The production of fishing and aquaculture in South Korea has shown notable fluctuations over the past decade. Starting from a value of 7.2339 trillion South Korean Won in 2013, the industry experienced several years of growth interspersed with declines. The most significant increase occurred in 2017 with a 16.79% rise. However, 2020 witnessed a considerable downturn with a 15.1% decrease. Despite these fluctuations, the industry stood at 9.7205 trillion Won in 2023, showcasing a gradual upward trend with significant annual variations. Analyzing the last five years, the industry demonstrated an average annual growth rate (CAGR) of approximately 2.2%.
Looking forward:
- Forecasted data suggests a steady growth averaging 1.57% annually over the next five years.
- The production value is expected to reach 10.699 trillion Won by 2028, indicating an overall growth potential of 8.08% over the forecast period.
Future trends to watch for include advancements in sustainable aquaculture practices, the impact of climate change on marine ecosystems, and increased technological adoption within the fishing and aquaculture sectors.
