Republic of Korea: Preserved Tomato Market 2024

Preserved Tomato Market Size in Republic of Korea

The South Korean preserved tomato market contracted modestly to $X in 2023, falling by X% against the previous year. Overall, the total consumption indicated mild growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2018 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Preserved Tomato Production in Republic of Korea

In value terms, preserved tomato production fell slightly to $X in 2023 estimated in export price. In general, the total production indicated modest growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Preserved tomato production peaked at $X in 2016; however, from 2017 to 2023, production failed to regain momentum.

Preserved Tomato Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of preserved tomatoes decreased by X% to X tons in 2023. Over the period under review, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

In value terms, preserved tomato exports reduced notably to $X in 2023. In general, exports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2022 with an increase of X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for preserved tomato exports from South Korea, accounting for a X% share of total exports. Moreover, preserved tomato exports to Russia exceeded the volume sent to the second major destination, Turkey (X kg), fivefold. The third position in this ranking was taken by Malaysia (X kg), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (X% per year) and Malaysia (X% per year).

In value terms, Turkey ($X) emerged as the key foreign market for preserved tomatoes exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Russia ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Malaysia (X% per year).

Export Prices by Country

The average preserved tomato export price stood at $X per ton in 2023, rising by X% against the previous year. Overall, the export price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Tomato Imports

Imports into Republic of Korea

After six years of growth, overseas purchases of preserved tomatoes decreased by X% to X tons in 2023. In general, total imports indicated buoyant growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2022, and then contracted in the following year.

In value terms, preserved tomato imports dropped to $X in 2023. Overall, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then reduced in the following year.

Imports by Country

Italy (X tons), the United States (X tons) and Spain (X tons) were the main suppliers of preserved tomato imports to South Korea, with a combined X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the United States ($X) and Spain ($X) were the largest preserved tomato suppliers to South Korea, together comprising X% of total imports.

Spain, with a CAGR of X%, saw 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

In 2023, the average preserved tomato import price amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform