South Korea Seafood Market Overview, 2029

South Korea's seafood sector has a lengthy history that is closely tied to the country's maritime culture and economic development. Seafood has been a cornerstone of South Korean cuisine for decades, with traditional dishes including kimchi, seafood stews, and grilled fish. The expansion of aquaculture and the modernisation of fishing operations have shaped the South Korean seafood market. Aquaculture, which includes the rearing of species such as yellowtail, sea bass, and oysters, has become an important element of the industry, relieving the stresses on wild fish supplies while also providing a consistent supply of seafood. Technological advances, like as improved feed formulas and recirculating aquaculture systems, have increased the efficiency and sustainability of aquaculture operations. The South Korean government has implemented a number of rules and compliance measures to safeguard the sustainability and safety of the seafood industry. The Marine Products Processing Act supervises seafood processing and quality standards, while the Fisheries Act regulates fishing activities and attempts to prevent overfishing. Internationally, South Korea has encountered hurdles in terms of seafood safety and trade restrictions. The country has tried to address challenges like as illegal, unreported, and unregulated (IUU) fishing while also striving to comply with international standards and accords. The South Korean seafood sector is a major player in international markets, exporting a wide range of products such as processed seafood, dried fish, and live seafood.

According to the research report, "South Korea Seafood Market Outlook, 2029," published by Bonafide Research, the South Korea seafood market is anticipated to add to more than USD 3150 Million by 2024–29. The market's growth is being driven by expanding domestic demand, increased consumer awareness of healthier diets, and a global push for sustainable seafood practices. The country's seafood consumption has increased as a result of shifting dietary habits and growing understanding of seafood's health advantages. Aquaculture, in particular, has grown significantly, solving the difficulties of overfishing while also providing a consistent supply of seafood. Technological developments, such as enhanced refrigeration and processing technologies, which improve the quality and shelf life of marine items, also help to drive the market forward. South Korea's seafood industry contributes significantly to the country's trade balance, with both imports and exports playing important roles in its economic landscape. Major players in the South Korean seafood sector include Dongwon Industries, Sajo Group, and CJ CheilJedang. These companies are involved in many elements of the seafood supply chain, including fishing, aquaculture, processing, and distribution. South Korea's import partners include China, the United States, and Vietnam. These partners provide a variety of seafood products, such as frozen fish, shellfish, and processed seafood foods.

In South Korea's seafood market, fresh and processed seafood are two major divisions, each with its own set of features and consumer expectations. Fresh seafood is popular in South Korea's seafood market because of its importance in traditional Korean cuisine and its great quality and taste. Fresh fish, shellfish, and other seafood are essential ingredients in many Korean recipes, including sashimi, grilled fish, and seafood stews. Along with that, fresh seafood remains popular due to its use in traditional dishes and appeal to health-conscious consumers. Major suppliers and distributors in the fresh seafood sector include Dongwon Industries, Sajo Group, and Nongshim. The strong presence of seafood markets, like as Seoul's Noryangjin Seafood market, also helps to offer fresh seafood to local shoppers. The processed seafood market is expanding due to its convenience, variety, and long shelf life. Processed items, such as frozen fish fillets, canned tuna, and dried squid, appeal to busy consumers who want ready-to-eat or easy-to-prepare meals.

Fish, molluscs, and crustaceans all play important roles in the South Korean seafood sector, catering to various consumer tastes and culinary needs. The market dynamics for these categories reflect their significance in Korean cuisine, economic impact, and changing consumption habits. Fish is the most important category in South Korea's seafood market, thanks to its pivotal role in traditional Korean cuisine and high consumption rates. Fish such as mackerel, yellowtail, and cod are essential ingredients in many popular Korean cuisines, including grilled fish, stews, and sashimi. The crustacean industry is expanding, driven by rising consumer demand for different seafood options and premium products. Aquaculture advancements have aided the expansion of farm-raised prawns, resolving supply constraints and boosting product availability. While the mollusc segment is important, it grows at a slower rate than fish. Mollusc demand remains stable due to their culinary and cultural importance. However, the segment confronts problems due to supply volatility and environmental factors that affect shellfish populations.

The South Korean seafood market offers a wide range of processed seafood products, each with its own set of features and consumer preferences. These include frozen, salted, dried, smoked, and canned/pickled fish. Frozen seafood is the largest segment in South Korea's processed seafood business. The convenience, extended shelf life, and capacity to maintain good quality are all factors that contribute to the popularity of frozen seafood. Frozen seafood comprises fillets, prawns and squid, which are popular among consumers due to their ease of preparation and variety in the kitchen. Dongwon Industries, Sajo Group, and CJ CheilJedang are major players in the frozen seafood business, relying on substantial distribution networks and modern cold chain logistics to meet local and worldwide demand. While the salted seafood category remains essential due to its cultural and culinary significance, its growth rate is rather stable when compared to other processed seafood categories. The preservation method has remained essentially conventional, with less innovation than frozen or canned food. The demand for dried fish is consistent, because to its position in Korean cuisine and its practicality as a pantry staple. While smoked seafood is less prevalent than frozen or dried seafood, it appeals to a specific group of consumers seeking gourmet or speciality products. This segment's growth is modest but consistent, driven by rising interest in different culinary experiences and luxury products.



Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Form
• Processed
• Fresh

By Type
• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Category
• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood