Prepared or preserved groundnuts market in South Korea

Earlier Report Observations

The market for prepared or preserved groundnuts in South Korea expanded from around 33,900 tons in 2018 to over 37,600 tons by 2023. This growth was primarily driven by the rapid expansion of the home meal replacement (HMR) segment, which saw sales surge by 63% over three years and surpassed 5 trillion won by 2022. The rising number of single-person households and increased female workforce participation boosted demand for convenient food options, directly increasing consumption of groundnuts as ingredients in ready-to-eat products.

Despite government efforts to promote domestic bean production and usage through policies like contract farming support and origin labeling laws, imports continued to dominate the supply. State-affiliated agencies such as aT released low-priced imported beans, undermining the competitiveness of local produce and keeping import volumes on an upward trend, reaching 36,368 tons in 2023. Regulatory enhancements, including stricter origin labeling rules and mycotoxin testing for peanuts and processed nuts, also shaped market dynamics by reinforcing safety and transparency standards.

Consumer preferences shifted towards health, sustainability, and clean-label products, reflected in the growing functional food market and increased interest in eco-friendly attributes. The enforcement of the Act on Origin Labeling of Agricultural and Fishery Products and its subsequent amendments further tightened labeling requirements, while the sustained growth of online food purchases supported market accessibility.

Production prepared or preserved groundnuts in South Korea

In kind, 2017-2020, t

Top producers of prepared or preserved groundnuts, 2017-2020

World map of production of prepared or preserved groundnuts, 2017-2020

South Korea's production of prepared or preserved groundnuts rebounded after two years of decline. In 2019, output reached its lowest point at 1 159 tonnes, but then surged by 37.7% in 2020 to 1 596 tonnes. Over the period from 2017 to 2020, production fell by 21.3%, which translates to an average annual decrease of 7.7%. The sharpest drop occurred in 2019, when production declined by 25.4%.

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

Exports prepared or preserved groundnuts from South Korea

Exports in kind, t

The market showed considerable volatility during this period. Exports peaked in 2017, then plummeted to their lowest level in 2018, with a dramatic 7.7-fold difference between these two years. In 2020, South Korea exported 18 tonnes of prepared or preserved groundnuts, representing a 38.5% decrease compared to 2019. The smallest export volume was recorded in 2018 at 15 tonnes. The most significant decline happened in 2018, with an 86.9% drop, while the largest increase occurred in 2019, when exports jumped by 92.6%.

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

From 2017 to 2020, China and Vietnam were consistently the top destinations for South Korea's prepared or preserved groundnuts exports in volume terms, together accounting for 82.8% of total shipments. Other trading partners each held much smaller shares of the export market.

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

The market experienced notable fluctuations throughout the timeframe. Export values reached their highest point in 2017 and hit their lowest in 2020, with an 8.8-fold gap between these extremes. In 2020, South Korea's prepared or preserved groundnuts exports were valued at 88 thousand US dollars, reflecting a substantial 46.7% decline from the previous year. The most pronounced decrease was in 2018, when export value fell by 82.3%, while the largest increase came in 2019 with a 20.7% rise.

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

Between 2017 and 2020, China, Vietnam, and Japan remained the primary markets for South Korea's prepared or preserved groundnuts exports in value terms. China accounted for 58.6% of export value, Vietnam for 21.2%, and Japan for 5.2%. Together, these three countries represented 84.9% 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 groundnuts to South Korea

Imports in kind, t

After two consecutive years of growth, South Korea's imports of prepared or preserved groundnuts in volume terms declined. In 2020, the country imported approximately 31 824 tonnes, which was 2.1% lower than in 2019. Over the period from 2017 to 2020, imports increased by 4.8%, averaging an annual growth rate of 1.6%. The highest import volume was recorded in 2019 at 32 520 tonnes, while the largest year-on-year increase occurred in 2018 with a 6.7% rise.

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

During 2017–2020, China was the dominant source for South Korea's prepared or preserved groundnuts imports in volume terms, supplying 82.3% of total imports. The remaining volume was spread across a variety of 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 imports of prepared or preserved groundnuts in value terms grew for the third year in a row. In 2020, imports reached 64 926 thousand US dollars, showing a modest increase of 7.7% compared to 2019. From 2017 to 2020, import value rose by 11.9%, which corresponds to an average annual growth rate of 3.8%.

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

From 2017 to 2020, China accounted for 73.3% of South Korea's total import value for prepared or preserved groundnuts. The rest of the imports were distributed among a wide range of smaller trading partners.

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

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