Republic of Korea: Preserved Tomato Market 2024

Preserved Tomato Market Size in Republic of Korea

After nine years of growth, the South Korean preserved tomato market decreased by -4.9% to $X in 2021. Over the period under review, consumption showed strong growth. Over the period under review, the market hit record highs at $X in 2020, and then shrank modestly in the following year.

Preserved Tomato Production in Republic of Korea

In value terms, preserved tomato production dropped to $X in 2021 estimated in export price. Overall, production recorded a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 35% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped in the following year.

Preserved Tomato Exports

Exports from Republic of Korea

Preserved tomato exports from South Korea rose rapidly to X kg in 2021, with an increase of 11% compared with 2020 figures. Overall, exports, however, faced a sharp downturn. The pace of growth appeared the most rapid in 2013 with an increase of 1,217% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved tomato exports skyrocketed to $X in 2021. In general, exports, however, faced a sharp descent. The growth pace was the most rapid in 2013 with an increase of 676%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X kg) was the main destination for preserved tomato exports from South Korea, with a 66% share of total exports. Moreover, preserved tomato exports to Russia exceeded the volume sent to the second major destination, Malaysia (X kg), twofold. The third position in this ranking was held by the United Arab Emirates (X kg), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume to Russia totaled +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-30.3% per year) and the United Arab Emirates (0.0% per year).

In value terms, Russia ($X) emerged as the key foreign market for preserved tomatoes exports from South Korea, comprising 61% of total exports. The second position in the ranking was held by Malaysia ($X), with a 27% share of total exports. It was followed by China, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Russia stood at +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-18.4% per year) and China (-35.8% per year).

Export Prices by Country

In 2021, the average preserved tomato export price amounted to $X per ton, with an increase of 8.8% against the previous year. In general, the export price continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2018 an increase of 71%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+33.0%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Tomato Imports

Imports into Republic of Korea

In 2021, supplies from abroad of preserved tomatoes increased by 13% to X tons, rising for the fifth consecutive year after two years of decline. In general, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.1% against 2016 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 18% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, preserved tomato imports soared to $X in 2021. Overall, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 23% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Italy (X tons), the United States (X tons) and Spain (X tons) were the main suppliers of preserved tomato imports to South Korea, together comprising 57% of total imports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +76.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X) constituted the largest supplier of preserved tomatoes to South Korea, comprising 35% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.3% per year) and Spain (+40.9% per year).

Import Prices by Country

The average preserved tomato import price stood at $X per ton in 2021, picking up by 8.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :