Republic of Korea: Vegetable Product Market 2024

Vegetable Product Market Size in Republic of Korea

In 2022, the South Korean vegetable product market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, the total consumption indicated a buoyant expansion 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. Vegetable product consumption peaked at $X in 2021, and then shrank in the following year.

Vegetable Product Exports

Exports from Republic of Korea

In 2022, overseas shipments of vegetable products decreased by X% to X tons, falling for the third year in a row after two years of growth. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, vegetable product exports declined significantly to $X in 2022. In general, exports recorded a abrupt downturn. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), China (X tons) and the Netherlands (X tons) were the main destinations of vegetable product exports from South Korea, with a combined X% share of total exports. Vietnam, the Czech Republic and Japan lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of X%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X), the Netherlands ($X) and China ($X) appeared to be the largest markets for vegetable product exported from South Korea worldwide, together comprising X% of total exports. Vietnam, the Czech Republic and Japan lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, the Czech Republic, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average vegetable product export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price continues to indicate a notable increase. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($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 more modest paces of growth.

Vegetable Product Imports

Imports into Republic of Korea

In 2022, supplies from abroad of vegetable products was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume 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, imports decreased by X% against 2017 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable product imports contracted notably to $X in 2022. In general, total imports indicated a prominent expansion 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. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then reduced sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest vegetable product supplier to South Korea, with a X% share of total imports. Moreover, vegetable product imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), more than tenfold. South Africa (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and South Africa (X% per year).

In value terms, China ($X) constituted the largest supplier of vegetable products to South Korea, comprising X% of total imports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total imports. It was followed by South Africa, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and South Africa (X% per year).

Import Prices by Country

In 2022, the average vegetable product import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell markedly in the following year.

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

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

Source: IndexBox Platform

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