The South Korea aquaculture market size reached 2.9 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 4.1 Million Tons by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028. The growing consumption of seafood, continuous support from governing authorities and rising health consciousness represent some of the key factors driving the market.
Aquaculture, also known as aquafarming, is the controlled process of breeding, rearing, harvesting, and cultivating fish, shellfish, algae, and other aquatic organisms. It is conducted in coastal ocean waters, freshwater ponds, rivers, and on-land tanks. It also involves the production of ornamental fish to support commercial and recreational marine fisheries. It assists in minimizing waste creation by producing feed for fish and shellfish, providing a safe and natural breeding environment to the aquatic population, and optimum usage of agricultural and natural resources. It also aids in food production, restoration of habitats and endangered and threatened species populations, and aquarium building. It provides a sustainable source of seafood, reduces pressure on wild fish populations, and improves food security.
South Korea Aquaculture Market Trends:
The increasing consumption of seafood on account of the rising awareness among individuals about its health benefits represent one of the major factors driving the demand for aquaculture in South Korea. It can also be attributed to the growing number of people that are opting for lean meat and protein rich food like squid, mackerels, sailfin sandfish, and salmon in their daily diets. Moreover, the increasing farming of aquatic animals is favoring the growth of the market. In addition, several measures undertaken by governing agencies to promote sustainable fish farming methods and enhance seafood productivity are contributing to the market growth. Furthermore, the surging prevalence of numerous foodborne illnesses caused due to pathogens present in conventionally cultured fishes is catalyzing the demand for organic food. This, in turn, is propelling the growth of the market in the country. Apart from this, key players operating in South Korea are introducing technologically advanced equipment to monitor the water, analyze fish behavior and manage facility logistics. They are also investing in extensive research and development (R&D) activities, including genetic improvements in the species of finfish, controlling fish reproduction, manipulating chromosomes, and monitoring parasitic diseases in aquatic animals in off-shore and open oceans. Additionally, the growing demand for organic fish oil in different industry verticals, such as pharmaceuticals, food and beverages, and nutraceuticals, is creating a positive outlook for the market in the country.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the South Korea aquaculture market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on fish type, environment and distribution channel.
Fish Type Insights:
- Freshwater Fish
The report has provided a detailed breakup and analysis of the South Korea aquaculture market based on the demand. This includes freshwater fish, molluscs, crustaceans, and others. According to the report, freshwater fish represented the largest segment.
- Fresh Water
- Marine Water
- Brackish Water
A detailed breakup and analysis of the South Korea aquaculture market based on the environment has also been provided in the report. This includes fresh water, marine water, and brackish water. According to the report, fresh water accounted for the largest market share.
Distribution Channel Insights:
- Traditional Retail
- Supermarkets and Hypermarkets
- Specialized Retailers
- Online Stores
The report has provided a detailed breakup and analysis of the South Korea aquaculture market based on the distribution channel. This includes traditional retail, supermarkets and hypermarkets, specialized retailers, online stores, and others. According to the report, traditional retail represented the largest segment.
The report has also provided a comprehensive analysis of all the major regional markets, which include East, West, Southwest, and Southeast. According to the report, Southwest was the largest market for aquaculture in South Korea. Some of the factors driving the Southwest Aquaculture market included the growing seafood consumption, rising health consciousness, government support, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the South Korea aquaculture market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report.
|Base Year of the Analysis
||Fish Type, Environment, Distribution Channel, Region
||East, West, Southwest, Southeast
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea aquaculture market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the South Korea aquaculture market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea aquaculture industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.