Republic of Korea: Market for Sheep And Goat Meat 2024

Market Size for Sheep And Goat Meat in Republic of Korea

In 2023, the South Korean sheep and goat meat market decreased by X% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, faced a significant contraction. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2023, consumption remained at a lower figure.

Production of Sheep And Goat Meat in Republic of Korea

In value terms, sheep and goat meat production reduced to $X in 2023 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2023: its value 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, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2017 when the production volume increased by X%. Sheep and goat meat production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

In 2023, the average yield of sheep and goat meat in South Korea totaled X kg per head, therefore, remained relatively stable against the year before. Overall, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the average sheep and goat meat yield hit record highs at X kg per head in 2017; however, from 2018 to 2023, the yield remained at a lower figure.

In 2023, approx. X heads of animals slaughtered for sheep and goat meat production in South Korea; increasing by X% compared with the previous year's figure. Overall, the number of producing animals recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the number of producing animals increased by X% against the previous year. The number of animals slaughtered for sheep and goat meat production peaked at X heads in 2017; however, from 2018 to 2023, producing animals stood at a somewhat lower figure.

Exports of Sheep And Goat Meat

Exports from Republic of Korea

Sheep and goat meat exports from South Korea dropped sharply to X kg in 2021, declining by X% on the previous year's figure. In general, exports faced a significant curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, sheep and goat meat exports reduced remarkably to $X in 2021. Over the period under review, exports recorded a precipitous decrease. The growth pace was the most rapid in 2017 with an increase of X%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Gambia (X kg) was the main destination for sheep and goat meat exports from South Korea, accounting for a X% share of total exports. Moreover, sheep and goat meat exports to Gambia exceeded the volume sent to the second major destination, Bahrain (X kg), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Gambia was relatively modest.

From 2012 to 2021, the average annual rate of growth in terms of value to Gambia was relatively modest.

Export Prices by Country

In 2021, the average sheep and goat meat export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Gambia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sheep And Goat Meat

Imports into Republic of Korea

In 2023, supplies from abroad of sheep and goat meat increased by X% to X tons, rising for the fourth consecutive year after two years of decline. Overall, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the near future.

In value terms, sheep and goat meat imports skyrocketed to $X in 2023. Over the period under review, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in years to come.

Imports by Country

In 2023, Australia (X tons) constituted the largest supplier of sheep and goat meat to South Korea, accounting for a X% share of total imports. It was followed by New Zealand (X tons), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of volume from Australia stood at X%.

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

From 2012 to 2023, the average annual growth rate of value from Australia amounted to X%.

Import Prices by Country

In 2023, the average sheep and goat meat import price amounted to $X per ton, dropping by X% against the previous year. In general, import price indicated pronounced growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sheep and goat meat import price decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2021; however, from 2022 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 New Zealand ($X per ton), while the price for Australia amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by New Zealand (X%).

Source: IndexBox Platform