The demand for crustaceans in South Korea has shown fluctuating trends over the years, with significant interannual variations. In 2023, the demand stood at 176.67 thousand metric tons, reflecting a year-on-year increase of 1.01%. Over the past decade, the market has exhibited variability with notable spikes in 2016 and declines in 2015 and 2020. The 5-year Compound Annual Growth Rate (CAGR) up to 2023 is 1.21%, indicating moderate growth.
The forecast for the next five years shows steady but modest growth, with the 5-year CAGR projected at 0.82%, resulting in an estimated demand of 185.37 thousand metric tons by 2028. Key trends to watch for include potential impacts of economic factors, consumer preferences shifting towards sustainable and local seafood options, and possible regulatory changes affecting imports and domestic production.
