South Korea Seafood Market Size and Share Analysis - Growth Trends and Forecast Report 2024-2032

South Korea Seafood Market Trends & Summary

South Korea Seafood market is expected to reach US$ 4.16 Billion in 2023 to US$ 5.42 Billion by 2032, with a CAGR of 2.98% from 2024 to 2032. The industry is being driven by the growing advancements in processing methods, which have enhanced the seafood products' quality, safety, and shelf life and increased their customer appeal.

The report South Korea Seafood Market & Forecast covers by Form (Fresh, Frozen, Ambient, Canned & Processed Seafood), Type (Fish, Crustaceans, Molluscs, Others), Application (Retail, Institutions, Food Service) and Company Analysis 2024-2032.

South Korea Seafood Overview

Seafood is a broad category that includes a variety of marine life that is delicious food for humans to eat. Fish, shellfish, and other aquatic creatures collected from rivers, seas, oceans, and freshwater bodies fall under this category. Seafood, which is highly regarded for its nutritional value, is an excellent source of vital proteins, vitamins, and minerals, as well as omega-3 fatty acids. Seafood offers a culinary journey, from the sumptuous flesh of fish-like cod, salmon, and tuna to the delicate flavors of crustaceans like shrimp, crab, and lobster. Seafood is now widely used in cuisine, with many cultures using it to create unique dishes that are influenced by local customs and preferences.

Sustainable fishing methods and aquaculture have been fueled by the need for seafood, aiming to strike a balance between environmental preservation and human consumption. Seafood is a multipurpose component that may be used in a variety of culinary preparations, including baking, frying, stewing, and soups. In addition to being incredibly delicious, the seafood business is vital to economies, supporting millions of people who work in fishing, processing, and distribution.

Growth Drivers for the South Korean Seafood Market

High Seafood Intake and Cultural Adaptation

Seasfood consumption in South Korea is among the highest per capita in the world. The reason is attributed to its rich seafood culture in the country. Seafood items, including sashimi, grilled fish, and seafood stews, are part of the traditional Korean diet. The ever-increasing health-conscious diets among the population have also forced consumers to be attracted towards seafood due to very high protein and omega-3 content. Additionally, seafood is widely available in markets, grocery stores, and restaurants, further boosting demand. This strong cultural preference ensures steady market growth, with domestic production and imports crucial in meeting consumer demand. Korean per capita fish and shellfish consumption has held steady over the last decade despite declining consumption by young consumers. The Korean seafood industry has successfully promoted seafood as a healthy protein source, with consumption growing an average of 3.5% per year from 2000 to 2018, compared to 3% for meat. However, from 2019 to 2022, meat consumption increased more steadily, surpassing seafood in annual per capita volume. Between 2016 and 2022, meat's compound annual growth rate was 2.6%, while seafood was 1.4%. Seafood industries have emphasized product diversification, quality improvement, and new processing technology development.

Increased Aquaculture and Responsible Fishing

South Korea has developed aquaculture and responsible fishing as part of the effort to fulfill increasing demand for seafood. Abalone, shrimp, and seaweed are produced with the most modern and advanced farming methods. The government is supportive of initiatives for sustainable seafood production that help conserve the marine resources. Long-term market growth will thus be guaranteed. Technological achievements, including smart aquaculture systems and advanced water quality assessment, have similarly improved yield as well as improved quality. Besides, with globalization, the fact that South Korean seafood is perceived to be well sourced and yet sustainable has alleviated global risks of over-fishing, increasing its reliability among consumers. Therefore, the sales of seafood-based HMR within South Korea for 2030 are expected at an average 14 percent while imported seafood contributed 68% of the whole ingredients in the year 2021.

Growth in Seafood Exports and International Trade

Seafood accounts for a greater proportion of exports in South Korea, mainly to China, Japan, and the United States. The country enjoys robust trade agreements coupled with top-quality processing facilities that meet global standards. High demand for premium seafood worldwide, including Korean fish products such as pollock and seaweed, has translated to rising export revenues. Moreover, the global popularity of Korean culture-fuelled by K-dramas and K-pop-spurs international cultural demand for Korean seafood products. Improved logistics and infrastructure for cold chain help South Korea in its journey to strengthen the seafood trade presence in global markets. Tarriff rate quota under KORUS FTA that Korea has as of 2024 applies only to one fish product from the U.S.-frozen Alaska pollock.

Barriers for South Korea Seafood Market

Climate Change and Environmental Concerns

The increasing sea temperature and ocean acidification are major threats to South Korea's seafood industry. The changing climate is causing a problem with the fish population, breaking up the ecosystems, and declining seafood yields. In addition, the frequent typhoons and marine pollution also affect the quality and sustainability of seafood, such as plastic waste and oil spills. These environmental issues make the industry invest in adaptive measures, including aquaculture expansion and stricter regulations on fishing practices. However, some of these are expensive and even time-consuming. This makes an issue in keeping the market stabilized in the long run.

Shifting Seafood Prices and Distribution Chain Break

The South Korea seafood market prices are subject to fluctuations because it is affected by seasonal availability of the products and fuel prices during transportation. Price vulnerability also has a link to international supply chains due to dependencies on imports. The fishing and seafood processing industries also have faced labor shortages, affecting production efficiency. The COVID-19 period has further exposed weaknesses in the seafood supply chain, resulting in price volatility and distribution hitches. Such market uncertainties can make the supply trend of seafood unstable for businesses and consumers.

South Korea Fresh Seafood Market

The fresh seafood market in South Korea is an important part of the country's seafood industry, which is driven by strong consumer demand for high-quality, locally sourced seafood. Major seafood markets such as Noryangjin Fish Market in Seoul offer a wide variety of fresh fish, shellfish, and other seafood directly to consumers and restaurants. Advances in cold chain logistics and modern fish farming have improved the availability and quality of fresh seafood. The availability of fresh seafood is increased with the growth of online delivery services. The major obstacles are climate change and marine pollution, which have been hindering the sustainability of the market over the long run.

South Korea Fish Seafood Market

Fish seafood in South Korea is among the biggest in Asia. South Korea is characterized by the highest consumption of fish, such as mackerel, pollock, tuna, and croaker. Demand for fish arises due to nutritional values, price, and its role in the traditional Korean diet. Wild caught and farmed are the driving factors of this market, where the government has also invested in sustainable fisheries and aquaculture. Imports fill in the domestic gap with some species in demand, but there is a need for responsible fishing, traceability of seafood for proper regulation of the market, which is a challenge due to overfishing and environmental degradation. In April 2024, Dongwon Group, the parent company of StarKist, will buy South Korea's only container ship operator in its first deal under new chairperson Kim Nam-Jung. This is a strategic expansion for Dongwon into the shipping industry and diversifies its business portfolio.

South Korea Seafood Food Service Market

The seafood foodservice market in South Korea is booming due to a strong dining-out culture and the popularity of seafood restaurants. From high-end seafood buffets to casual street food vendors, seafood plays a major role in South Korean cuisine. Grilled fish, sashimi, seafood stews, and raw marinated crabs (ganjang gejang) are popular and attract locals as well as tourists. Seafood-based meal kits and delivery services have further propelled the market. However, increasing seafood prices and supply chain disruptions make restaurant operators seek ways to be profitable and ensure quality seafood. With Fishsale and Shinsunhae, consumers can receive fresh seafood within a few days. Platforms like these sell fresh seafood, meal kits, and seasonal seafood such as abalone, shrimp, and mackerel, which are known to taste the best during autumn and winter.

South Korea Seafood Company News

In September 2023, Dongwon Industries contemplated purchasing HMM, the leading container line in Korea. The business intended to use its own funds to finance the acquisition; it may have done so by listing Starkist Co., its US-based affiliate that sells canned tuna, or by selling affiliate stakes.

South Korea Seafood Market Segments

Form- Industry is divided into 4 viewpoints:

1. Fresh
2. Frozen
3. Ambient
4. Canned & Processed Seafood

Type- Industry is divided into 4 viewpoints:

1. Fish
2. Crustaceans
3. Molluscs
4. Others

Application- Industry is divided into 3 viewpoints:

1. Retail
2. Institutions
3. Food Service

All companies have been covered with 5 Viewpoints

• Overview
• Key Persons
• Recent Development & Strategies
• Product Portfolio
• Financial Insight

Company Analysis

1. Atlantic Capes Fisheries, Inc
2. Dongwon Industries
3. Hansung Enterprise
4. Lotte Foods
5. Korea Fisheries Trade Association
6. Mokpo Fisheries

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