From 2013 to 2023, the import of frozen fish fillets to South Korea has increased significantly from $174.5 million to $320.12 million. The yearly growth experienced substantial fluctuations, notably an 11.26% rise in 2017 and a peak in 2018 with a 19.29% increase. Post-2018, growth has moderated, with a consistent annual increase of under 5%, reflecting stabilization in the market. As of 2023, the market value was $320.12 million.
Looking into the future, from 2024 onwards, the forecasted data indicates a continued upward trend, though at a slower pace. The forecasted Compound Annual Growth Rate (CAGR) for the next five years (2024-2028) is 2.35%, indicating a steadier, more measured growth, leading to an estimated market value of $371.56 million by 2028. Market variations must be monitored, especially factors influencing global fish supply, trade policies, and changes in consumer demand.
Future Trends to Watch For:
- Impact of climate change on fish stocks and supply chains.
- Trade agreements and tariffs affecting import costs.
- Shifts in consumer preferences towards sustainable and locally-sourced alternatives.
- Technological advancements in fish farming and preservation techniques.
- Geopolitical factors impacting international trade dynamics.
