Republic of Korea: Vegetable Product Market 2025

Vegetable Product Market Size in Republic of Korea

After three years of growth, the South Korean vegetable product market decreased by -13.8% to $X in 2022. In general, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Vegetable product consumption peaked at $X in 2021, and then declined in the following year.

Vegetable Product Exports

Exports from Republic of Korea

In 2022, shipments abroad of vegetable products decreased by -76.2% to X tons, falling for the third consecutive year after two years of growth. In general, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2016 with an increase of 164%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, vegetable product exports reduced rapidly to $X in 2022. Overall, exports recorded a abrupt setback. The growth pace was the most rapid in 2018 with an increase of 113%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and the Netherlands (X tons) were the main destinations of vegetable product exports from South Korea, together comprising 90% of total exports. Vietnam, the Czech Republic and Japan lagged somewhat behind, together accounting for a further 6.5%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of +20.9%), while the other leaders experienced a decline.

In value terms, the largest markets for vegetable product exported from South Korea were the United States ($X), the Netherlands ($X) and China ($X), with a combined 82% share of total exports. Vietnam, the Czech Republic and Japan lagged somewhat behind, together comprising a further 11%.

In terms of the main countries of destination, the Czech Republic, with a CAGR of +19.6%, 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 mixed trend patterns.

Export Prices by Country

The average vegetable product export price stood at $X per ton in 2022, growing by 40% against the previous year. In general, the export price saw noticeable growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by 100%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($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 Vietnam (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Product Imports

Imports into Republic of Korea

In 2022, supplies from abroad of vegetable products increased by 3.9% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 -14.9% against 2017 indices. The most prominent rate of growth was recorded in 2016 with an increase of 31% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable product imports contracted remarkably to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value 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 2021 with an increase of 23% against the previous year. As a result, imports reached the peak of $X, and then reduced remarkably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of vegetable product to South Korea, with a 87% share of total imports. Moreover, vegetable product imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. South Africa (X tons) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+21.8% per year) and South Africa (-0.8% per year).

In value terms, China ($X) constituted the largest supplier of vegetable products to South Korea, comprising 92% of total imports. The second position in the ranking was held by Vietnam ($X), with a 1.1% share of total imports. It was followed by South Africa, with a 0.8% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+28.4% per year) and South Africa (+0.9% per year).

Import Prices by Country

In 2022, the average vegetable product import price amounted to $X per ton, declining by -22.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 29% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted dramatically in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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