Forecast: Pelagic Fish Demand in South Korea

The demand for pelagic fish in South Korea experienced notable fluctuations from 2014 to 2023. Initially stable from 2014 through 2015, the market dipped slightly in 2016 and surged by 3.79% in 2017, remaining steady until a sharp 16.86% decline in 2020 alongside the pandemic. This was followed by a rebound in 2021 and continued growth, reaching 1.03 million metric tons in 2023. The compound annual growth rate (CAGR) over the past five years exhibited a modest recovery. For 2028, forecasts predict a 0.14% CAGR and a 0.72% growth rate, suggesting gradual demand stabilization.

Future trends to watch for include:

  • Increasing health consciousness among consumers, driving demand for high-quality pelagic fish.
  • Potential impacts of climate change on fish populations and marine ecosystems.
  • Economic factors and global trade dynamics affecting fish supply and pricing.
  • Innovation in aquaculture and fisheries management to enhance sustainable supply.

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