Prepared or preserved beef and offal market in South Korea

Earlier Report Observations

The market for prepared or preserved beef and offal in South Korea saw substantial growth from 2 250 t in 2018 to 4 238 t in 2021. This expansion was supported by strategic shifts in the food industry to meet changing consumer demand, including a rising focus on sustainability and value-based consumption. A major catalyst was the COVID-19 pandemic, which reduced out-of-home dining and significantly boosted demand for processed food products, driving sharp increases in market volume in 2020 and 2021. Additionally, regulatory easing for the recycling of food by-products into livestock feed from 2019 onward may have improved supply chain efficiency.

After peaking in 2021, market growth slowed in 2022 to 4 424 t, while in value terms the market stabilized around $36 million USD, reflecting the impact of rising international grain prices and other inflationary cost pressures on processed food prices. In 2023, with the end of the COVID-19 pandemic, market volume contracted to 4 060 t, moving closer to pre-pandemic levels, but the market value slightly increased to $36.3 million USD, likely supported by growing consumer trust and purchase intent for convenient food products.

Production prepared or preserved beef and offal in South Korea

In kind, 2017-2020, t

Top producers of prepared or preserved beef and offal, 2017-2020

World map of production of prepared or preserved beef and offal, 2017-2020

South Korea's production of prepared or preserved beef and offal has increased for the second consecutive year. In 2020, the country produced 2 045 tons, marking a modest 2.0% rise compared to 2019. Looking at the period from 2017 to 2020, production grew by 4.9%, which translates to an average annual increase of 1.6%. The lowest production level was recorded in 2018 at 1 924 tons, with the largest decline that year at 1.3%. In contrast, the most significant increase occurred in 2019, with a 4.2% growth.

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

In value, 2017-2020, K $ US

South Korea's production value for prepared or preserved beef and offal has declined for the third year in a row. In 2020, the output was valued at 19 958 thousand US dollars, down by 2.0% from the previous year. Over the 2017-2020 period, production value decreased by 21%, reflecting a compound annual growth rate (CAGR) of -7.6%.

Annual dynamics of production in South Korea in value, 2017-2020, K $ US

Exports prepared or preserved beef and offal from South Korea

Exports in kind, t

South Korea's export volume of prepared or preserved beef and offal has risen for the second consecutive year. In 2020, the country exported 110 tons, representing a 12.7% year-over-year increase. From 2017 to 2020, exports grew by 2.2%, with a CAGR of 0.7%. The lowest export volume was in 2018 at 68 tons, which saw the largest decline of 37.1%. The most substantial increase was recorded in 2019, with a 44.0% rise.

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

Between 2017 and 2020, Myanmar, China, and Hong Kong were the largest buyers of prepared or preserved beef and offal from South Korea. Myanmar accounted for 39.2% of exports in kind, China for 16.0%, and Hong Kong for 10.4%. Together, these three markets formed 65.6% of South Korea's total exports in this category.

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 export value of prepared or preserved beef and offal has increased for the second year in a row. In 2020, exports amounted to 1 071 thousand US dollars, up by 8.3% compared to the previous year. However, over the 2017-2020 period, export value decreased by 23.1%, with a CAGR of -8.4%. The lowest value was recorded in 2018 at 863 thousand US dollars, which experienced the largest decline of 38.0%. The most significant increase occurred in 2019, with a 14.6% rise.

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

From 2017 to 2020, Myanmar, China, and Vietnam were the key partners for South Korea's exports of prepared or preserved beef and offal in value terms. Myanmar represented 34.2% of exports, China 19.1%, and Vietnam 12.3%. Collectively, these three countries accounted for 65.7% of total export flows.

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 prepared or preserved beef and offal to South Korea

Imports in kind, t

South Korea's imports of prepared or preserved beef and offal have increased for the third consecutive year. In 2020, imports totaled 1 206 tons, showing a substantial 152.2% year-over-year rise. Between 2017 and 2020, imports surged by 251.6%, equating to an annualized growth rate of 52.1%.

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

During the 2017-2020 period, Australia and Argentina were the main suppliers of prepared or preserved beef and offal to South Korea. Together, they held an 80.8% share of total imports in kind, with the remaining portion distributed among various other countries.

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 import value for prepared or preserved beef and offal has grown for the third year in a row. In 2020, imports amounted to 6 121 thousand US dollars, which is 131.2% higher than the previous year. Over the 2017-2020 period, import value increased by 161.3%, with a CAGR of 37.7%.

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

From 2017 to 2020, Australia, Argentina, and New Zealand were the principal suppliers of prepared or preserved beef and offal to South Korea in value terms. Australia accounted for 36.7% of imports, Argentina for 34.4%, and New Zealand for 17.6%. Together, these three countries represented 88.7% of total imports.

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

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