Republic of Korea: Market for Prepared Or Preserved Shoulders And Cuts Of Swine Meat 2024

Market Size for Prepared Or Preserved Shoulders And Cuts Of Swine Meat in Republic of Korea

The South Korean preserved swine meat cut market dropped to $X in 2021, reducing by -4.4% against the previous year. Over the period under review, consumption saw a pronounced decline. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Prepared Or Preserved Shoulders And Cuts Of Swine Meat in Republic of Korea

In value terms, preserved swine meat cut production shrank to $X in 2021 estimated in export price. Overall, production recorded a perceptible downturn. The growth pace was the most rapid in 2014 with an increase of 13% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Exports of Prepared Or Preserved Shoulders And Cuts Of Swine Meat

Exports from Republic of Korea

In 2021, after nine years of growth, there was significant decline in shipments abroad of prepared or preserved shoulders and cuts of swine meat, when their volume decreased by -50.9% to X tons. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 729%. The exports peaked at X tons in 2020, and then plummeted in the following year.

In value terms, preserved swine meat cut exports fell sharply to $X in 2021. Overall, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 760% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then fell significantly in the following year.

Exports by Country

Japan (X tons) was the main destination for preserved swine meat cut exports from South Korea, accounting for a 97% share of total exports. It was followed by Peru (X kg), with a 0.6% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +33.2%.

In value terms, Japan ($X) remains the key foreign market for prepared or preserved shoulders and cuts of swine meat exports from South Korea, comprising 97% of total exports. The second position in the ranking was held by Peru ($X), with a 0.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +32.6%.

Export Prices by Country

The average preserved swine meat cut export price stood at $X per ton in 2021, waning by -16.8% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 3.8%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Peru stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-0.4%).

Imports of Prepared Or Preserved Shoulders And Cuts Of Swine Meat

Imports into Republic of Korea

After two years of decline, supplies from abroad of prepared or preserved shoulders and cuts of swine meat increased by 28% to X tons in 2021. In general, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,924%. 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, preserved swine meat cut imports skyrocketed to $X in 2021. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 1,849% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Spain (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of preserved swine meat cut imports to South Korea, with a combined 96% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +144.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved swine meat cut suppliers to South Korea were the United States ($X), Spain ($X) and Germany ($X), together accounting for 98% of total imports.

Germany, with a CAGR of +113.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average preserved swine meat cut import price amounted to $X per ton, rising by 13% against the previous year. Overall, the import price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 51%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Netherlands ($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 (-6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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