The value-added of seafood in South Korea experienced a gradual increase from 2015 to 2017, with a significant year-on-year jump of 16.82% in 2017. However, the trend was interrupted by a downturn in 2018 and 2019 with year-on-year decreases of 7.9% and 9.34% respectively. A recovery emerged in 2020 with a 4.34% rise, maintaining a modest upward trajectory into 2023, where it stood at 3.149 trillion South Korean Wons. The CAGR over the last five years (2018-2023) was 0.23%, indicative of slow but steady growth expected to continue until 2028.
Future trends to watch for include advancements in aquaculture technology, sustainable fishing practices, and export market dynamics, which could significantly influence the value-added of seafood in South Korea. Enhanced consumer demand for premium and ethically sourced seafood products may also propel growth.
