Sector Trend Analysis – Meat trends in South Korea

South Korea's meat production

For market year 2023, South Korea meat production (pork, chicken and beef) totaled 2.7 million tonnes, with pork accounting for 1.4 million tonnes, chicken for 935 thousand tonnes and beef for 360 thousand tonnes. Pork, chicken and beef production saw steady growth from 2018 to 2023.

South Korea's trade summary

Of the top ten meat suppliers to South Korea by value, Canada was ranked as the 5th largest (valued at US$317.5 million in 2022) and accounted for 4.2% of the global market share in 2022. The largest supplier was the United States, with exports valued at US$3.4 billion in 2022. Due to the strong demand for meat, all of the top 10 countries exporting meat to South Korea had a steady CAGR from 2018 to 2022, ranging from 25.3% (Netherland) to 5.7% (Chile). Canada registered 3rd fastest growth at a CAGR of 21.5% from 2018 to 2022.

Of the top 10 meat suppliers to South Korea by volume, Canada also ranked as the 5th largest in 2022, exporting 80.6 thousand tonnes and accounting for 5.5% of the total world exports (1.5 million tonnes). Canada increased at a CAGR of 13.0% from 2018 to 2022, while Hong Kong reached the highest CAGR of 23.1%, among the top 10 suppliers.

Among the top 10 meat the world exported to South Korea in 2022, frozen meat of bovine, boneless cuts was the largest, reaching US$1.8 billion, followed by frozen meat of swine, reaching US$1.7 billion and fresh or chilled meat of bovine, boneless cuts, reaching US$1.3 billion. Overall, the growth from 2018 to 2022 was a CAGR 5.9%.

Among the top 10 meat that the world exported to South Korea in 2022, frozen meat of swine was the largest, reaching 464.8 thousand tonnes, followed by frozen meat of bovine, boneless cuts, reaching 252.5 thousand tonnes and frozen meat and edible offal of fowls of the species, cuts and offal, reaching 142.4 thousand tonnes. Overall, the total meat export growth from 2018 to 2022 was a CAGR 1.6%.

In 2022, the top three U.S. meat products exported to South Korea were frozen, boneless meat of bovine at US$916.1 million, fresh or chilled bovine meat, boneless at US$890.0 million and frozen bovine cuts, with bone in at US$791.8 million. Fresh or chilled meat of swine recorded the highest CAGR of 35.1% from 2018 to 2022.

In 2022, the top three U.S. meat products exported to South Korea were frozen meat of swine at 149.6 thousand tonnes, frozen, boneless meat of bovine at 122.9 thousand tonnes and frozen bovine cuts, with bone in at 86.6 thousand tonnes. Fresh or chilled meat of swine recorded the highest CAGR of 28.9% from 2018 to 2022.

In 2022, Canada's top meat exports to South Korea were frozen bovine cuts, with bone in at US$75.5 million, followed by frozen meat of swine at US$72.1 million and fresh or chilled meat of swine at US$65.7 million. Frozen edible bovine offal had the highest CAGR of 121.7% from 2018 to 2022.

Compared with 2021, the export of total meat to South Korea in 2022 increased at 34.7% in value, in particular, frozen edible bovine offal in creased at 1,107.1%. Total meat grew at a CAGR of 21.4% from 2018 to 2022.

In terms of trade volume, Canada's top exports in 2022 were frozen meat of swine at 30,962.8 tonnes, and fresh or chilled meat of swine at 13,495.5 tonnes and frozen bovine cuts, with bone in at 9,659.0 tonnes. Frozen edible bovine offal had the highest CAGR of 89.4% from 2018 to 2022.

Compared with 2021, the export of total meat to South Korea in 2022 increased 23.0% in volume. in particular, frozen edible bovine offal increased at 1,149.0%. Total meat export grew at a CAGR of 13.0% from 2018 to 2022.

In terms of export value broken down by Canadian province, Alberta led with a value of US$167.4 million in 2022, which accounted for over 50% of Canada's total meat exports to South Korea. Manitoba ranked second, exporting US$66.8 million in 2022, followed by Ontario at US$44.1 million. Total meat export grew at a CAGR of 21.4% from 2018 to 2022.

In terms of export volume by province, Alberta exported 28,874.4 tonnes of meat to South Korea in 2022, followed by Manitoba at 20,757.4 tonnes and Quebec at 17,578.8 tonnes.

From 2021 to 2022, Canada's pork and products export increased in value by 17.8%, from US$142.3 million in 2021 to US$167.7 million in 2022 while the CAGR increased at 5.1% from 2018 to 2022.

From 2021 to 2022, Canada's pork and products export increased in volume by 16.9%, from 52,722.8 tonnes in 2021 to 61,625.2 tonnes in 2022 while the CAGR increased at 8.1% from 2018 to 2022.

From 2021 to 2022, Canada's beef and products export increased in value by 60.8%, from US$93.2 million in 2021 to US$149.8 million in 2022 while the CAGR was increasing at 58.9% from 2018 to 2022.

From 2021 to 2022, Canada's beef and products export increased in volume by 48.1%, from 12,833.6 tonnes in 2021 to 19,007.9 tonnes in 2022 while the CAGR was increasing at 43.9% from 2018 to 2022.

Consumption and spending

1) Market size

The total volume of sales of meat in South Korea reached 2.6 million tonnes in 2022. Pork accounted for the largest volume of meat sold in South Korea in 2022 at 1.2 million tonnes (44.2% of the total meat sales), followed by poultry at 0.9 million tonnes and beef at 0.5 million tonnes. Meat sales in all categories except pork increased from 2018 to 2022 . Pork had the lowest CAGR of −1.6%. It is forecast that by 2027, total meat sales in South Korea will reach 3.1 million tonnes. Poultry are projected to have a CAGR of 4.0% from 2023 to 2027, followed by beef and pork at a CAGR of 3.8% and 2.5% respectively.

Per capita consumption of meat by South Korean consumers was 50.6 kilograms in 2022, increased from 45.4 kilograms in 2018, and it is projected to reach 60.0 kilograms by 2027. Only pork has the negative growth at a CAGR of −4.4% from 2018 to 2022 but projected to have 2.6% CAGR from 2023 to 2027. Poultry and beef both had a growth of same CAGR 5.7% from 2018 to 2022.

Compared with Canadian consumers, South Korean consumers consume less (50.6 kilograms in 2022) than Canadians do (75.4 kilograms in 2022) but will increase their meat consumption in the next five years from 2023 (52.5 kilograms) to 2027 60.0 kilograms).

2) Retail sales value

The value of the South Korea meat sector increased from US$5.1 billion in 2018 to US$5.8 billion in 2022, registering a CAGR of 3.3%. The sector is expected to reach US$7.3 billion by 2027, growing at a CAGR of 3.3% from 2023 to 2027.

3) Leading companies and brands in the South Korean processed meat sector

CJ Corp (US$421.7 million), Hormel Foods Corp (US$271.0 million) and Lotte Group (US$245.4 million) are the leading companies in the South Korea processed meat sector. CJ Corp registered the highest CAGR 0f 5.0% among the top 10 companies from 2018 to 2022.

In 2022, CJ Corp recorded 20.1% share, Hormel Foods Corp recorded 12.9% share while Lotte Group recorded 11.7% share. CJ Corp had the biggest growth at a CAGR of 1.6% from 2018 to 2022.

In 2022, the top three brands in South Korea's processed meat sector in 2022 were Spam (US$271.0 million), Healthier Ham (US$140.3 million) and Harim (US$118.1 million). Gourmet registered the highest growth at a CAGR of 14.7% from 2018 to 2022.

The top three brands in South Korean processed meat sector in 2022 were Spam (12.9%). Healthier Ham (6.7%) and Harim (5.6%). Gourmet registered the highest growth at a CAGR of 11.2% from 2018 to 2022.

Opportunities for Canada

Benefits of Canada-Korea Free Trade Agreement (CKFTA)

The Canada-Korea Free Trade Agreement will create thousands of jobs for hardworking Canadians by increasing Canadian exports to South Korea by 32 percent and boosting Canada's economy by $1.7 billion. It will level the playing field for Canadian businesses competing with South Korea's other trading partners, including the United States and the European Union, who already have free trade agreements in place with South Korea. For more information, please visit: Canada-Korea Free Trade Agreement (CKFTA)

It is important for Canadian exporters to work closely with their importing partners to ensure that South Korea's import requirements are met and that the necessary documentation is provided. Please also note that only federally registered meat establishments meeting certain criteria are eligible to export meat products to South Korea. Please contact CFIA local office before making any shipments.

Canada does not currently have market access to South Korea for poultry and poultry products. For pork, Canada has system-wide market access to South Korea, and Canadian beef access is granted on an establishment-by-establishment basis. For more information on the list of establishments approved for beef exports to South Korea, please visit the Canadian Food Inspection Agency (CFIA) website: List of establishments approved to export to South Korea. Canadian meat exporters are encouraged to verify if their information is accurately reflect on the CFIA website before shipping their products to South Korea in order to avoid potential delay or rejection at the Korean ports because of information discrepancies.

Exporters are strongly recommended to work with the local import agent, the distributor and the end user to make sure the products are in compliance with South Korean regulations and all proper documentation has been completed. For more information, please consult the following resources: Exporting food out of Canada (Canadian Food Inspection Agency), Step-by-Step Guide to Exporting (Trade Commissioner Service of Canada).

Exporters should also determine the import classification and tariff rate for products. The Tariff Finder tool can assist exporters in determining tariff information for specific products and countries where Canada has a free trade agreement.

For more information

The Canadian Trade Commissioner Service:

International Trade Commissioners can provide Canadian industry with on-the-ground expertise regarding market potential, current conditions and local business contacts, and are an excellent point of contact for export advice.

• Find a Trade Commissioner

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Resources

• Euromonitor 2023
• Global Trade Tracker, 2023
• United States Department of Agriculture (USDA), 2021. USDA production, supply and distribution

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Prepared by: Hongli Wang, Market Analyst

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