South Korea Shrimp Market Size & Outlook, 2030

Revenue, 2022 (US$M)

$440.5

Forecast, 2030 (US$M)

$600.9

CAGR, 2023 - 2030

Report Coverage

South Korea

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.

Key Regions: U.S. , UK , Japan , Brazil , Canada