The value-added of the fishing and aquaculture sector in South Korea has experienced fluctuations over the past decade. From 2013 to 2023, the sector showed notable growth spurts and occasional declines. Significant growth was observed in 2016 and 2017, with year-on-year increases of 6.3% and 16.82%, respectively. However, 2020 saw a significant downturn with a 15.64% decline. Despite this, the sector rebounded in 2021 with a 16.26% increase and continued to grow, albeit at a slower pace, achieving a value of 3.6306 trillion South Korean Wons in 2023, with a 1.47% increase year-on-year and a CAGR of 1.94% over the last five years.
Future trends to monitor include the impact of technological advancements in aquaculture, government policies supporting sustainable fishing practices, and the potential effects of climate change on marine ecosystems. These factors will likely influence the sector's growth trajectory and market dynamics in the upcoming years, with a forecasted 5-year CAGR of 1.16%.
