Republic of Korea: Frozen Sweet Corn Market 2024

Frozen Sweet Corn Market Size in Republic of Korea

The South Korean frozen sweet corn market expanded notably to $X in 2021, with an increase of 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a buoyant increase. Frozen sweet corn consumption peaked in 2021 and is expected to retain growth in the immediate term.

Frozen Sweet Corn Exports

Exports from Republic of Korea

In 2021, shipments abroad of frozen sweet corn decreased by -69.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate slight growth. The pace of growth appeared the most rapid in 2017 with an increase of 562%. Over the period under review, the exports attained the maximum at X tons in 2020, and then declined notably in the following year.

In value terms, frozen sweet corn exports fell dramatically to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 496%. The exports peaked at $X in 2020, and then declined remarkably in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for frozen sweet corn exports from South Korea, with a 47% share of total exports. Moreover, frozen sweet corn exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Canada (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands stood at +305.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-13.1% per year) and Canada (+60.9% per year).

In value terms, the largest markets for frozen sweet corn exported from South Korea were the Netherlands ($X), the United States ($X) and Australia ($X), with a combined 79% share of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +327.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen sweet corn export price stood at $X per ton in 2021, falling by -9.7% against the previous year. Over the period under review, the export price recorded a slight decrease. The growth pace was the most rapid in 2013 when the average export price increased by 39% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Australia ($X per ton), while the average price for exports to Canada ($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 Netherlands (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Sweet Corn Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in purchases abroad of frozen sweet corn, which increased by 2% to X tons in 2021. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 97% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, frozen sweet corn imports amounted to $X in 2021. Overall, imports enjoyed a strong expansion. The growth pace was the most rapid in 2019 with an increase of 89% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest frozen sweet corn supplier to South Korea, accounting for a 46% share of total imports. Moreover, frozen sweet corn imports from the United States exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+43.8% per year) and Thailand (+125.0% per year).

In value terms, the United States ($X), Vietnam ($X) and Thailand ($X) appeared to be the largest frozen sweet corn suppliers to South Korea, together comprising 86% of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +86.3%, recorded 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

The average frozen sweet corn import price stood at $X per ton in 2021, increasing by 6.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 14%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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