Republic of Korea: Cows Skin Market 2025

Cows Skin Market Size in Republic of Korea

After two years of decline, the South Korean cows skin market increased by 14% to $X in 2021. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.5% 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 -25.3% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Cows Skin Production in Republic of Korea

In value terms, cows skin production rose rapidly to $X in 2021 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2021: its value 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, production decreased by -22.4% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 80%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Cows Skin Exports

Exports from Republic of Korea

After two years of decline, overseas shipments of raw hides and skins of bovine animals increased by 91% to X tons in 2021. Overall, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2014 when exports increased by 165%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, cows skin exports shrank to $X in 2021. In general, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of 240% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), China (X tons) and Japan (X tons) were the main destinations of cows skin exports from South Korea, together comprising 91% of total exports. These countries were followed by Hong Kong SAR and the United States, which together accounted for a further 8.4%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +18.6%), while the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X), Japan ($X) and Hong Kong SAR ($X) constituted the largest markets for cows skin exported from South Korea worldwide, together comprising 81% of total exports. These countries were followed by China and the United States, which together accounted for a further 8.6%.

China, with a CAGR of +7.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average cows skin export price stood at $X per ton in 2021, falling by -52.2% against the previous year. In general, the export price showed a perceptible contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 100%. As a result, the export price attained the peak level of $X per ton, and then dropped markedly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to China ($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 (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cows Skin Imports

Imports into Republic of Korea

In 2021, approx. X tons of raw hides and skins of bovine animals were imported into South Korea; rising by 15% compared with the previous year's figure. Overall, imports, however, recorded a noticeable descent. The pace of growth was the most pronounced in 2018 with an increase of 117%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, cows skin imports contracted dramatically to $X in 2021. In general, imports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2018 when imports increased by 148% against the previous year. 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

In 2021, Canada (X tons) constituted the largest cows skin supplier to South Korea, with a 64% share of total imports. Moreover, cows skin imports from Canada exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.8% per year) and the United States (+3.5% per year).

In value terms, Canada ($X) constituted the largest supplier of raw hides and skins of bovine animals to South Korea, comprising 73% of total imports. The second position in the ranking was held by China ($X), with an 18% share of total imports. It was followed by the United States, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-10.8% per year) and the United States (-13.7% per year).

Import Prices by Country

The average cows skin import price stood at $X per ton in 2021, which is down by -29.5% against the previous year. In general, the import price saw a pronounced curtailment. The growth pace was the most rapid in 2017 an increase of 38%. The import price peaked at $X per ton in 2019; however, from 2020 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 Uruguay ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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