The import of prepared or preserved lobster to South Korea has seen significant growth from 2013 to 2023. In 2023, the import value stood at 4,436.5 Thousand US Dollars. From 2013 to 2023, the market experienced various fluctuations, with notable growth periods in 2014 and 2018. The most recent years, 2022 and 2023, showed modest growth rates of 6.83% and 6.27% respectively. The Compound Annual Growth Rate (CAGR) over the last five years was relatively stable at around 2.04%.
The forecasted data from 2024 onwards suggests a continued steady growth in imports, with a projected value of 5,671.7 Thousand US Dollars by 2028. The average growth per year over the next five years is expected to be around 3.87%, translating to an overall growth rate of 20.92% by 2028.
Future trends to watch for include:
- Changes in South Korean consumer preferences for seafood.- Sustainability practices affecting the global lobster supply chain.- Economic factors and trade policies that could influence import costs and volumes.- Potential competition from alternative seafood products available in the market.
