Republic of Korea: Frozen Potato Market 2022

Frozen Potato Market Size in Republic of Korea

The South Korean frozen potato market totaled $X in 2021, picking up by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +X% 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 -X% 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.

Frozen Potato Exports

Exports from Republic of Korea

In 2021, the amount of frozen potatoes exported from South Korea reduced to X tons, with a decrease of -X% compared with the year before. Over the period under review, exports, however, posted notable growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen potato exports shrank slightly to $X in 2021. Overall, exports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Myanmar (X tons) was the main destination for frozen potato exports from South Korea, with a X% share of total exports. Moreover, frozen potato exports to Myanmar exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. Russia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual growth rate of volume to Myanmar stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+X% per year) and Russia (+X% per year).

In value terms, the United States ($X), Hong Kong SAR ($X) and China ($X) constituted the largest markets for frozen potato exported from South Korea worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +X%, 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 frozen potato export price stood at $X per ton in 2021, with an increase of X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Myanmar ($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 Russia (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Potato Imports

Imports into Republic of Korea

In 2021, the amount of frozen potatoes imported into South Korea rose slightly to X tons, picking up by X% against 2020. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +X% 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 -X% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, frozen potato imports rose modestly to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +X% 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 -X% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the maximum 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 frozen potato supplier to South Korea, accounting for a X% share of total imports. Moreover, frozen potato imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), ninefold. The third position in this ranking was held by Canada (X tons), with a X% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+X% per year) and Canada (+X% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen potato to South Korea, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with an X% share of total imports. It was followed by Canada, with a X% share.

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

Import Prices by Country

In 2021, the average frozen potato import price amounted to $X per ton, flattening at the previous year. Over the last nine years, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Canada ($X per ton) and the United States ($X per ton), while the price for the Netherlands ($X per ton) and China ($X per ton) were amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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