Republic of Korea: Market for Prepared or Preserved Fish and Dishes other than Dried, Smoked, Salted or in Brine 2024

Market Size for Prepared or Preserved Fish and Dishes other than Dried, Smoked, Salted or in Brine in Republic of Korea

The South Korean market for prepared or preserved fish and dishes other than dried, smoked, salted or in brine rose slightly to $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2023, consumption remained at a lower figure.

Production of Prepared or Preserved Fish and Dishes other than Dried, Smoked, Salted or in Brine in Republic of Korea

In value terms, production of prepared or preserved fish and dishes other than dried, smoked, salted or in brine amounted to $X in 2023 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2013 with an increase of X%. Production of peaked at $X in 2015; however, from 2016 to 2023, production failed to regain momentum.

Exports of Prepared or Preserved Fish and Dishes other than Dried, Smoked, Salted or in Brine

Exports from Republic of Korea

In 2023, shipments abroad of prepared or preserved fish and dishes other than dried, smoked, salted or in brine decreased by X% to X tons for the first time since 2018, thus ending a four-year rising trend. Over the period under review, total exports indicated tangible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2012 indices. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports of hit record highs at X tons in 2022, and then shrank slightly in the following year.

In value terms, exports of prepared or preserved fish and dishes other than dried, smoked, salted or in brine reduced slightly to $X in 2023. Overall, total exports indicated a temperate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports of hit record highs at $X in 2022, and then reduced slightly in the following year.

Exports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main destinations of exports of prepared or preserved fish and dishes other than dried, smoked, salted or in brine from South Korea, with a combined X% share of total exports. The Philippines, Portugal, Vietnam, Canada, Australia, Taiwan (Chinese), Mongolia, Hong Kong SAR, Thailand and Italy lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest markets for prepared or preserved fish and dishes exported from South Korea worldwide, with a combined X% share of total exports. Hong Kong SAR, Taiwan (Chinese), Canada, Portugal, Australia, the Philippines, Vietnam, Mongolia, Thailand and Italy lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for prepared or preserved fish and dishes other than dried, smoked, salted or in brine stood at $X per ton in 2023, approximately mirroring the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2022, and then dropped slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared or Preserved Fish and Dishes other than Dried, Smoked, Salted or in Brine

Imports into Republic of Korea

After two years of growth, supplies from abroad of prepared or preserved fish and dishes other than dried, smoked, salted or in brine decreased by X% to X tons in 2023. Over the period under review, total imports indicated a measured increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2013 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2022, and then fell modestly in the following year.

In value terms, imports of prepared or preserved fish and dishes other than dried, smoked, salted or in brine fell to $X in 2023. Overall, total imports indicated prominent growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then contracted in the following year.

Imports by Country

China (X tons), Vietnam (X tons) and Peru (X tons) were the main suppliers of imports of prepared or preserved fish and dishes other than dried, smoked, salted or in brine to South Korea, together comprising X% of total imports. Thailand, the UK, Mexico and Senegal lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest prepared or preserved fish and dishes suppliers to South Korea were Vietnam ($X), China ($X) and Peru ($X), with a combined X% share of total imports. Thailand, the UK, Mexico and Senegal lagged somewhat behind, together accounting for a further X%.

Mexico, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 2023, the average import price for prepared or preserved fish and dishes other than dried, smoked, salted or in brine amounted to $X per ton, with a decrease of X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2015 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Senegal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform