained the peak of X units, and then contracted notably in the following year.

In value terms, poultry incubator exports dropped remarkably to $X in 2022. Over the period under review, exports, however, posted temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 131% against the previous year. As a result, the exports reached the peak of $X, and then declined notably in the following year.

Exports by Country

The United States (X units) was the main destination for poultry incubator exports from South Korea, with a 36% share of total exports. Moreover, poultry incubator exports to the United States exceeded the volume sent to the second major destination, Turkey (X units), fivefold. The third position in this ranking was taken by Nigeria (X units), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+41.9% per year) and Nigeria (+72.1% per year).

In value terms, the largest markets for poultry incubator exported from South Korea were the United States ($X), Turkey ($X) and Germany ($X), together comprising 39% of total exports. These countries were followed by Russia, the UK, Japan, India, Kuwait, Iran, Australia, Nigeria, China and Madagascar, which together accounted for a further 22%.

Nigeria, with a CAGR of +48.9%, recorded the highest growth rate of 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

In 2022, the average poultry incubator export price amounted to $X per unit, rising by 2.4% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 36%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Poultry Incubator Imports

Imports into Republic of Korea

In 2022, imports of poultry incubators and brooders into South Korea declined markedly to X units, which is down by -38% on the year before. In general, imports saw a abrupt shrinkage. The growth pace was the most rapid in 2021 when imports increased by 421% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, poultry incubator imports fell markedly to $X in 2022. Overall, imports saw a deep reduction. The growth pace was the most rapid in 2021 with an increase of 631% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of poultry incubator to South Korea, with a 61% share of total imports. Moreover, poultry incubator imports from Germany exceeded the figures recorded by the second-largest supplier, Malaysia (X units), fourfold. The Netherlands (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled -10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-7.8% per year) and the Netherlands (-6.9% per year).

In value terms, the largest poultry incubator suppliers to South Korea were Malaysia ($X), Germany ($X) and the Netherlands ($X), together comprising 75% of total imports. Belgium, China, Turkey, Italy, Spain and the UK lagged somewhat behind, together comprising a further 11%.

Among the main suppliers, Turkey, with a CAGR of +54.6%, 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

In 2022, the average poultry incubator import price amounted to $X per unit, waning by -8.3% against the previous year. Over the period under review, the import price, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2015 an increase of 59% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Italy ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+30.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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