Republic of Korea: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Republic of Korea

The South Korean frozen cuttlefishes market totaled $X in 2022, growing by X% against the previous year. Over the period under review, consumption saw a prominent increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Frozen Cuttlefishes Production in Republic of Korea

In value terms, frozen cuttlefishes production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Frozen Cuttlefishes Exports

Exports from Republic of Korea

In 2022, approx. X tons of frozen cuttlefishes were exported from South Korea; flattening at 2021. In general, exports recorded a significant contraction. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen cuttlefishes exports shrank significantly to $X in 2022. Over the period under review, exports continue to indicate a dramatic setback. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for frozen cuttlefishes exports from South Korea, with a X% share of total exports. Moreover, frozen cuttlefishes exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), sevenfold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, the United States ($X) remains the key foreign market for frozen cuttlefishes exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Australia ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Canada (X% per year).

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2022, which is down by X% against the previous year. In general, the export price, however, showed significant growth. The pace of growth was the most pronounced in 2017 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then fell remarkably in the following year.

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

Frozen Cuttlefishes Imports

Imports into Republic of Korea

In 2022, purchases abroad of frozen cuttlefishes increased by X% to X tons for the first time since 2016, thus ending a five-year declining trend. Overall, imports, however, saw a dramatic downturn. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes imports skyrocketed to $X in 2022. In general, imports, however, showed a deep slump. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam (X tons) and China (X tons) were the main suppliers of frozen cuttlefishes imports to South Korea.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%).

In value terms, Vietnam ($X) constituted the largest supplier of frozen cuttlefishes to South Korea, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Vietnam stood at X%.

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2022, with a decrease of X% against the previous year. In general, the import price, however, posted a significant increase. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 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 Vietnam ($X per ton), while the price for China amounted to $X per ton.

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

Source: IndexBox Platform

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