Republic of Korea: Canned Vegetable Market 2024

Canned Vegetable Market Size in Republic of Korea

The South Korean canned vegetable market expanded significantly to $X in 2022, surging by 11% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +87.3% against 2012 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in the immediate term.

Canned Vegetable Production in Republic of Korea

In value terms, canned vegetable production stood at $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 5.7%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Canned Vegetable Exports

Exports from Republic of Korea

In 2022, overseas shipments of canned vegetables decreased by -2.5% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.7% against 2015 indices. The growth pace was the most rapid in 2020 with an increase of 34% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, canned vegetable exports fell to $X in 2022. In general, exports, however, saw temperate growth. The most prominent rate of growth was recorded in 2020 with an increase of 37%. The exports peaked at $X in 2021, and then declined in the following year.

Exports by Country

Japan (X tons), the United States (X tons) and Hong Kong SAR (X tons) were the main destinations of canned vegetable exports from South Korea, together comprising 71% of total exports. Australia, Taiwan (Chinese), the Netherlands, the UK, Canada and Singapore lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +23.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for canned vegetable exported from South Korea were Japan ($X), the United States ($X) and Hong Kong SAR ($X), together accounting for 67% of total exports. Taiwan (Chinese), Australia, the Netherlands, the UK, Canada and Singapore lagged somewhat behind, together accounting for a further 22%.

The Netherlands, with a CAGR of +25.8%, 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 canned vegetable export price stood at $X per ton in 2022, which is down by -8.6% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 4.7% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and the UK ($X per ton), while the average price for exports to Japan ($X per ton) and the United States ($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) (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Vegetable Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was growth in overseas purchases of canned vegetables, when their volume increased by 4.3% to X tons. In general, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 13%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, canned vegetable imports rose rapidly to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +97.6% against 2012 indices. The growth pace was the most rapid in 2015 with an increase of 13% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of canned vegetable to South Korea, with a 82% share of total imports. Moreover, canned vegetable imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), tenfold. Italy (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.7% per year) and Italy (+8.1% per year).

In value terms, China ($X) constituted the largest supplier of canned vegetables to South Korea, comprising 73% of total imports. The second position in the ranking was taken by Thailand ($X), with an 8.7% share of total imports. It was followed by the United States, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+7.5% per year) and the United States (-1.3% per year).

Import Prices by Country

The average canned vegetable import price stood at $X per ton in 2022, rising by 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 15%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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