Potato market in South Korea

Earlier Report Observations

The South Korean fresh potato market expanded in 2019, partly due to the entry of a new player into the seed potato segment, which may have supported subsequent production growth. This increase in domestic output coincided with a decline in wholesale prices as supply improved. However, the market contracted sharply in 2020 when COVID‑19 restrictions caused a 49.8% drop in school meal demand, significantly reducing overall potato consumption.

Market volume stabilized in 2021, aided by government purchases of soybeans that indirectly helped calm agricultural price volatility. The following year, however, demand for fresh potatoes weakened further as urbanization and shifting consumer habits boosted convenience and processed potato products, drawing consumption away from the fresh segment.

A recovery occurred in 2023, driven by falling import prices that made foreign potatoes more competitive and spurred higher imports. At the same time, product innovation in the processing sector, including new plant‑based snacks and expanded e‑commerce sales, increased the offtake of raw potatoes for further manufacturing.

Production potato in South Korea

In kind, 2017-2020, K t

Top producers of potato, 2017-2020

World map of production of potato, 2017-2020

South Korea's potato production declined after two years of growth. In 2020, the country produced 553.2 K t of potatoes, marking a 12.2% year-over-year decrease. Over the 2017-2020 period, production increased by 18.5%, with a compound annual growth rate of 5.8%. The highest production level was recorded in 2019 at 630.1 K t, while the largest annual increase occurred in 2018 at 17.4%.

Annual dynamics of production in South Korea in kind, 2017-2020, K t

Exports potato from South Korea

Exports in kind, t

South Korea's potato exports declined for the second consecutive year. In 2020, the country exported 710 t of potatoes, representing a sharp 40.2% reduction compared to the previous year. Between 2017 and 2020, exports decreased by 52.5%, equating to an annualized decline of 22.0%. The peak export volume was recorded in 2018 at 1 712 t, which also saw the largest annual increase of 14.7%.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

From 2017 to 2020, Vietnam and Russia served as the primary markets for South Korea's potato exports in volume terms, jointly accounting for 87.7% of total shipments. Other destinations held comparatively smaller shares during this period.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, K $ US

South Korea's potato exports in value terms declined for the third consecutive year. In 2020, the country exported 508 K $ US worth of potatoes, showing an abrupt 44.0% decrease compared to the previous year. Between 2017 and 2020, export value fell by 68.4%, representing an annualized decline of 31.9%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

During the 2017-2020 period, South Korea's potato exports in value terms were primarily directed toward Russia and Vietnam, whose combined share reached 88.7% of total flows. Other destinations played a secondary role in the export structure.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports potato to South Korea

Imports in kind, t

In 2020, South Korea imported 30 722 t of potatoes, representing a 3.5% increase compared to 2019. Over the 2017-2020 period, imports decreased by 18.1%, with a compound annual decline rate of 6.5%. The lowest import volume was recorded in 2019 at 29 695 t, while the highest was in 2018 at 38 592 t. The largest annual decline occurred in 2019 at 23.1%.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

From 2017 to 2020, South Korea's potato imports in volume terms were heavily concentrated on Australia and the United States, which together accounted for 100.0% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, K $ US

South Korea's potato imports in value terms declined for the second consecutive year. In 2020, imports were recorded at 15 481 K $ US, showing a robust 10.3% decrease compared to the previous year. Over the 2017-2020 period, import value decreased by 24.5%, with a compound annual decline rate of 8.9%. The highest import value was recorded in 2018 at 23 743 K $ US. The largest annual decline occurred in 2019 at 27.3%, while the largest increase was in 2018 at 15.8%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

During the 2017-2020 period, the geographical pattern of South Korea's potato imports in value terms was dominated by the United States and Australia, which together accounted for 100.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020