Republic of Korea: Turkey Meat Market 2025

Turkey Meat Market Size in Republic of Korea

In 2022, the South Korean turkey meat market decreased by -5.9% to $X, falling for the third consecutive year after four years of growth. In general, consumption, however, enjoyed a prominent expansion. Turkey meat consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Turkey Meat Exports

Exports from Republic of Korea

In 2022, overseas shipments of turkey meat were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a sharp shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 214% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, turkey meat exports shrank modestly to $X in 2022. Overall, exports, however, saw a significant curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 81% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for turkey meat exports from South Korea, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Vietnam totaled -31.0%.

In value terms, Vietnam ($X) also remains the key foreign market for turkey meat exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to -28.9%.

Export Prices by Country

The average turkey meat export price stood at $X per ton in 2022, waning by -4.8% against the previous year. In general, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, turkey meat export price increased by +67.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 59%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Vietnam.

From 2012 to 2022, the rate of growth in terms of prices for Vietnam amounted to +3.1% per year.

Turkey Meat Imports

Imports into Republic of Korea

In 2022, supplies from abroad of turkey meat decreased by -23.2% to X tons, falling for the third consecutive year after two years of growth. In general, imports recorded a noticeable decline. The growth pace was the most rapid in 2018 when imports increased by 47%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, turkey meat imports declined slightly to $X in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -36.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 42% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Chile (X tons) constituted the largest turkey meat supplier to South Korea, with a 77% share of total imports. Moreover, turkey meat imports from Chile exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Chile stood at +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.7% per year) and Australia (+9.4% per year).

In value terms, Chile ($X) constituted the largest supplier of turkey meat to South Korea, comprising 80% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Chile stood at +43.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.8% per year) and Australia (+7.9% per year).

Import Prices by Country

The average turkey meat import price stood at $X per ton in 2022, surging by 28% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average import price increased by 28%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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