Republic of Korea: Root And Tuber Market 2024

Root And Tuber Market Size in Republic of Korea

The South Korean root and tuber market reduced slightly to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Root and tuber consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Root And Tuber Production in Republic of Korea

In value terms, root and tuber production dropped to $X in 2022 estimated in export price. In general, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of X%. Root and tuber production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

In 2022, the average root and tuber yield in South Korea dropped modestly to X tons per ha, with a decrease of X% on the previous year's figure. Overall, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha. From 2020 to 2022, the growth of the average root and tuber yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the root and tuber harvested area in South Korea was estimated at X ha, therefore, remained relatively stable against 2021. In general, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X% against the previous year. The root and tuber harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area failed to regain momentum.

Root And Tuber Exports

Exports from Republic of Korea

In 2022, shipments abroad of roots and tubers increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, root and tuber exports surged to $X in 2022. Overall, exports recorded a buoyant increase. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Vietnam (X tons) was the main destination for root and tuber exports from South Korea, accounting for a X% share of total exports. Moreover, root and tuber exports to Vietnam exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. The third position in this ranking was taken by Russia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and Russia (X% per year).

In value terms, the largest markets for root and tuber exported from South Korea were Hong Kong SAR ($X), Vietnam ($X) and Russia ($X), together comprising X% of total exports. Singapore lagged somewhat behind, accounting for a further X%.

Singapore, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average root and tuber export price amounted to $X per ton, falling by X% against the previous year. In general, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The export price peaked at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced mixed trend patterns.

Root And Tuber Imports

Imports into Republic of Korea

In 2022, supplies from abroad of roots and tubers increased by X% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports, however, continue to indicate a deep contraction. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, root and tuber imports soared to $X in 2022. Overall, imports saw a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons), Vietnam (X tons) and the United States (X tons) were the main suppliers of root and tuber imports to South Korea, with a combined X% share of total imports. Australia lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X), Thailand ($X) and the United States ($X) were the largest root and tuber suppliers to South Korea, with a combined X% share of total imports.

The United States, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average root and tuber import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, root and tuber import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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