Republic of Korea: Sausage Market 2024

Sausage Market Size in Republic of Korea

The South Korean sausage market was estimated at $X in 2021, approximately mirroring the previous year. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Sausage consumption peaked in 2021 and is likely to continue growth in the immediate term.

Sausage Production in Republic of Korea

In value terms, sausage production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 24% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see steady growth in the near future.

Sausage Exports

Exports from Republic of Korea

In 2021, approx. X tons of sausages and similar products of meat were exported from South Korea; growing by 50% against the previous year. Over the period under review, exports saw strong growth. The pace of growth was the most pronounced in 2020 when exports increased by 277% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, sausage exports soared to $X in 2021. Overall, exports saw a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 385%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

The Philippines (X tons), Japan (X tons) and Hong Kong SAR (X tons) were the main destinations of sausage exports from South Korea, together accounting for 48% of total exports. The United States, Malaysia, Singapore, Australia, Vietnam, China and the United Arab Emirates lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +104.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sausage exported from South Korea were the Philippines ($X), Japan ($X) and the United States ($X), together accounting for 45% of total exports. These countries were followed by Hong Kong SAR, Singapore, China, Vietnam, Malaysia, Australia and the United Arab Emirates, which together accounted for a further 38%.

Singapore, with a CAGR of +116.6%, 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 2021, the average sausage export price amounted to $X per ton, with an increase of 3% against the previous year. Over the period under review, the export price showed a slight increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 29% against the previous year. 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Malaysia ($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 the United Arab Emirates (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Sausage Imports

Imports into Republic of Korea

Sausage imports into South Korea expanded notably to X tons in 2021, increasing by 6% against the previous year. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 18% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, sausage imports expanded significantly to $X in 2021. In general, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.1% against 2012 indices. The pace of growth appeared the most rapid in 2016 with an increase of 16%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, the United States (X tons) was the main sausage supplier to South Korea, with a 96% share of total imports. It was followed by Denmark (X tons), with a 1.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +4.2%.

In value terms, the United States ($X) constituted the largest supplier of sausages and similar products of meat to South Korea, comprising 92% of total imports. The second position in the ranking was held by Denmark ($X), with a 1.8% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +6.8%.

Import Prices by Country

In 2021, the average sausage import price amounted to $X per ton, growing by 8.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2014 an increase of 9.5% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.5%).

Source: IndexBox Platform

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