Republic of Korea: Spinach Market 2024

Spinach Market Size in Republic of Korea

The South Korean spinach market declined modestly to $X in 2022, remaining constant against the previous year. Overall, consumption, however, continues to indicate a noticeable decline. Spinach consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Spinach Production in Republic of Korea

In value terms, spinach production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

The average yield of spinach in South Korea declined slightly to X tons per ha in 2022, approximately reflecting 2021. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The spinach yield peaked at X tons per ha in 2012; however, from 2013 to 2022, the 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 spinach harvested area in South Korea expanded remarkably to X ha in 2022, with an increase of X% against the previous year's figure. Over the period under review, the harvested area, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spinach production reached the peak figure at X ha in 2013; however, from 2014 to 2022, the harvested area stood at a somewhat lower figure.

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Spinach Exports

Exports from Republic of Korea

Spinach exports from South Korea surged to X tons in 2022, with an increase of X% compared with 2021. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, spinach exports skyrocketed to $X in 2022. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons), the United States (X tons) and Singapore (X kg) were the main destinations of spinach exports from South Korea, together comprising X% of total exports.

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

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for spinach exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR 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 Singapore (X% per year).

Export Prices by Country

The average spinach export price stood at $X per ton in 2022, standing approx. at the previous year. Overall, export price indicated strong growth 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, spinach export price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Vietnam ($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 Marshall Islands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spinach Imports

Imports into Republic of Korea

In 2022, supplies from abroad of spinach decreased by X% to X kg, falling for the second year in a row after two years of growth. In general, imports, however, showed mild growth. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, spinach imports soared to $X in 2022. Over the period under review, imports continue to indicate a dramatic downturn. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Germany (X kg) constituted the largest spinach supplier to South Korea, with a X% share of total imports. Moreover, spinach imports from Germany exceeded the figures recorded by the second-largest supplier, Australia (X kg), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Germany was relatively modest.

In value terms, Germany ($X) constituted the largest supplier of spinach to South Korea, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Germany was relatively modest.

Import Prices by Country

The average spinach import price stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price, however, recorded a sharp shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Australia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform