Republic of Korea: Market for Prepared Or Preserved Crab Meat 2024

Market Size for Prepared Or Preserved Crab Meat in Republic of Korea

In 2022, the South Korean market for prepared or preserved crab meat decreased by X% to $X, falling for the third year in a row after four years of growth. Overall, consumption, however, enjoyed a buoyant expansion. Prepared or preserved crab meat consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Prepared Or Preserved Crab Meat in Republic of Korea

In value terms, prepared or preserved crab meat production declined to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Prepared or preserved crab meat production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Prepared Or Preserved Crab Meat

Exports from Republic of Korea

In 2022, shipments abroad of prepared or preserved crab meat increased by X% to X tons, rising for the second consecutive year after six years of decline. In general, exports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, prepared or preserved crab meat exports soared to $X in 2022. Overall, exports, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for prepared or preserved crab meat exports from South Korea, accounting for a X% share of total exports. Moreover, prepared or preserved crab meat exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. France (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 Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and France (X% per year).

In value terms, the largest markets for prepared or preserved crab meat exported from South Korea were Japan ($X), the United States ($X) and France ($X), with a combined X% share of total exports. Taiwan (Chinese), Belgium and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Hong Kong SAR, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for prepared or preserved crab meat stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, export price indicated a perceptible 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, prepared or preserved crab meat export price decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and France ($X per ton), while the average price for exports to Japan ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Or Preserved Crab Meat

Imports into Republic of Korea

In 2022, overseas purchases of prepared or preserved crab meat increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a perceptible downturn. The pace of growth appeared the most rapid in 2016 with an increase of X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, prepared or preserved crab meat imports skyrocketed to $X in 2022. Overall, imports, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam (X tons), China (X tons) and Canada (X tons) were the main suppliers of prepared or preserved crab meat imports to South Korea, with a combined X% share of total imports.

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

In value terms, the largest prepared or preserved crab meat suppliers to South Korea were Vietnam ($X), Canada ($X) and China ($X), together comprising X% of total imports.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for prepared or preserved crab meat stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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