The crustaceans production in South Korea has seen a notable decline over the past decade. Starting at 163.07 Thousand Metric Tons in 2014, it has decreased to 96.86 Thousand Metric Tons in 2023, reflecting a year-on-year variation of -3.34% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at -3.49%, indicating a consistent reduction.
Significant year-on-year variations include a sharp -26.74% drop in 2015, followed by fluctuations until 2019 which saw a -4.33% decrease. More recently, 2020 marked a substantial -19.67% downturn, partially offset by a rebound in 2021 at 10.73%, and slight growth in 2022 at 1.79%.
Forecasting from 2024, the production is expected to continue declining with a forecasted five-year CAGR of -3.16%, leading to an anticipated total reduction of 14.83% by 2028.
Future trends to watch for include potential impacts of environmental policies, climate change, and technological advancements in aquaculture, which could alter the trajectory of crustacean production in South Korea.
