South Korea Aquaculture Market to Reach 4.9 Million Tons by 2032, Impelled by Growing Demand for Seafood Products

August 18, 2023 | Agriculture

According to the latest report by IMARC Group, titled “South Korea Aquaculture Market Report by Fish Type (Freshwater Fish, Mollusks, Crustaceans, and Others), Environment (Fresh Water, Marine Water, Brackish Water), Distribution Channel (Traditional Retail, Supermarkets and Hypermarkets, Specialized Retailers, Online Stores, and Others), and Region 2024-2032,” the South Korea aquaculture market size reached 3.1 Million Tons in 2023. Aquaculture, also known as aquafarming or fish farming, is the practice of cultivating aquatic organisms, such as fish, shellfish, and aquatic plants under controlled conditions. It is a carefully managed process of breeding, raising, harvesting, and nurturing various marine animals. This practice occurs in multiple environments, including coastal ocean waters, freshwater ponds, rivers, and specially designed on-land tanks. The primary goal of aquaculture is to ensure controlled and sustainable production of aquatic life for various purposes. It helps in reducing waste generation by minimizing the environmental impact associated with traditional feed sources. Aquaculture creates a safe and controlled breeding environment, which helps maintain the balance and health of aquatic populations. It also efficiently uses agricultural and natural resources, promoting responsible resource management. Aquaculture is a valuable practice that fosters sustainability in utilizing aquatic resources, offers environmental benefits, and contributes significantly to global food security and conservation efforts.

South Korea Aquaculture Market Trends:

The rising demand for seafood products as consumers become increasingly health-conscious and seek sustainable food options is one of the major factors driving the market growth. Additionally, the increasing governmental support and initiatives in promoting aquaculture, recognizing its potential to boost the nation's food security and reduce dependence on seafood imports, is creating a positive outlook for the market. In line with this, the rising adoption of advanced technologies and best practices by companies in South Korea in leveraging automation, data analytics, and monitoring systems to optimize production processes, enhance water quality management, and improve feed efficiency, increasing productivity and profitability while reducing environmental impacts, is strengthening the market growth. Moreover, the growing demand for organic fish oil in different industry verticals, such as pharmaceuticals, food and beverages (F&B), and nutraceuticals, is favoring the market growth. Furthermore, the increasing consumer demand for eco-friendly and sustainable seafood products are encouraging producers to focus on environmentally friendly solutions, such as recycling and reusing water, minimizing waste, and sourcing feed ingredients responsibly, which is providing a considerable boost to the market growth. In line with this, the increasing emphasis on sustainability and responsible aquaculture practices has led to the adoption of various certification programs and standards in South Korea, such as the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP), to demonstrate their commitment to environmental protection and social responsibility, positively impacting the market growth. Looking forward, the market volume is projected to reach 4.9 Million Tons by 2032, expanding at a CAGR of 5.31% during 2024-2032.

Market Summary:

  • Based on the fish type, the market has been categorized into freshwater fish, mollusks, crustaceans, and others. According to the report, freshwater fish represents the largest segment.
  • On the basis of the environment, the market has been divided into fresh water, marine water, and brackish water. Among these, freshwater accounts for the largest market share.
  • Based on the distribution channel, the market has been segmented into traditional retail, supermarkets and hypermarkets, specialized retailers, online stores, and others. According to the report, traditional retail represents the largest segment.
  • Region-wise, the market has been segmented into East, West, Southwest, and Southeast. According to the report, Southwest is the largest market for aquaculture in South Korea.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players. 

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Tons
Segment Coverage Fish Type, Environment, Distribution Channel, Region
Region Covered East, West, Southwest, Southeast
Customization Scope 10% Free Customization
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South Korea Aquaculture Market to Reach 4.9 Million Tons by 2032, Impelled by Growing Demand for Seafood Products
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