Republic of Korea: Preserved Frozen Potato Market 2024

Preserved Frozen Potato Market Size in Republic of Korea

In 2021, the South Korean preserved frozen potato market decreased by -6.6% to $X, falling for the second year in a row after five years of growth. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.3% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Preserved Frozen Potato Exports

Exports from Republic of Korea

In 2021, shipments abroad of frozen potatoes prepared or preserved increased by 1,437% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved frozen potato exports skyrocketed to $X in 2021. In general, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The Philippines (X tons), Hong Kong SAR (X tons) and Singapore (X tons) were the main destinations of preserved frozen potato exports from South Korea, together accounting for 59% of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +2,204.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Hong Kong SAR ($X) and China ($X) were the largest markets for preserved frozen potato exported from South Korea worldwide, together comprising 61% of total exports.

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of +1,139.0%, 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 preserved frozen potato export price stood at $X per ton in 2021, declining by -38.8% against the previous year. In general, the export price, however, continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 154% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

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Preserved Frozen Potato Imports

Imports into Republic of Korea

In 2021, the amount of frozen potatoes prepared or preserved imported into South Korea rose to X tons, with an increase of 2.8% on 2020. In general, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -1.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 15%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, preserved frozen potato imports dropped to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -12.2% against 2019 indices. The pace of growth was the most pronounced in 2016 when imports increased by 19%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest preserved frozen potato supplier to South Korea, with a 66% share of total imports. Moreover, preserved frozen potato imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. Belgium (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+18.3% per year) and Belgium (+39.7% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen potatoes prepared or preserved to South Korea, comprising 70% of total imports. The second position in the ranking was held by Belgium ($X), with a 13% share of total imports. It was followed by the Netherlands, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+40.3% per year) and the Netherlands (+16.6% per year).

Import Prices by Country

In 2021, the average preserved frozen potato import price amounted to $X per ton, waning by -10.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 17% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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