Republic of Korea: Market for Crabs and Crab Meat 2024

Market Size for Crabs and Crab Meat in Republic of Korea

The South Korean crab and crab meat market declined to $X in 2022, dropping by X% against 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 throughout the analyzed period. Crab and crab meat consumption peaked at $X in 2021, and then reduced in the following year.

Production of Crabs and Crab Meat in Republic of Korea

In value terms, crab and crab meat production fell to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Crab and crab meat production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

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Exports of Crabs and Crab Meat

Exports from Republic of Korea

In 2022, the amount of crabs and crab meat exported from South Korea surged to X tons, rising by X% compared with 2021 figures. Over the period under review, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, crab and crab meat exports surged to $X in 2022. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

China (X tons) was the main destination for crab and crab meat exports from South Korea, with a X% share of total exports. Moreover, crab and crab meat exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Hong Kong SAR (X% per year).

In value terms, the largest markets for crab and crab meat exported from South Korea were Hong Kong SAR ($X), China ($X) and Vietnam ($X), with a combined X% share of total exports.

Vietnam, 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

The average crab and crab meat export price stood at $X per ton in 2022, waning by X% against the previous year. Overall, the export price, however, saw a resilient increase. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Taiwan (Chinese) ($X per ton), while the average price for exports to Japan ($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.

Imports of Crabs and Crab Meat

Imports into Republic of Korea

In 2022, purchases abroad of crabs and crab meat decreased by X% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, total imports indicated noticeable 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 2019 indices. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, crab and crab meat imports declined modestly to $X in 2022. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell in the following year.

Imports by Country

Russia (X tons), China (X tons) and Pakistan (X tons) were the main suppliers of crab and crab meat imports to South Korea, with a combined X% share of total imports. Bahrain and Tunisia lagged somewhat behind, together accounting for a further X%.

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

In value terms, Russia ($X) constituted the largest supplier of crabs and crab meat to South Korea, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Bahrain, with a X% share.

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

Import Prices by Country

In 2022, the average crab and crab meat import price amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of X%. The import price peaked at $X per ton in 2021, and then reduced modestly in the following year.

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

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

Source: IndexBox Platform

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