Republic of Korea: Vegetable Market 2024

Vegetable Market Size in Republic of Korea

The South Korean vegetable market reached $X in 2022, growing by X% against the previous year. Over the period under review, consumption recorded a slight decline. The pace of growth was the most pronounced in 2020 with an increase of X%. Vegetable consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vegetable Production in Republic of Korea

In value terms, vegetable production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight downturn. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Vegetable production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

In 2022, the average vegetable yield in South Korea reduced modestly to X tons per ha, shrinking by X% against the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2014 when the yield increased by X%. The vegetable yield peaked at X tons per ha in 2021, and then dropped in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of vegetables production in South Korea reached X ha, approximately reflecting the previous year. Over the period under review, the harvested area, however, continues to indicate a mild descent. The pace of growth appeared the most rapid in 2018 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to vegetable production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Vegetable Exports

Exports from Republic of Korea

In 2022, shipments abroad of vegetables decreased by X% to X tons, falling for the third year in a row after four years of growth. Overall, exports, however, posted a pronounced expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, vegetable exports dropped markedly to $X in 2022. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons), Taiwan (Chinese) (X tons) and Australia (X tons) were the main destinations of vegetable exports from South Korea, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for vegetables exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Australia (X% per year).

Export Prices by Country

The average vegetable export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price, however, continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

Vegetable Imports

Imports into Republic of Korea

In 2022, vegetable imports into South Korea soared to X tons, rising by X% against 2021. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, vegetable imports rose notably to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of vegetable to South Korea, with a X% share of total imports. Moreover, vegetable imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. The third position in this ranking was taken by Australia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Australia (X% per year).

In value terms, China ($X) constituted the largest supplier of vegetables to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with an X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Australia (X% per year).

Import Prices by Country

In 2022, the average vegetable import price amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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