Republic of Korea: Bacon And Ham Market 2024

Bacon And Ham Market Size in Republic of Korea

The South Korean bacon and ham market declined modestly to $X in 2022, leveling off at the previous year. Overall, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Bacon And Ham Production in Republic of Korea

In value terms, bacon and ham production dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Bacon And Ham Exports

Exports from Republic of Korea

Bacon and ham exports from South Korea declined remarkably to X kg in 2022, waning by X% compared with the previous year. Overall, exports showed a precipitous descent. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, bacon and ham exports dropped dramatically to $X in 2022. Over the period under review, exports showed a significant contraction. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X kg), Bahamas (X kg) and Thailand (X kg) were the main destinations of bacon and ham exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for bacon, ham and other dried, salted or smoked pig meat exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Bahamas ($X), with a X% share of total exports. It was followed by Iraq, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (X% per year) and Iraq (X% per year).

Export Prices by Country

In 2022, the average bacon and ham export price amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price, however, recorded tangible growth. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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

Bacon And Ham Imports

Imports into Republic of Korea

In 2022, purchases abroad of bacon, ham and other dried, salted or smoked pig meat decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, bacon and ham imports reduced slightly to $X in 2022. Overall, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest bacon and ham supplier to South Korea, accounting for a X% share of total imports. Moreover, bacon and ham imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Italy (X% per year).

In value terms, the United States ($X) constituted the largest supplier of bacon, ham and other dried, salted or smoked pig meat to South Korea, comprising X% of total imports. The second position in the ranking was taken by Spain ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (X% per year) and Italy (X% per year).

Import Prices by Country

In 2022, the average bacon and ham import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bacon and ham import price increased by X% against 2014 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform