Republic of Korea: Preserved Turkey Market 2024

Preserved Turkey Market Size in Republic of Korea

The South Korean preserved turkey market totaled $X in 2021, with an increase of 4.7% against the previous year. In general, the total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.3% against 2019 indices. Preserved turkey consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Preserved Turkey Production in Republic of Korea

In value terms, preserved turkey production stood at $X in 2021 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 30%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Preserved Turkey Exports

Exports from Republic of Korea

After two years of decline, overseas shipments of prepared or preserved meat or offal of turkeys increased by 631% to X tons in 2021. Over the period under review, exports continue to indicate a significant increase. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved turkey exports soared to $X in 2021. Overall, exports saw a significant increase. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for preserved turkey exports from South Korea, with a 95% share of total exports. It was followed by Chile (X kg), with a 2.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +56.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+57.0% per year) and China (+167.1% per year).

In value terms, Vietnam ($X) remains the key foreign market for prepared or preserved meat or offal of turkeys exports from South Korea, comprising 84% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam stood at +68.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+187.8% per year) and Chile (+121.5% per year).

Export Prices by Country

In 2021, the average preserved turkey export price amounted to $X per ton, surging by 38% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($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 Chile (+42.9%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Turkey Imports

Imports into Republic of Korea

In 2021, overseas purchases of prepared or preserved meat or offal of turkeys increased by 211% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, continue to indicate a sharp contraction. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, preserved turkey imports skyrocketed to $X in 2021. Overall, imports, however, recorded a abrupt curtailment. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest preserved turkey supplier to South Korea, with a 87% share of total imports. Moreover, preserved turkey imports from the United States exceeded the figures recorded by the second-largest supplier, the Czech Republic (X kg), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to -25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+24.4% per year) and Belarus (-11.4% per year).

In value terms, the United States ($X) constituted the largest supplier of prepared or preserved meat or offal of turkeys to South Korea, comprising 78% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to -21.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+25.0% per year) and Belarus (-18.7% per year).

Import Prices by Country

In 2021, the average preserved turkey import price amounted to $X per ton, approximately equating the previous year. In general, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved turkey import price increased by +35.6% against 2018 indices. The most prominent rate of growth was recorded in 2016 an increase of 21%. The import price peaked at $X per ton in 2020, and then shrank in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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