Shrimp Market in Korea Trends & Outlook 2023 to 2033

A Complete Study of Shrimp Industry in Korea from 2023 to 2033

Demand for shrimp in Korea is anticipated to exhibit a promising CAGR of 8.9% through 2033. The shrimp sales are expected to grow considerably, from USD 2,750.18 million in 2023 to around USD 6,449.66 million by 2033.

The demand for shrimp is rising in Korea due to the growing popularity of diverse shrimp dishes, coupled with a rising interest in healthy and protein-rich diets.

Key Highlights:

Culinary Diversity and International Influence Fuel the Shrimp Industry in Korea

The increasing adoption of Westernized diets has led to the incorporation of various delicacies into the daily meals of the general population in Korea. This influence has resulted in a growing appreciation for shrimp and shrimp-infused recipes due to their versatile and flavorful taste. Korea is well-known for its seafood, and individuals here are thought to be highly experimental when it comes to eating. All of these factors have helped to raise the demand for shrimp in Korea.

Shrimp is also perceived as a healthy protein source due to its relatively low-fat content and high protein levels. It also contains essential nutrients like selenium and vitamin B12. Korea is grappling with the emergence of obesity in the young population. In such a scenario, shrimp delicacies are likely to gain traction in the country in the coming years.

Attributes	Key Statistics
Base Year Value (2023)	USD 2,750.18 million
Anticipated Forecast Value (2033)	USD 6,449.66 million
Estimated Growth (2023 to 2033)	8.9% CAGR

Adoption Analysis of Shrimp in Korea

• People who prioritize their health and well-being are often the primary shrimp consumers in Korea. Younger generations, including millennials and the younger demographic, are often more open to trying diverse and international cuisines, which include shrimp.
• Shrimp is considered to be somewhat more expensive than other seafood items. With the rise in the disposable income of Koreans, people in a certain financial group are more likely to include shrimp in their diets, both at home and when dining out.
• Korea attracts millions of tourists from all over the world throughout the year. This has brought a variety of international cuisines, including shrimp, to the menus of prominent restaurants and street food stalls.
• Shrimp is often considered a celebratory or special occasion food. It may be featured in meals during holidays, festivals, and family gatherings, contributing to increased consumption.
• Shrimp is also considered a very healthy dietary option for children in their tender ages. Shrimp is a good source of protein, vitamins, and minerals, including vitamin B12, phosphorus, and selenium, making it a healthy food item for children.

Category-wise Insights

Farmed White-legged Shrimps Gain Popularity in Korea

On the basis of species, the shrimp industry can be segmented into Gulf, farmed white-legged, banded, etc., where farmed white-legged shrimps dominate the Korean landscape with a whopping share of 38.30%.

Their demand in the Korean seafood industry can be attributed to their rapid growth rate and high productivity, which is very beneficial for aquaculture farmers as they can produce a significant amount of shrimp in a shorter period. These shrimps are also susceptible to diseases, making them a perfect choice for farmers.

Farmed white-legged shrimps are also gaining popularity in the Korean seafood industry, as they can be cultivated in ponds, tanks, or other controlled environments.

Attributes	Details
Species	Farmed White-legged
Value Share in 2023	38.30%

Conventional Shrimp Claims Culinary Sovereignty in the Korea

Based on the source, conventional shrimp dominates the Korean landscape by holding an industry share of 90.00%. There is a significant surge in the demand for conventional shrimp as it is more affordable than wild-caught shrimp. Its supply can be managed throughout the year, which is essential for meeting the demand in a seafood-loving country.

Conventional shrimp is also often available in various forms, including fresh, frozen, and value-added products. This variety in availability makes it convenient for consumers to choose based on their preferences and cooking methods.

Attributes	Details
Source	Conventional
Value share in 2023	90.00%

Competitive Landscape

The competitive landscape of the shrimp industry in Korea has reached a level of saturation, with a very noticeable domination of a few international companies that have reached every nook and corner of the country. These companies also have the potential to ship their products to the global market, where they are in great demand. Small enterprises also exist in this ecosystem, catering to local consumers and fish markets. With the rising number of shrimp eaters in the country, the industry is bound to experience considerable revenue growth.

Recent Developments in the Shrimp Industry in Korea

• Saehan Food introduced an innovative shrimp processing method in October 2022 aimed at reducing waste while enhancing its products' overall quality, significantly advancing the company's technological capabilities.
• In November 2022, Dongwon Industries launched a remarkable line of eco-certified shrimp products, reaffirming its commitment to sustainable and environmentally responsible seafood practices.
• In June 2022, Orion introduced an exciting addition to its snack line-up with the launch of a novel shrimp-flavored cracker, offering a unique and flavorful twist to the snacking experience.

Some of the Key Players Offering Shrimp in Korea

• Dongwon Industries
• Saehan Food
• Haepyo
• Taeyoung Foods
• Nongshim
• Orion
• Lotte Chilsung Beverage
• CJ Cheiljedang
• Daesang Food
• Samsung C&T

Scope of the Report

Attribute	Details
Estimated Valuation (2023)	USD 2,750.18 million
Projected Valuation (2033 )	USD 6,449.66 million
Anticipated CAGR (2023 to 2033)	8.9% CAGR
Historical Analysis of Demand for Shrimp in Korea	2018 to 2022
Demand Forecast for Shrimp in Korea	2023 to 2033
Quantitative Units	Revenue in USD million and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Key Provinces Analyzed	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	Dongwon Industries; Saehan Food; Haepyo; Taeyoung Foods; Nongshim; Orion; Lotte Chilsung Beverage; CJ Cheiljedang; Daesang Food; Samsung C&T

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Species
  • 5.1. Gulf Shrimps
  • 5.2. Farmed White leg Shrimps
  • 5.3. Banded Coral Shrimps
  • 5.4. Royal Red Shrimp
  • 5.5. Giant Tiger Shrimps
  • 5.6. Blue Shrimps
  • 5.7. Ocean Shrimps
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Source
  • 6.1. Organic
  • 6.2. Conventional
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Form
  • 7.1. Canned
  • 7.2. Breaded
  • 7.3. Peeled
  • 7.4. Cooked & Peeled
  • 7.5. Shell-On
  • 7.6. Frozen
• 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
  • 8.1. Direct
  • 8.2. Indirect
    • 8.2.1. Modern Trade
    • 8.2.2. Convenience Stores
    • 8.2.3. Specialty Food Stores
    • 8.2.4. Wholesale Stores
    • 8.2.5. Online Retail
    • 8.2.6. Other Retail Formats
• 9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
  • 9.1. Food
  • 9.2. Pharmaceutical
  • 9.3. Cosmetics
  • 9.4. Industrial
  • 9.5. Biotechnology
• 10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 10.1. South Gyeongsang
  • 10.2. North Jeolla
  • 10.3. South Jeolla
  • 10.4. Jeju
  • 10.5. Rest of
• 11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 16. Market Structure Analysis
• 17. Competition Analysis
  • 17.1. Nongshim Co., Ltd
  • 17.2. Soo Good Co., Ltd
  • 17.3. Pulmuone Foods Co., Ltd
  • 17.4. Aqua Star Corp.
  • 17.5. Avanti Feeds Ltd.
  • 17.6. Devi Fisheries Limited
  • 17.7. Falcon Marine Exports
  • 17.8. BMR Groups
  • 17.9. Clearwater Seafoods Inc.
  • 17.10. High Liner Foods Inc.
  • 17.11. Surapon Foods
• 18. Assumptions & Acronyms Used
• 19. Research Methodology