South Korea Seafood Market Trends Insights 2024-2032

South Korea Seafood Market Trends & Summary

Market Overview

The South Korea seafood market is projected to grow from US$ 4.16 billion in 2023 to US$ 5.42 billion by 2032, reflecting a CAGR of 2.98% from 2024 to 2032. The industry is experiencing significant growth, driven by advancements in seafood processing methods that enhance product quality, safety, and shelf life. These improvements are making seafood more appealing to consumers, further boosting market demand.

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Market Breakdown by Segments

By Form:

• Fresh
• Frozen
• Ambient
• Canned & Processed Seafood

By Type:

• Fish
• Crustaceans
• Molluscs
• Others

By Application:

• Retail
• Institutions
• Food Service

Growth Drivers for the South Korea Seafood Market

High Seafood Intake and Cultural Adaptation

South Korea boasts one of the highest per capita seafood consumption rates worldwide. Traditional Korean cuisine heavily features seafood dishes such as sashimi, grilled fish, and seafood stews. Increasing health awareness among South Koreans has further strengthened the demand for seafood due to its high protein and omega-3 content. Despite a slight decline in seafood consumption among younger generations, the industry has countered this trend by promoting seafood as a healthy alternative to meat.

Between 2000 and 2018, seafood consumption grew at an average of 3.5% per year, compared to 3% for meat. However, from 2019 to 2022, meat consumption grew at 2.6% CAGR, surpassing seafood’s 1.4% CAGR. To sustain growth, the seafood industry has focused on product diversification, quality enhancement, and new processing technologies.

Expansion of Aquaculture and Sustainable Fishing

To meet rising seafood demand, South Korea has significantly invested in aquaculture and responsible fishing practices. The country has developed advanced farming techniques for abalone, shrimp, and seaweed production, ensuring high-quality yields. The government supports sustainable fishing initiatives aimed at conserving marine resources while meeting market needs. Smart aquaculture systems and advanced water quality assessment technologies have improved seafood production efficiency and sustainability.

In 2021, imported seafood accounted for 68% of total ingredients, while seafood-based Home Meal Replacements (HMRs) are expected to grow at an average of 14% by 2030.

Growth in Seafood Exports and International Trade

South Korea’s seafood exports are booming, primarily targeting China, Japan, and the United States. The country benefits from strong trade agreements, state-of-the-art processing facilities, and high-quality seafood standards. Demand for premium seafood products such as pollock and seaweed is increasing worldwide. Additionally, Korean pop culture (K-dramas and K-pop) is driving international interest in Korean cuisine, including seafood.

Enhanced logistics and cold chain infrastructure have further strengthened South Korea’s global seafood trade. As of 2024, the KORUS Free Trade Agreement (FTA) grants a tariff rate quota on frozen Alaska pollock imports from the U.S.

Challenges Facing the South Korean Seafood Market

Climate Change and Environmental Concerns

Rising sea temperatures and ocean acidification pose significant threats to South Korea’s seafood industry. These climate changes disrupt fish populations, damage ecosystems, and reduce seafood yields. Additional environmental concerns such as marine pollution, plastic waste, and oil spills further impact the industry. To combat these challenges, companies are investing in adaptive measures such as expanding aquaculture and implementing stricter fishing regulations, though these solutions are costly and time-consuming.

Seafood Price Fluctuations and Supply Chain Disruptions

Seafood prices in South Korea are highly volatile due to seasonal variations, fuel costs, and international supply dependencies. Labor shortages in fishing and processing industries have further strained production efficiency. The COVID-19 pandemic highlighted vulnerabilities in the seafood supply chain, causing price instability and distribution challenges. These uncertainties make it difficult for businesses and consumers to maintain stable seafood supply and pricing.

South Korea Seafood Market Segments

Fresh Seafood Market

South Korea’s fresh seafood market thrives on consumer preference for high-quality, locally sourced seafood. Iconic markets like Noryangjin Fish Market in Seoul offer a diverse selection of fish, shellfish, and other seafood to both individuals and restaurants. Technological advancements in cold chain logistics and modern fish farming have enhanced availability and quality. However, climate change and marine pollution pose long-term sustainability risks to this segment.

Fish Seafood Market

South Korea is a leading consumer of fish such as mackerel, pollock, tuna, and croaker. The market is supported by both wild-caught and farmed fish production. The government has heavily invested in sustainable fisheries and aquaculture to ensure long-term supply. While imports help fill domestic supply gaps, the industry faces challenges related to overfishing and traceability regulations.

A notable development in April 2024 was Dongwon Group’s acquisition of South Korea’s only container ship operator. This strategic expansion strengthens the company’s seafood logistics capabilities.

Seafood Food Service Market

South Korea’s seafood food service market is booming due to the nation’s strong dining-out culture and love for seafood restaurants. Popular seafood dishes include grilled fish, sashimi, seafood stews, and marinated crabs (ganjang gejang). The rise of meal kits and seafood delivery services has further fueled demand.

Companies such as Fishsale and Shinsunhae offer fresh seafood and meal kits, making it easier for consumers to access high-quality seafood. These platforms cater to seasonal seafood demands, particularly abalone, shrimp, and mackerel, which are most flavorful during autumn and winter.

South Korea Seafood Company News

• September 2023: Dongwon Industries considered acquiring HMM, Korea’s leading container shipping line. The company aimed to finance this acquisition through internal funds, potentially by listing its U.S.-based affiliate, Starkist Co., or selling stakes in affiliated businesses.
• April 2024: Dongwon Group expanded into shipping logistics, solidifying its position in South Korea’s seafood industry.

Key Companies in the South Korea Seafood Market

The leading companies in the South Korean seafood market include:

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

Each company is analyzed based on:

• Overview
• Key Executives
• Recent Developments & Strategies
• Product Portfolio
• Financial Performance

Conclusion

The South Korea seafood market continues to grow steadily, driven by high domestic consumption, aquaculture expansion, and increasing seafood exports. However, challenges such as climate change, price fluctuations, and supply chain disruptions must be addressed to sustain long-term growth. With government support and industry innovation, the market is poised for a promising future, balancing sustainability and global trade opportunities.

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