Republic of Korea: Root And Tuber Market 2024

Root And Tuber Market Size in Republic of Korea

The South Korean root and tuber market fell to $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Root And Tuber Production in Republic of Korea

In value terms, root and tuber production dropped modestly to $X in 2022 estimated in export price. Overall, the total production indicated a temperate increase 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. Root and tuber production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

In 2022, the average yield of roots and tubers in South Korea reduced modestly to X tons per ha, which is down by X% on 2021. In general, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2020 to 2022, the growth of the average root and tuber yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The root and tuber harvested area in South Korea reached X ha in 2022, leveling off at the previous year. In general, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to root and tuber production attained the maximum at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Root And Tuber Exports

Exports from Republic of Korea

In 2022, overseas shipments of roots and tubers increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, exports posted a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, root and tuber exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for root and tuber exports from South Korea, with a X% share of total exports. Moreover, root and tuber exports to Vietnam exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. The third position in this ranking was taken by Russia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam 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, Hong Kong SAR ($X), Vietnam ($X) and Russia ($X) were the largest markets for root and tuber exported from South Korea worldwide, with a combined X% share of total exports. Singapore lagged somewhat behind, comprising a further X%.

Singapore, 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

In 2022, the average root and tuber export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price, however, showed strong growth. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced mixed trend patterns.

Root And Tuber Imports

Imports into Republic of Korea

In 2022, overseas purchases of roots and tubers increased by X% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, imports, however, saw a abrupt slump. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, root and tuber imports surged to $X in 2022. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons), Vietnam (X tons) and the United States (X tons) were the main suppliers of root and tuber imports to South Korea, with a combined X% share of total imports. These countries were followed by Australia, which accounted for a further X%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X), Thailand ($X) and the United States ($X) constituted the largest root and tuber suppliers to South Korea, together comprising X% of total imports.

The United States, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average root and tuber import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, import price indicated a strong expansion 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, root and tuber import price increased by X% against 2016 indices. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 the United States ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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