Republic of Korea: Preserved Cows Meat Market 2024

Preserved Cows Meat Market Size in Republic of Korea

The South Korean preserved cows meat market was estimated at $X in 2023, picking up by X% against the previous year. In general, consumption, however, showed a prominent increase. Over the period under review, the market attained the maximum level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Preserved Cows Meat Production in Republic of Korea

In value terms, preserved cows meat production rose markedly to $X in 2023 estimated in export price. Overall, production recorded resilient growth. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Preserved Cows Meat Exports

Exports from Republic of Korea

In 2023, overseas shipments of prepared or preserved meat or offal of bovine animals increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, exports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved cows meat exports rose rapidly to $X in 2023. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons), Australia (X tons) and the Philippines (X tons) were the main destinations of preserved cows meat exports from South Korea, together accounting for X% of total exports. Guatemala, Germany and Ireland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for preserved cows meat exported from South Korea were Australia ($X), Japan ($X) and Germany ($X), with a combined X% share of total exports. The Philippines, Ireland and Guatemala lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Ireland, with a CAGR of X.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average preserved cows meat export price amounted to $X per ton, shrinking by X% against the previous year. In general, the export price, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2013 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then shrank in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to the Philippines ($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 Ireland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Cows Meat Imports

Imports into Republic of Korea

In 2023, supplies from abroad of prepared or preserved meat or offal of bovine animals decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports, however, posted a mild expansion. The growth pace was the most rapid in 2017 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2023, imports failed to regain momentum.

In value terms, preserved cows meat imports fell to $X in 2023. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Uruguay (X tons) constituted the largest preserved cows meat supplier to South Korea, accounting for a X% share of total imports. Moreover, preserved cows meat imports from Uruguay exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. The third position in this ranking was taken by Argentina (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Uruguay totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and Argentina (X% per year).

In value terms, the largest preserved cows meat suppliers to South Korea were Uruguay ($X), New Zealand ($X) and Australia ($X), together comprising X% of total imports.

Uruguay, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 preserved cows meat import price stood at $X per ton in 2023, waning by X% against the previous year. Overall, the import price, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform