Republic of Korea: Market for Prepared Or Preserved Crab Meat 2024

Market Size for Prepared Or Preserved Crab Meat in Republic of Korea

The South Korean market for prepared or preserved crab meat was finally on the rise to reach $X in 2023, after three years of decline. Overall, consumption showed a strong expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Production of Prepared Or Preserved Crab Meat in Republic of Korea

In value terms, prepared or preserved crab meat production shrank to $X in 2023 estimated in export price. In general, production continues to indicate a slight slump. The growth pace was the most rapid in 2018 when the production volume increased by X%. Prepared or preserved crab meat production peaked at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Exports of Prepared Or Preserved Crab Meat

Exports from Republic of Korea

In 2023, after two years of growth, there was significant decline in shipments abroad of prepared or preserved crab meat, when their volume decreased by X% to X tons. Over the period under review, exports saw a noticeable decrease. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, prepared or preserved crab meat exports declined to $X in 2023. Overall, exports showed a noticeable downturn. The growth pace was the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for prepared or preserved crab meat exports from South Korea, accounting for a X% share of total exports. Moreover, prepared or preserved crab meat exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. France (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Japan 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 France (X% per year).

In value terms, the largest markets for prepared or preserved crab meat exported from South Korea were Japan ($X), the United States ($X) and France ($X), together accounting for X% of total exports. Taiwan (Chinese), Belgium and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of 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

The average export price for prepared or preserved crab meat stood at $X per ton in 2023, standing approx. at the previous year. In general, export price indicated a notable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, prepared or preserved crab meat export price increased by X% against 2021 indices. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and France ($X per ton), while the average price for exports to Japan ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Or Preserved Crab Meat

Imports into Republic of Korea

In 2023, imports of prepared or preserved crab meat into South Korea fell notably to X tons, shrinking by X% compared with 2022. In general, imports recorded a deep slump. The growth pace was the most rapid in 2014 with an increase of X%. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, prepared or preserved crab meat imports fell rapidly to $X in 2023. Overall, imports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Vietnam (X tons), China (X tons) and Canada (X tons) were the main suppliers of prepared or preserved crab meat imports to South Korea, together accounting for X% of total imports. Chile, Japan, Indonesia and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Canada ($X) and China ($X) were the largest prepared or preserved crab meat suppliers to South Korea, together accounting for X% of total imports. Chile, Japan, Indonesia and the United States lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Chile, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average import price for prepared or preserved crab meat amounted to $X per ton, standing approx. at the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2023, 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform