Fish farming production in South Korea has shown a steady increase from 1.5334 million metric tons in 2013 to 2.5503 million metric tons in 2023. The production value in 2023 represented a 2.45% year-on-year growth. Over the past five years, the compound annual growth rate (CAGR) has averaged 2.28%.
From 2013 to 2022, the sector experienced variability in production growth rates. Notable fluctuations included a significant spike of 25.58% in 2017 followed by dips and modest recoveries. The most recent two years, 2022 and 2023, saw growth rates of 2.54% and 2.45%, respectively, indicating a period of stabilization.
The forecasted data suggests a continuous albeit modest growth trend, with a compound annual growth rate projected at 1.75% from 2024 to 2028, culminating in a total expected production of 2.8468 million metric tons by 2028. The cumulative growth rate for this period is forecasted to be 9.04%.
Future trends to watch for include advancements in aquaculture technology, shifts in regulatory policies, climate change impacts, and evolving consumer preferences which could significantly influence production dynamics.
