Republic of Korea: Meat Market 2024

Meat Market Size in Republic of Korea

The South Korean meat market expanded markedly to $X in 2022, increasing by X% against the previous year. Overall, the total consumption indicated a prominent 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 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Meat Production in Republic of Korea

In value terms, meat production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

In 2022, the average yield of meat in South Korea shrank modestly to X kg per head, approximately reflecting 2021 figures. Overall, the yield, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The meat yield peaked at X kg per head in 2014; however, from 2015 to 2022, the yield remained at a lower figure.

In 2022, the number of animals slaughtered for meat production in South Korea declined to X heads, approximately equating 2021 figures. This number increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2013 when the number of producing animals increased by X%. The number of animals slaughtered for meat production peaked at X heads in 2021, and then dropped in the following year.

Meat Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of meat decreased by X% to X tons in 2022. Over the period under review, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, meat exports fell sharply to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons) was the main destination for meat exports from South Korea, with a X% share of total exports. Moreover, meat exports to Hong Kong SAR exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold.

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

In value terms, Hong Kong SAR ($X) remains the key foreign market for meat exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with an X% share of total exports.

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: Vietnam (X% per year) and Iraq (X% per year).

Export Prices by Country

In 2022, the average meat export price amounted to $X per ton, growing by X% against the previous year. In general, the export price saw a buoyant increase. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Vietnam ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Meat Imports

Imports into Republic of Korea

In 2022, supplies from abroad of meat increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated temperate growth 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. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, meat imports skyrocketed to $X in 2022. Over the period under review, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest meat supplier to South Korea, accounting for a X% share of total imports. Moreover, meat imports from the United States exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. Spain (X tons) ranked third in terms of total imports with a X% share.

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

In value terms, the United States ($X), Australia ($X) and Spain ($X) constituted the largest meat suppliers to South Korea, with a combined X% share of total imports.

Among the main suppliers, Spain, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average meat import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated a strong increase 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, meat import price increased by X% against 2016 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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