Republic of Korea: Pork Market 2024

Pork Market Size in Republic of Korea

In 2022, the South Korean pork market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Pork Production in Republic of Korea

In value terms, pork production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

In 2022, the average pork yield in South Korea was estimated at X kg per head, approximately reflecting the previous year. In general, the yield saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the yield decreased by X% against the previous year. The pork yield peaked at X kg per head in 2012; however, from 2013 to 2022, the yield failed to regain momentum.

In 2022, approx. X heads of animals slaughtered for pork production in South Korea; almost unchanged from 2021. This number increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the number of producing animals increased by X% against the previous year. Over the period under review, this number reached the peak level at X heads in 2021, and then contracted modestly in the following year.

Pork Exports

Exports from Republic of Korea

In 2022, shipments abroad of pork decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then reduced dramatically in the following year.

In value terms, pork exports contracted significantly to $X in 2022. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for pork exports from South Korea, with a approx. X% share of total exports.

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

In value terms, Hong Kong SAR ($X) also remains the key foreign market for pork exports from South Korea.

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

Export Prices by Country

The average pork export price stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price continues to indicate a strong expansion. 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 peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Hong Kong SAR amounted to X% per year.

Pork Imports

Imports into Republic of Korea

In 2022, supplies from abroad of pork increased by X% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated a tangible expansion 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. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, pork imports skyrocketed to $X in 2022. Over the period under review, total imports indicated buoyant growth 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 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Spain (X tons), the United States (X tons) and Canada (X tons) were the main suppliers of pork imports to South Korea, together comprising X% of total imports. The Netherlands, Chile, Austria, Denmark, Ireland, Mexico and Germany lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pork suppliers to South Korea were Spain ($X), the United States ($X) and the Netherlands ($X), with a combined X% share of total imports. Canada, Chile, Austria, Denmark, Mexico, Ireland and Germany lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Ireland, with a CAGR of X%, saw 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 pork import price amounted to $X per ton, with a decrease of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

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 Germany ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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