Republic of Korea: Vegetable Puree Market 2024

Vegetable Puree Market Size in Republic of Korea

In 2022, the South Korean vegetable puree market increased by 7.5% to $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, showed a pronounced descent. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Vegetable Puree Exports

Exports from Republic of Korea

In 2022, vegetable puree exports from South Korea surged to X tons, increasing by 44% compared with 2021 figures. Overall, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of 875%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, vegetable puree exports surged to $X in 2022. In general, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 800% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Czech Republic (X tons), the Netherlands (X tons) and the UK (X tons) were the main destinations of vegetable puree exports from South Korea, with a combined 56% share 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 the UK (with a CAGR of +34.4%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and the Czech Republic ($X) constituted the largest markets for vegetable puree exported from South Korea worldwide, together accounting for 61% of total exports. Samoa, the UK, Germany, Slovakia, France and Thailand lagged somewhat behind, together comprising a further 32%.

The UK, with a CAGR of +31.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average vegetable puree export price stood at $X per ton in 2022, reducing by -10.1% against the previous year. Over the period under review, the export price showed a noticeable setback. The pace of growth appeared the most rapid in 2013 when the average export price increased by 63%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 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 the United States ($X per ton), while the average price for exports to Thailand ($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 the United States (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Puree Imports

Imports into Republic of Korea

In 2022, overseas purchases of vegetable puree were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 43%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, vegetable puree imports soared to $X in 2022. In general, imports, however, showed a pronounced downturn. The pace of growth appeared the most rapid in 2017 with an increase of 54% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest vegetable puree supplier to South Korea, with a 48% share of total imports. Moreover, vegetable puree imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. The third position in this ranking was held by the United States (X tons), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+91.6% per year) and the United States (-23.8% per year).

In value terms, Vietnam ($X), China ($X) and Australia ($X) constituted the largest vegetable puree suppliers to South Korea, together comprising 67% of total imports.

Vietnam, with a CAGR of +100.5%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vegetable puree import price amounted to $X per ton, falling by -2% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 29%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, 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 Australia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+44.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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