The import value of crustaceans to South Korea reached 869.72 million US dollars in 2023. Reviewing the past, there have been fluctuations, with notable declines in 2017 and 2020, and significant growth in 2016 and 2021. From 2022 to 2023, the year-on-year increase was 2.39%. The compound annual growth rate (CAGR) for the recent five years averaged at 2.66%. Future projections expect continual growth, with the import value reaching 973.49 million US dollars by 2028, which indicates a forecasted 5-year CAGR of 1.83%.
Future trends to monitor include:
- The impact of international trade policies on seafood imports.
- Changes in domestic seafood consumption patterns.
- Economic factors influencing import costs and demand.
- Environmental regulations affecting the sourcing of crustaceans.
- Technological advancements in aquaculture and seafood logistics.
