Republic of Korea: Preserved Swine Meat Market 2024

Preserved Swine Meat Market Size in Republic of Korea

The South Korean preserved swine meat market contracted to $X in 2021, falling by -7.3% against the previous year. Overall, consumption showed a abrupt decline. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Preserved Swine Meat Production in Republic of Korea

In value terms, preserved swine meat production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt descent. The growth pace was the most rapid in 2016 when the production volume increased by 27% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Preserved Swine Meat Exports

Exports from Republic of Korea

In 2021, shipments abroad of prepared or preserved hams and cuts of swine meat increased by 43% to X tons, rising for the third year in a row after four years of decline. Overall, exports posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 337% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, preserved swine meat exports skyrocketed to $X in 2021. In general, exports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 378% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for preserved swine meat exports from South Korea, with a 50% share of total exports. Moreover, preserved swine meat exports to Malaysia exceeded the volume sent to the second major destination, the Philippines (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled +103.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+78.0% per year) and Hong Kong SAR (+14.9% per year).

In value terms, Malaysia ($X), Vietnam ($X) and the Philippines ($X) appeared to be the largest markets for preserved swine meat exported from South Korea worldwide, with a combined 75% share of total exports.

Malaysia, with a CAGR of +83.4%, recorded 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 preserved swine meat export price stood at $X per ton in 2021, picking up by 2.6% against the previous year. Over the period under review, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 14% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 (+5.8%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Swine Meat Imports

Imports into Republic of Korea

Preserved swine meat imports into South Korea declined notably to X tons in 2021, with a decrease of -28.2% against the year before. Over the period under review, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 45%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, preserved swine meat imports fell markedly to $X in 2021. In general, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 decreased by -37.5% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 30%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) was the main preserved swine meat supplier to South Korea, with a 97% share of total imports. It was followed by Italy (X tons), with a 2.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +12.1%.

In value terms, the United States ($X) constituted the largest supplier of prepared or preserved hams and cuts of swine meat to South Korea, comprising 88% of total imports. The second position in the ranking was held by Italy ($X), with a 7.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +6.5%.

Import Prices by Country

In 2021, the average preserved swine meat import price amounted to $X per ton, rising by 7.8% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-4.6%).

Source: IndexBox Platform

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