Republic of Korea: Preserved Salmon Market 2024

Preserved Salmon Market Size in Republic of Korea

In 2021, the South Korean preserved salmon market was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. In general, consumption, however, continues to indicate a noticeable downturn. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Preserved Salmon Production in Republic of Korea

In value terms, preserved salmon production rose markedly to $X in 2021 estimated in export price. Overall, production, however, showed a deep slump. The pace of growth appeared the most rapid in 2013 with an increase of 18%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Preserved Salmon Exports

Exports from Republic of Korea

In 2021, overseas shipments of salmon (prepared or preserved) were finally on the rise to reach X tons after three years of decline. Over the period under review, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 252% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved salmon exports surged to $X in 2021. Overall, exports recorded a buoyant increase. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mongolia (X tons), Vietnam (X tons) and Hong Kong SAR (X tons) were the main destinations of preserved salmon exports from South Korea, together accounting for 72% of total exports. Thailand, Singapore, Taiwan (Chinese), Australia and Japan lagged somewhat behind, together comprising a further 26%.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +130.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) emerged as the key foreign market for salmon (prepared or preserved) exports from South Korea, comprising 41% of total exports. The second position in the ranking was held by Vietnam ($X), with a 17% share of total exports. It was followed by Mongolia, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Thailand amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+30.9% per year) and Mongolia (+4.0% per year).

Export Prices by Country

The average preserved salmon export price stood at $X per ton in 2021, jumping by 77% against the previous year. In general, the export price recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 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 Thailand ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Salmon Imports

Imports into Republic of Korea

After nine years of growth, purchases abroad of salmon (prepared or preserved) decreased by -27.6% to X tons in 2021. Overall, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 36%. Over the period under review, imports hit record highs at X tons in 2020, and then fell sharply in the following year.

In value terms, preserved salmon imports dropped notably to $X in 2021. In general, imports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by 51% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then dropped dramatically in the following year.

Imports by Country

In 2021, Poland (X tons) constituted the largest preserved salmon supplier to South Korea, with a 66% share of total imports. Moreover, preserved salmon imports from Poland exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Thailand (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from Poland totaled +328.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.5% per year) and Thailand (+44.2% per year).

In value terms, Poland ($X) constituted the largest supplier of salmon (prepared or preserved) to South Korea, comprising 81% of total imports. The second position in the ranking was taken by China ($X), with a 4.4% share of total imports. It was followed by Thailand, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value from Poland totaled +316.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.0% per year) and Thailand (+42.2% per year).

Import Prices by Country

The average preserved salmon import price stood at $X per ton in 2021, approximately reflecting the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 15%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the near future.

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 the United States ($X per ton), while the price for China ($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 (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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