Republic of Korea: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in Republic of Korea

For the third consecutive year, the South Korean market for salted, dried or smoked meat, and offal recorded growth in sales value, which increased by 2.7% to $X in 2022. In general, consumption, however, continues to indicate a prominent expansion. Consumption of peaked in 2022 and is expected to retain growth in the near future.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports from Republic of Korea

In 2022, approx. X tons of salted, dried or smoked meat, and offal were exported from South Korea; with a decrease of -95.6% on the previous year. Overall, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2013 with an increase of 11,992% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of salted, dried or smoked meat, and offal fell sharply to $X in 2022. Over the period under review, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of 954%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for exports of salted, dried or smoked meat, and offal from South Korea, with a 71% share of total exports. Moreover, exports of salted, dried or smoked meat, and offal to Hong Kong SAR exceeded the volume sent to the second major destination, China (X kg), threefold. The third position in this ranking was taken by the Philippines (X kg), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR amounted to -20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-17.7% per year) and the Philippines (-25.7% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for salted, dried or smoked meat, and offal exports from South Korea, comprising 80% of total exports. The second position in the ranking was taken by China ($X), with a 16% share of total exports. It was followed by the Philippines, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to -14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-16.4% per year) and the Philippines (-28.1% per year).

Export Prices by Country

In 2022, the average export price for salted, dried or smoked meat, and offal amounted to $X per ton, picking up by 18% against the previous year. Overall, the export price, however, showed a slight shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 372%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the Philippines ($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 (+42.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports into Republic of Korea

In 2022, supplies from abroad of salted, dried or smoked meat, and offal decreased by -6.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 25% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, imports of salted, dried or smoked meat, and offal amounted to $X in 2022. Over the period under review, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of salted, dried or smoked meat, and offal to South Korea, with a 77% share of total imports. Moreover, imports of salted, dried or smoked meat, and offal from the United States exceeded the figures recorded by the second-largest supplier, Spain (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+99.6% per year) and Italy (+51.9% per year).

In value terms, the United States ($X) constituted the largest supplier of salted, dried or smoked meat, and offal to South Korea, comprising 60% of total imports. The second position in the ranking was held by Spain ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+91.3% per year) and Italy (+55.7% per year).

Import Prices by Country

The average import price for salted, dried or smoked meat, and offal stood at $X per ton in 2022, surging by 8.4% against the previous year. In general, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for salted, dried or smoked meat, and offal increased by +71.2% against 2015 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 19%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United States ($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 (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform