Republic of Korea: Market for Pig Meat other than Hams or Bellies (Salted, in Brine, Dried or Smoked) 2024

Market Size for Pig Meat other than Hams or Bellies (Salted, in Brine, Dried or Smoked) in Republic of Korea

For the eleventh year in a row, the South Korean market for pig meat other than hams or bellies (salted, in brine, dried or smoked) recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption saw significant growth. Consumption of peaked in 2022 and is expected to retain growth in the near future.

Production of Pig Meat other than Hams or Bellies (Salted, in Brine, Dried or Smoked) in Republic of Korea

In value terms, production of pig meat other than hams or bellies (salted, in brine, dried or smoked) contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production of growth remained at a somewhat lower figure.

Exports of Pig Meat other than Hams or Bellies (Salted, in Brine, Dried or Smoked)

Exports from Republic of Korea

Exports of pig meat other than hams or bellies (salted, in brine, dried or smoked) from South Korea declined markedly to X kg in 2022, with a decrease of X% against 2021 figures. In general, exports continue to indicate a sharp 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 attained the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of pig meat other than hams or bellies (salted, in brine, dried or smoked) shrank notably to $X in 2022. Over the period under review, exports showed a dramatic descent. The growth pace was the most rapid in 2015 when exports increased by X%. Over the period under review, the exports of hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X kg) was the main destination for exports of pig meat other than hams or bellies (salted, in brine, dried or smoked) from South Korea, accounting for a approx. X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR amounted to X%.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to X%.

Export Prices by Country

The average export price for pig meat other than hams or bellies (salted, in brine, dried or smoked) stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price showed a buoyant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for Bahrain amounted to X% per year.

Imports of Pig Meat other than Hams or Bellies (Salted, in Brine, Dried or Smoked)

Imports into Republic of Korea

For the eleventh year in a row, South Korea recorded growth in purchases abroad of pig meat other than hams or bellies (salted, in brine, dried or smoked), which increased by X% to X tons in 2022. Overall, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, imports of pig meat other than hams or bellies (salted, in brine, dried or smoked) expanded notably to $X in 2022. In general, imports showed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Spain (X tons), Italy (X tons) and Austria (X tons) were the main suppliers of imports of pig meat other than hams or bellies (salted, in brine, dried or smoked) to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Italy ($X) and Austria ($X) appeared to be the largest salted, dried, or smoked pig meat other than hams or bellies suppliers to South Korea, together comprising X% of total imports.

Austria, with a CAGR of X%, recorded the highest growth rate of 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

The average import price for pig meat other than hams or bellies (salted, in brine, dried or smoked) stood at $X per ton in 2022, waning by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Austria ($X per ton), while the price for Italy ($X per ton) and Spain ($X per ton) were 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