SOUTH KOREA SEAFOOD MARKET

INTRODUCTION

South Korea has a rich seafood culture that permeates its cuisine, given that it is encircled by water on three sides.  Yellow croaker (jogi), hairtail (galchi), and mackerel (godeungeo) are just a few of the seafood options available in South Korea. Common cooking techniques are braising and grilling. 

South Korea offers a variety of oyster consumption options, such as eating them raw with hot gochujang (red chilli paste) and in stews. Eating live octopus is the centrepiece of the unusual Korean dish known as sangnakji.

It is usually presented on the plate sliced and still in motion. Seafood is a key component of South Korean cuisine, which frequently stresses the use of seasonal, fresh ingredients.

SOUTH KOREA SEAFOOD MARKET SIZE AND FORECAST

The South Korea seafood market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

SOUTH KOREA SEAFOOD MARKETRECENT DEVELOPMENT

Unlimeat of South Korea is a newcomer to the growing alt-seafood market, offering recycled plant-based tuna. There are numerous violations of human rights and the environment in the seafood industry.

  Additionally, rising greenhouse gas emissions are a result of the growing demand for seafood, and the climate crisis is further exacerbated by the extensive fuel use of ocean fishing vessels. In addition, the industry is plagued by child and forced labour, and its issues are made worse by the usage of plastic packaging and the existence of microplastics in the ocean.

The food chain is disturbed by overfishing. Additionally, other species will overpopulate when populations decline, destroying biodiversity and altering the ecosystem as a whole. After all, eating fish still devastates the environment.

It has prompted more investment and the creation of new products in the vegan seafood market, like Unlimeat's plant-based tuna. While meat is a more well-established category, alternative seafood is relatively new and not well-known. Seafood is less concerned with health than it is with sustainability.

SOUTH KOREA SEAFOOD MARKETMARKET DYNAMICS

In 2022, the value of Korean seafood imports was $6.47 billion, a 12.7 percent increase from the previous year. The amount of seafood imported into Korea for human consumption from the US in 2022 was $229 million, up 5.6% over the previous year.

With a 3.5 percent market share, the US is still Korea's fifth-largest seafood exporter. Although regional competitors frequently offer lower pricing, Korean consumers generally view U.S. fisheries products as high-quality and unpolluted.

The government intends to maintain price stability amidst elevated inflationary pressures by augmenting the supply of marine items such as cuttlefish and mackerel. 

A select group of large corporations control the majority of the processed seafood market in South Korea: Dongwon F&B Co., Ltd., CJ CheilJedang Corporation, and Sajo Daerim Corporation. Dongwon, Daerim, and CJ are among the leading brands in the processed fish industry. 

In the fish and fish products industry, South Korea saw a consistent amount of new product releases between 2018 and 2022. Convenience was the primary promise for the top five product launch categories, which included processed fish, meat and egg products, meals and meal centres, snacks, sauces and seasonings, and soup.

The Jeju Haenyeo Fisheries System was named a Globally Important Agricultural Heritage System (GIAHS) as part of the programme run by the Food and Agricultural Organisation (FAO).

This announcement was made by Minister Cho Seung Hwan of the Ministry of Oceans and Fisheries. In order to gather seafood, Jeju Haenyeo fishermen dive into the water without the use of any mechanical gear.

SOUTH KOREA SEAFOOD MARKETTHIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many seafoods are manufactured per annum in South Korea? Who are the sub-component suppliers in different regions?
2. Cost breakup of a South Korea seafood and key vendor selection criteria
3. Where is South Korean seafood manufactured? What is the average margin per unit?
4. Market share of South Korea seafood market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture South Korea seafood in-house
6. key predictions for next 5 years in South Korea seafood market
7. Average B-2-B South Korea seafood market price in all segments
8. Latest trends in South Korea seafood market, by every market segment
9. The market size (both volume and value) of the South Korea seafood market in 2024-2030 and every year in between?
10. Production breakup of South Korea seafood market, by suppliers and their OEM relationship