Republic of Korea: Processed Meat Market 2024

Processed Meat Market Size in Republic of Korea

The South Korean processed meat market stood at $X in 2022, with an increase of X% against the previous year. Over the period under review, the total consumption indicated noticeable growth 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, consumption decreased by X% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Processed Meat Production in Republic of Korea

In value terms, processed meat production rose to $X in 2022 estimated in export price. In general, the total production indicated noticeable growth 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Processed meat production peaked at $X in 2020; afterwards, it flattened through to 2022.

Processed Meat Exports

Exports from Republic of Korea

In 2022, shipments abroad of processed meat decreased by X% to X tons for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, processed meat exports shrank slightly to $X in 2022. Overall, exports, however, saw a buoyant increase. The growth pace was the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

Japan (X tons), the Philippines (X tons) and the United States (X tons) were the main destinations of processed meat exports from South Korea, together comprising X% of total exports. Hong Kong SAR, Taiwan (Chinese), Vietnam, Malaysia, Australia, the UK, Germany, Canada, Singapore and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and the Philippines ($X) constituted the largest markets for processed meat exported from South Korea worldwide, together comprising X% of total exports. Hong Kong SAR, Taiwan (Chinese), Vietnam, Malaysia, Australia, Canada, the UK, Singapore, Germany and China lagged somewhat behind, together comprising a further X%.

Malaysia, 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 processed meat export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Germany ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Processed Meat Imports

Imports into Republic of Korea

In 2022, overseas purchases of processed meat increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, total imports indicated buoyant growth from 2012 to 2022: its volume 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 pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, processed meat imports surged to $X in 2022. Overall, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Thailand (X tons), China (X tons) and the United States (X tons) were the main suppliers of processed meat imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

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

Among the main suppliers, Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average processed meat import price amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 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