Republic of Korea: Preserved Tuna Market 2024

Preserved Tuna Market Size in Republic of Korea

The South Korean preserved tuna market totaled $X in 2021, flattening at the previous year. In general, consumption posted a remarkable increase. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Preserved Tuna Production in Republic of Korea

In value terms, preserved tuna production amounted to $X in 2021 estimated in export price. Over the period under review, production posted a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 49%. Preserved tuna production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Preserved Tuna Exports

Exports from Republic of Korea

For the fourth year in a row, South Korea recorded growth in overseas shipments of tuna (prepared or preserved), which increased by 18% to X tons in 2021. In general, exports recorded a resilient increase. The growth pace was the most rapid in 2018 when exports increased by 39%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, preserved tuna exports skyrocketed to $X in 2021. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 63%. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for preserved tuna exports from South Korea, with a 29% share of total exports. Moreover, preserved tuna exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. Mongolia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.6% per year) and Mongolia (+26.4% per year).

In value terms, China ($X), the United States ($X) and Mongolia ($X) were the largest markets for preserved tuna exported from South Korea worldwide, with a combined 60% share of total exports. Vietnam, Canada, Japan, Malaysia, the Philippines and Australia lagged somewhat behind, together comprising a further 27%.

Among the main countries of destination, Vietnam, with a CAGR of +69.4%, recorded the highest rates of growth with regard to 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 preserved tuna export price stood at $X per ton in 2021, approximately equating the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The growth pace was the most rapid in 2018 an increase of 17%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2021.

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 Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Mongolia (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Tuna Imports

Imports into Republic of Korea

In 2021, approx. X tons of tuna (prepared or preserved) were imported into South Korea; increasing by 9.4% against the previous year's figure. In general, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 109% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, preserved tuna imports expanded rapidly to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% 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 +31.0% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 71% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam (X tons), Thailand (X tons) and the Philippines (X tons) were the main suppliers of preserved tuna imports to South Korea, with a combined 46% share of total imports. These countries were followed by Italy and Japan, which together accounted for a further 2.6%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +71.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved tuna suppliers to South Korea were Vietnam ($X), Thailand ($X) and Italy ($X), together accounting for 46% of total imports.

Italy, with a CAGR of +68.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved tuna import price stood at $X per ton in 2021, increasing by 4.9% against the previous year. Overall, the import price, however, saw a slight reduction. The growth pace was the most rapid in 2015 when the average import price increased by 20%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the Philippines ($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 Philippines (+11.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :