Over the last decade, South Korea's aquaculture production of marine and partly-marine species has shown a steady growth trend despite some fluctuations. In 2023, the market valued at 2.85 billion USD, reflecting a modest yet consistent annual increase. Notably, there was significant growth between 2013 and 2016, with spectacular peak growth in 2017, followed by a slight decline in 2019. Over the recent two years, growth was stable with modest increases. The five-year compound annual growth rate (CAGR) suggests that growth has been relatively narrow but consistent.
• Year-on-year: In 2023, the year-on-year growth was 1.77%, showing a conservative but steady rise over the past couple of years.• Last two years' variation: Both 2022 and 2023 experienced minor yet positive increases in production values.• Five-year CAGR: The five-year CAGR indicates a slow and steady growth trend, averaging at 1.27% per year.
Future projections suggest the sector will continue its upward trajectory, driven by technological advancements, improved aquaculture practices, and increased demand for marine products. Over the next five years, the market is expected to grow at an annual rate of 1.27%, reaching approximately 3.09 billion USD by 2028.
Trends to watch include climate change impacts, advancements in sustainable aquaculture technologies, and shifts in consumer preferences towards eco-friendly and responsibly farmed marine products. Regulatory changes and global trade dynamics could also play a crucial role in shaping the future of South Korea's marine aquaculture industry.
