South Korea Shrimp Market Size & Outlook, 2022-2030
South Korea shrimp market, 2017-2030 (US$M)
Related Markets
South Korea shrimp market highlights
- The South Korea shrimp market generated a revenue of USD 440.5 million in 2022 and is expected to reach USD 600.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4% from 2023 to 2030.
- In terms of segment, l. vannamei was the largest revenue generating species in 2022.
- P. chinensis is the most lucrative species segment registering the fastest growth during the forecast period.
Shrimp market data book summary
| Market revenue in 2022 | USD 440.5 million |
| Market revenue in 2030 | USD 600.9 million |
| Growth rate | 4% (CAGR from 2022 to 2030) |
| Largest segment | L. vannamei |
| Fastest growing segment | P. chinensis |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | L. vannamei, Trachipenaeus curvirostris, Pleoticus muelleri, P. monodon, Acetes japonicus, Pandalus borealis, P. chinensis |
| Key market players worldwide | Thai Union Group PCL ADR, Avanti Feeds, High Liner Foods, Surapon Foods, Clearwater Seafoods, Mazzetta Company, Aqua Star, Nordic Seafood, Waterbase, Ocean Direct |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.6% of the global shrimp market in 2022.
- Country-wise, South Africa is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China shrimp market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 9,591.5 million by 2030.
L. vannamei was the largest segment with a revenue share of 43.52% in 2022. Horizon Databook has segmented the South Korea shrimp market based on l. vannamei, trachipenaeus curvirostris, pleoticus muelleri, p. monodon, acetes japonicus, pandalus borealis, p. chinensis covering the revenue growth of each sub-segment from 2017 to 2030.
South Koreans are increasingly adopting seafood, including shrimp, as a healthy and protein-rich dietary option. Shrimp's versatility makes it a popular choice for various cuisines and dishes. South Korea's evolving food culture and international culinary influences have expanded the demand for different seafood options, including shrimp. Dishes like shrimp tempura and shrimp stir-fry have gained popularity.
In December 2021, CELLMEAT CO., LTD., a South Korean firm specializing in cell-cultured seafood, particularly shrimp and caviar, achieved a groundbreaking milestone by successfully producing cultivated Dokdo shrimp. This innovative product has been duplicated in various sizes and forms, a feature that the company highlights as enabling its versatility for an extensive array of culinary uses.
The successful development of Dokdo shrimp through prototyping marks a notable stride toward its eventual commercialization. The cultivated seafood industry is currently experiencing substantial expansion, also driving the demand for shrimp in the country.
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Shrimp Market Scope
Shrimp Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea shrimp market size, by species, 2017-2030 (US$M)
South Korea Shrimp Market Outlook Share, 2022 & 2030 (US$M)
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