Republic of Korea: Market for Frozen Vegetables other than Potato and Corn 2024

Market Size for Frozen Vegetables other than Potato and Corn in Republic of Korea

For the third consecutive year, the South Korean market for frozen vegetables other than potato and corn recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value 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, consumption increased by X% against 2013 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Exports of Frozen Vegetables other than Potato and Corn

Exports from Republic of Korea

In 2022, exports of frozen vegetables other than potato and corn from South Korea amounted to X tons, picking up by X% on the previous year's figure. In general, exports, however, showed a noticeable downturn. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports of hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, exports of frozen vegetables other than potato and corn declined slightly to $X in 2022. Over the period under review, exports, however, showed a slight downturn. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for exports of frozen vegetables other than potato and corn from South Korea, with a X% share of total exports. Moreover, exports of frozen vegetables other than potato and corn to the United States exceeded the volume sent to the second major destination, China (X tons), sixfold. Vietnam (X tons) ranked third in terms of total exports 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: China (X% per year) and Vietnam (X% per year).

In value terms, the United States ($X) remains the key foreign market for frozen vegetables other than potato and corn exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

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

Export Prices by Country

In 2022, the average export price for frozen vegetables other than potato and corn amounted to $X per ton, falling by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average 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 Japan ($X per ton), while the average price for exports to China ($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 Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Vegetables other than Potato and Corn

Imports into Republic of Korea

In 2022, approx. X tons of frozen vegetables other than potato and corn were imported into South Korea; dropping by X% compared with 2021 figures. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of X%. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, imports of frozen vegetables other than potato and corn expanded notably to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value 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, imports increased by X% against 2013 indices. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) was the main frozen vegetables other than potato and corn supplier to South Korea, accounting for a X% share of total imports. Moreover, imports of frozen vegetables other than potato and corn from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold.

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

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

From 2012 to 2022, the average annual growth rate of value from China totaled X%.

Import Prices by Country

The average import price for frozen vegetables other than potato and corn stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%).

Source: IndexBox Platform

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