From 2013 to 2023, South Korea's frozen lobster imports fluctuated significantly. Initially, the market showed high variability with a steep drop in 2014, a strong recovery in 2015, and continued positive growth thereafter. The most notable growth occurred in 2018 with a 52.89% increase. The import value stood at $45.255 million in 2023, reflecting a 5.32% increase from the previous year. The five-year compound annual growth rate (CAGR) from 2019 to 2023 was 4.02%, indicating moderate, steady growth.
Looking ahead, the forecast suggests continued growth in South Korea's frozen lobster imports, albeit at a slower pace. From 2024 to 2028, the projected CAGR is 3.36%, with an overall growth rate of 17.95% by 2028. Critical future trends to watch include shifts in demand due to economic factors, competition from alternative seafood sources, and changes in trade policies that might affect import costs and quantities.
