Pear prices in South Korea have fallen sharply, with the wholesale price for 15 kilograms of 2024-harvested pears averaging US$23 (31,597 won) last month, down more than 80% from US$123 (169,763 won) a year earlier, according to a Korea Rural Economic Institute report.
Retail prices have also dropped, with data from the Korea Agro-Fisheries & Food Trade Corp. showing the price for 10 pears at US$26 (36,026 won) as of Friday, a 52.6% decrease from US$55 (76,077 won) last year.
The decline is not due to oversupply, as 2024 production was low at 178,000 tonnes, the smallest volume in four years, according to Statistics Korea. The price drop stems from farmers attempting to repeat last year's strategy of storing pears to sell later at higher prices.
In 2023, production fell 26.8% year-on-year to 184,000 tonnes due to severe spring frost and sunburn damage, despite only a 2.4% decrease in cultivation area. Some farmers who stored their crop and sold before the new season began saw prices rise from around US$36 (50,000 won) per 15 kilograms to US$109–145 (150,000–200,000 won), tripling or quadrupling expected income. The average retail price for 10 pears in July 2023 reached US$58 (79,559 won), almost triple the US$21 (28,531 won) of the previous year.
This year, some farmers again stored their pears in cold storage, but the market situation changed. While retail prices stayed above average in early 2024, wholesale prices began falling below last year's levels from February. By May, wholesale prices dropped to US$36 (50,754 won) per 15 kilograms, below the previous average of US$41 (56,840 won).
As prices continued to decline, farmers came under pressure to sell, but demand remained weak, accelerating the price fall. Pear consumption is limited, with the Ministry of Agriculture, Food and Rural Affairs reporting per capita consumption of 3.1 kilograms in 2023, less than half the 7.7 kilograms for apples and lower than peaches (3.6 kg) and grapes (4.4 kg). Last year's high prices also discouraged buyers.
Large stocks remain in storage, and market forecasts suggest prices for this year's crop are unlikely to recover. Farmers who stored last year's harvest expecting higher returns are now facing losses, with some calling on the government to "take responsibility for pear prices."
Public response has been unsympathetic, with online comments such as, "Excessive greed has backfired," and "If farmers are manipulating the distribution market to inflate fruit prices, consumers should just stop buying expensive fruit. Then prices will naturally fall."
Source: The Korea Times
