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 |
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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% |
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% |
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
| 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 |
The anticipated CAGR for Shrimp adoption in Korea through 2033 is 8.9%.
Demand for shrimp in Korea is likely to reach USD 6,449.66 million by 2033.
Conventional shrimps are more common in Korea than their counterparts.
Farmed White-legged shrimps are more in demand in Korea.
As of 2023, the overall valuation of the shrimp industry in Korea is USD 2,750.18 million.
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Demand and Trends Analysis of Shrimp in Korea
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