Republic of Korea: Market for Goat Or Kid Hides And Skins 2024

Market Size for Goat Or Kid Hides And Skins in Republic of Korea

The South Korean goat hides and skins market expanded to $X in 2021, with an increase of 4.1% against the previous year. Over the period under review, consumption, however, recorded a pronounced slump. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Production of Goat Or Kid Hides And Skins in Republic of Korea

In value terms, goat hides and skins production reached $X in 2021 estimated in export price. In general, production, however, recorded a perceptible setback. The pace of growth was the most pronounced in 2013 when the production volume increased by 17%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

The average yield of goat or kid hides and skins in South Korea totaled X kg per head in 2021, almost unchanged from 2020 figures. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 12% against the previous year. As a result, the yield reached the peak level of X kg per head. From 2019 to 2021, the growth of the average goat hides and skins yield failed to regain momentum.

In 2021, approx. X heads of animals slaughtered for goat hides and skins production in South Korea; surging by 3.4% on the year before. Overall, the total number of producing animals indicated a resilient increase from 2012 to 2021: its figure increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, number of animals slaughtered for goat hides and skins production increased by +15.4% against 2016 indices. The pace of growth was the most pronounced in 2016 with an increase of 23% against the previous year. Over the period under review, this number attained the peak level in 2021 and is likely to see steady growth in the near future.

Exports of Goat Or Kid Hides And Skins

Exports from Republic of Korea

In 2021, the amount of goat or kid hides and skins exported from South Korea fell rapidly to X kg, with a decrease of -38% compared with the previous year. Overall, exports continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2014 with an increase of 2,073% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, goat hides and skins exports fell dramatically to $X in 2021. In general, exports faced a dramatic descent. The pace of growth was the most pronounced in 2014 when exports increased by 2,566% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X kg), Pakistan (X kg) and the Philippines (X kg) were the main destinations of goat hides and skins exports from South Korea, together comprising 94% 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 the Philippines (with a CAGR of +37.0%), while the other leaders experienced a decline.

In value terms, the Philippines ($X), China ($X) and Hong Kong SAR ($X) constituted the largest markets for goat hides and skins exported from South Korea worldwide, with a combined 79% share of total exports.

The Philippines, with a CAGR of +23.9%, saw 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 a decline.

Export Prices by Country

The average goat hides and skins export price stood at $X per ton in 2021, growing by 30% against the previous year. In general, the export price enjoyed pronounced growth. The most prominent rate of growth was recorded in 2013 an increase of 72%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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 China ($X per ton), while the average price for exports to Pakistan ($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 China (+13.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Goat Or Kid Hides And Skins

Imports into Republic of Korea

In 2021, imports of goat or kid hides and skins into South Korea soared to X tons, rising by 125% compared with the previous year. In general, imports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2017 when imports increased by 388% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, goat hides and skins imports soared to $X in 2021. Overall, imports, however, continue to indicate a significant contraction. The growth pace was the most rapid in 2017 when imports increased by 249%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Egypt (X tons) constituted the largest supplier of goat hides and skins to South Korea, with a 80% share of total imports. Moreover, goat hides and skins imports from Egypt exceeded the figures recorded by the second-largest supplier, Australia (X tons), more than tenfold. The third position in this ranking was held by Israel (X kg), with a 3.8% share.

From 2012 to 2021, the average annual growth rate of volume from Egypt amounted to +32.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-6.6% per year) and Israel (-18.6% per year).

In value terms, Egypt ($X) constituted the largest supplier of goat or kid hides and skins to South Korea, comprising 82% of total imports. The second position in the ranking was taken by Italy ($X), with a 4.1% share of total imports. It was followed by Australia, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Egypt was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-44.2% per year) and Australia (-39.4% per year).

Import Prices by Country

The average goat hides and skins import price stood at $X per ton in 2021, with a decrease of -34.4% against the previous year. In general, the import price saw a precipitous shrinkage. The pace of growth appeared the most rapid in 2013 an increase of 40%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Sweden ($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 (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :