Korea Seafood Market & Volume by Water, Products (Fishes, Shellfish, Crustacean), Species (12 Types), Company Analysis, Forecast
South Korea Seafood Market Outlook
South Korea is highly urbanized approx a quarter of its population lives in the city of Seoul. This country is a dynamic seafood market whose imports have grown exponential over the course of time. As per the Norwegian Sea food council, in the year 2019, South Korea has gone from being a peripheral seafood market to Asia’s second-largest seafood market. In Asia- Pacific’s region, South Korea is the 3rd largest economy after China and Japan. Around 20 percent of the landmass of South Korea is non-functional due to mountains. This is one of the reasons due to which Korean’s food inclination is towards seafood. South Koreans consume seafood more than any other country around the globe. According to Renub Research, Korea Seafood Market is projected to reach US$ 13.6 Billion by 2027.
In South Korea export of fishery products hit all time high in the year 2018, the most probable export countries was China and Japanese market. According to USDA, with respect to the seafood sector, the United States seafood exporters have more opportunities to export to South Korea as custom duties for fishery products have cut to zero or phased out for 3 to 10 years. As expected, South Korean consumers will take advantage of lower price resulting from cutting down of import duties for fishery products like Squid, Mackerels, Sailfin sandfish etc. According to Renub Research Seafood Market of South Korea will grow at a CAGR of 2.81% during 2020-2027.
Over the time, in the Korean market, Norwegian seafood exports have surged due to skyrocketing demand on farmed salmon and mackerel earlier that was dominated by US exporters until 2015. In South Korea, sea food production is done in various types of aquaculture like adjacent water, shallow sea culture, distant waters, and inland water. Shallow water marine environment preferred aquaculture points as water area is between the shore and deeper water which is best-suited habitats for Korean seafood. The Seafood Industry in South Korea was valued at US$ 11.2 Billion in 2020.
In recent years, a decrease in aquaculture and production in South Korea has led to the formation of various policies to increase aquaculture production. The government has prepared a long-term aquaculture development program by increasing cultivation areas for both profitable and unexploited species. South Korea population is increasingly being concern that affects fishing and aquaculture production due to the construction of industrial buildings in the country's southern and western coastal districts. Besides, South Korean people have high disposable income and enjoy seeking products that offers convenience due to their busy lifestyles. The growth factor to this market is the demand for pre-cooked, surging readymade, preserved food demand, and rising double-income families.
COVID-19 impact on Seafood Industry
According to World Health Organization (WHO) and the World Organisation for Animal Health (OIE), food itself is not responsible for the transmission of disease to people.
Production & Supply
• Impacted in distribution channels/supply chain/seafood value chain disruptions
• Low overall seafood production
• Seafood demand and supply imbalance
• Lower restaurant traffic, increase retail sales (supermarkets and e-commerce deliveries)
• Low demand for luxurious seafood products
Consumers
• Demand for seafood remained strong
• Choice of the seafood formats - frozen, fresh, canned - shift in consumer preference/ready to eat, ready to cook meals
• Suspension/Disruption of exports/imports
• Strong domestic markets
• The seafood supply chain is disturbed, and Transport restrictions affect supply chain
• Consumers spending on direct channels for seafood dropped due to movement restrictions
Renub Research latest report “South Korea Seafood Market & Volume by Water (Adjacent Water, Shallow Sea Aquaculture, Distant Waters), Products (Fishes, Shellfish, Crustacean), Species (Mackerels, Jack Mackerels, Red Snow Crabs, Snow Crabs, Purplish Washington Clams, Pen Shells, Horned Turban, Blue Crabs, Squids, Sailfin Sandfish, Mottled Skate, Others), Company (Seatrade, Atlantic Capes Fisheries, Inc, Atalanta Corporation, Ideal Foods Ltd, Sea Delights)" provides detailed analysis of Korea Sea Food Industry.
Waters – Market & Volume breakup from 4 viewpoints
• Adjacent Waters
• Shallow Sea Aquaculture
• Distant Waters
• Inland Waters
Product - Volume breakup from 3 viewpoints
• Fishes
• Shellfish
• Crustacean
Species - Volume breakup from 12 viewpoints
• Mackerels
• Jack mackerels
• Red snow crabs
• Snow crabs
• Purplish Washington clams
• Pen shells
• Horned turban
• Blue crabs
• Squids
• Sailfin sandfish
• Mottled Skate
• Others
All companies have been covered from 2 Viewpoints
• Overviews
• Recent Developments
Company Analysis
• Seatrade
• Atlantic Capes Fisheries, Inc
• Atalanta Corporation
• Ideal Foods Ltd
• Sea Delights
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. South Korea Seafood Analysis
5.1 Market
5.2 Volume
6. Share Analysis
6.1 Volume Share
6.1.1 Production by Water
6.1.2 Products
6.1.3 Species
6.2 Market Share
6.2.1 Production by Water
7. Production by Water - South Korea Seafood
7.1 Adjacent Waters
7.1.1 Market
7.1.2 Volume
7.2 Shallow Sea Aquaculture
7.2.1 Market
7.2.2 Volume
7.3 Distant Waters
7.3.1 Market
7.3.2 Volume
7.4 Inland Waters
7.4.1 Market
7.4.2 Volume
8. Product Production Volume - South Korea Seafood
8.1 Fishes
8.2 Shellfish
8.3 Crustacean
9. Species Production Volume - South Korea Seafood
9.1 Mackerels
9.2 Jack mackerels
9.3 Red snow crabs
9.4 Snow crabs
9.5 Purplish Washington clams
9.6 Pen shells
9.7 Horned turban
9.8 Blue crabs
9.9 Squids
9.10 Sailfin sandfish
9.11 Mottled Skate
9.12 Others
10. Company Analysis
10.1 Seatrade
10.1.1 Overviews
10.1.2 Recent Developments
10.2 Atlantic Capes Fisheries, Inc
10.2.1 Overviews
10.2.2 Recent Developments
10.3 Atalanta Corporation
10.3.1 Overviews
10.3.2 Recent Developments
10.4 Ideal Foods Ltd
10.4.1 Overviews
10.4.2 Recent Developments
10.5 Sea Delights
10.5.1 Overviews
10.5.2 Recent Developments
List Of Figures:
Figure-01: South Korea Seafood Consumption Market (Million US$), 2016 – 2020
Figure-02: Forecast for – South Korea Seafood Consumption Market (Million US$), 2021 – 2027
Figure-03: South Korea Seafood Consumption Volume (1000 Metric Tons), 2016 – 2020
Figure-04: Forecast for – South Korea Seafood Consumption Volume (1000 Metric Tons), 2021 – 2027
Figure-05: Water – Adjacent Waters Market (100 Million US$), 2016 – 2020
Figure-06: Water – Forecast for Adjacent Waters Market (100 Million US$), 2021 – 2027
Figure-07: Water – Adjacent Waters Volume (1000 Metric Tons), 2016 – 2020
Figure-08: Water – Forecast for Adjacent Waters Volume (1000 Metric Tons), 2021 – 2027
Figure-09: Water – Shallow Sea Aquaculture Market (100 Million US$), 2016 – 2020
Figure-10: Water – Forecast for Shallow Sea Aquaculture Market (100 Million US$), 2021 – 2027
Figure-11: Water – Shallow Sea Aquaculture Volume (1000 Metric Tons), 2016 – 2020
Figure-12: Water – Forecast for Shallow Sea Aquaculture Volume (1000 Metric Tons), 2021 – 2027
Figure-13: Water – Distant Waters Market (100 Million US$), 2016 – 2020
Figure-14: Water – Forecast for Distant Waters Market (100 Million US$), 2021 – 2027
Figure-15: Water – Distant Waters Volume (1000 Metric Tons), 2016 – 2020
Figure-16: Water – Forecast for Distant Waters Volume (1000 Metric Tons), 2021 – 2027
Figure-17: Water – Inland Waters Market (100 Million US$), 2016 – 2020
Figure-18: Water – Forecast for Inland Waters Market (100 Million US$), 2021 – 2027
Figure-19: Water – Inland Waters Volume (1000 Metric Tons), 2016 – 2020
Figure-20: Water – Forecast for Inland Waters Volume (1000 Metric Tons), 2021 – 2027
Figure-21: Product – Fishes Production Volume (Thousand Metric Tons), 2016 – 2020
Figure-22: Product – Forecast for Fishes Production Volume (Thousand Metric Tons), 2021 – 2027
Figure-23: Product – Shellfish Production Volume (Thousand Metric Tons), 2016 – 2020
Figure-24: Product – Forecast for Shellfish Production Volume (Thousand Metric Tons), 2021 – 2027
Figure-25: Product – Crustacean Production Volume (Thousand Metric Tons), 2016 – 2020
Figure-26: Product – Forecast for Crustacean Production Volume (Thousand Metric Tons), 2021 – 2027
Figure-27: Species – Mackerels Production Volume (Metric Tons), 2016 – 2020
Figure-28: Species – Forecast for Mackerels Production Volume (Metric Tons), 2021 – 2027
Figure-29: Species – Jack Mackerels Production Volume (Metric Tons), 2016 – 2020
Figure-30: Species – Forecast for Jack Mackerels Production Volume (Metric Tons), 2021 – 2027
Figure-31: Species – Red Snow Crabs Production Volume (Metric Tons), 2016 – 2020
Figure-32: Species – Forecast for Red Snow Crabs Production Volume (Metric Tons), 2021 – 2027
Figure-33: Species – Snow Crabs Production Volume (Metric Tons), 2016 – 2020
Figure-34: Species – Forecast for Snow Crabs Production Volume (Metric Tons), 2021 – 2027
Figure-35: Species – Purplish Washington Clams Production Volume (Metric Tons), 2016 – 2020
Figure-36: Species – Forecast for Purplish Washington Clams Production Volume (Metric Tons), 2021 – 2027
Figure-37: Species – Pen Shells Production Volume (Metric Tons), 2016 – 2020
Figure-38: Species – Forecast for Pen Shells Production Volume (Metric Tons), 2021 – 2027
Figure-39: Species – Horned Turban Production Volume (Metric Tons), 2016 – 2020
Figure-40: Species – Forecast for Horned Turban Production Volume (Metric Tons), 2021 – 2027
Figure-41: Species – Blue Crabs Production Volume (Metric Tons), 2016 – 2020
Figure-42: Species – Forecast for Blue Crabs Production Volume (Metric Tons), 2021 – 2027
Figure-43: Species – Squids Production Volume (Metric Tons), 2016 – 2020
Figure-44: Species – Forecast for Squids Production Volume (Metric Tons), 2021 – 2027
Figure-45: Species – Sailfin Sandfish Production Volume (Metric Tons), 2016 – 2020
Figure-46: Species – Forecast for Sailfin Sandfish Production Volume (Metric Tons), 2021 – 2027
Figure-47: Species – Mottled Skate Production Volume (Metric Tons), 2016 – 2020
Figure-48: Species – Forecast for Mottled Skate Production Volume (Metric Tons), 2021 – 2027
Figure-49: Species – Others Production Volume (Metric Tons), 2016 – 2020
Figure-50: Species – Forecast for Others Production Volume (Metric Tons), 2021 – 2027
List Of Tables:
Table-01: Global – Seafood Production by Water Volume Share (Percent), 2016 – 2020
Table-02: South Korea – Forecast for Seafood Production by Water Volume Share (Percent), 2021 – 2027
Table-03: Global – Seafood Production by Water Market Share (Percent), 2016 – 2020
Table-04: Global – Forecast for Seafood Production by Water Market Share (Percent), 2021 – 2027
Table-05: South Korea – Seafood Market Share by Products (Percent), 2016 – 2020
Table-06: South Korea – Forecast for –Seafood Market Share by Products (Percent), 2021 – 2027
Table-07: South Korea – Seafood Production by Water Market Share (Percent), 2016 – 2020
Table-08: South Korea – Forecast for Seafood Production by Water Market Share (Percent), 2021 – 2027
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