Republic of Korea: Preserved Cows Meat Market 2024

Preserved Cows Meat Market Size in Republic of Korea

In 2021, the South Korean preserved cows meat market decreased by -0.6% to $X, falling for the second year in a row after three years of growth. Over the period under review, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.2% against 2019 indices. Preserved cows meat consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Preserved Cows Meat Production in Republic of Korea

In value terms, preserved cows meat production declined modestly to $X in 2021 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +93.9% against 2016 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 49%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Preserved Cows Meat Exports

Exports from Republic of Korea

In 2021, the amount of prepared or preserved meat or offal of bovine animals exported from South Korea fell sharply to X tons, dropping by -31.4% on the previous year. In general, exports showed a abrupt decline. The growth pace was the most rapid in 2017 with an increase of 179%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved cows meat exports rose remarkably to $X in 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 110%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons), Myanmar (X tons) and Vietnam (X tons) were the main destinations of preserved cows meat exports from South Korea, with a combined 73% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +41.6%), while the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X), Hong Kong SAR ($X) and Vietnam ($X) constituted the largest markets for preserved cows meat exported from South Korea worldwide, with a combined 78% share of total exports.

Vietnam, with a CAGR of +42.5%, 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

The average preserved cows meat export price stood at $X per ton in 2021, rising by 57% against the previous year. Overall, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved cows meat export price increased by +71.1% against 2019 indices. The growth pace was the most rapid in 2014 when the average export price increased by 73% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Hong Kong SAR (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Cows Meat Imports

Imports into Republic of Korea

In 2021, preserved cows meat imports into South Korea rose rapidly to X tons, with an increase of 14% on the previous year's figure. Overall, imports saw a pronounced expansion. The growth pace was the most rapid in 2019 with an increase of 50% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, preserved cows meat imports expanded notably to $X in 2021. Over the period under review, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 79%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Argentina (X tons), Uruguay (X tons) and Australia (X tons) were the main suppliers of preserved cows meat imports to South Korea, with a combined 93% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Uruguay (with a CAGR of +21.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constituted the largest supplier of prepared or preserved meat or offal of bovine animals to South Korea, comprising 51% of total imports. The second position in the ranking was taken by Uruguay ($X), with a 23% share of total imports. It was followed by Australia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from Argentina stood at +25.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (+37.2% per year) and Australia (+12.5% per year).

Import Prices by Country

In 2021, the average preserved cows meat import price amounted to $X per ton, declining by -5.3% against the previous year. Over the period under review, the import price, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 89%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

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 New Zealand ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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