Report Update: May 1, 2024

Republic of Korea - Frozen Fish - Market Analysis, Forecast, Size, Trends and Insights

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Frozen Fish Price in South Korea - 2022

Frozen Fish Price in South Korea (CIF) - 2022

The average frozen fish import price stood at $2,235 per ton in 2022, surging by 11% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $2,264 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($4,099 per ton), while the price for Mexico ($486 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Frozen Fish Price in South Korea (FOB) - 2022

In 2022, the average frozen fish export price amounted to $2,255 per ton, surging by 3.6% against the previous year. Overall, the export price, however, continues to indicate a slight descent. The pace of growth was the most pronounced in 2017 an increase of 28%. As a result, the export price attained the peak level of $3,186 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($7,608 per ton), while the average price for exports to Ghana ($844 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+1.6%), while the prices for the other major destinations experienced a decline.

Frozen Fish Imports in South Korea

In 2022, imports of frozen fish into South Korea rose significantly to 1M tons, growing by 5.3% on the previous year. The total import volume increased at an average annual rate of +6.7% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 15% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, frozen fish imports skyrocketed to $2.3B in 2022. The total import value increased at an average annual rate of +7.4% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Frozen Fish in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	420	437	650	819	24.9%
China	347	294	297	288	-6.0%
United States	192	182	181	195	0.5%
Norway	103	104	136	153	14.1%
Vietnam	119	109	111	118	-0.3%
Taiwan (Chinese)	93.2	64.1	107	98.5	1.9%
Mexico	19.6	13.7	14.9	25.0	8.4%
Others	524	501	434	555	1.9%
Total	1,817	1,706	1,931	2,251	7.4%

Top Suppliers of Frozen Fish to South Korea in 2022:

Russia (510.4K tons)
China (149.7K tons)
Vietnam (57.8K tons)
United States (55.7K tons)
Norway (52.7K tons)
Mexico (51.4K tons)
Taiwan (Chinese) (24.0K tons)

Frozen Fish Exports in South Korea

In 2022, the amount of frozen fish exported from South Korea soared to 655K tons, increasing by 22% on 2021. In general, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +15.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +73.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 43% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, frozen fish exports skyrocketed to $1.5B in 2022. Over the period under review, total exports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +14.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 37% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Export of Frozen Fish in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	199	168	349	560	41.2%
Japan	249	226	244	232	-2.3%
Vietnam	94.2	80.0	106	117	7.5%
Thailand	123	111	81.4	113	-2.8%
Indonesia	6.8	6.3	13.4	29.8	63.6%
Philippines	16.1	18.3	20.1	28.4	20.8%
Ghana	4.6	5.9	8.1	21.8	68.0%
Nigeria	21.3	5.2	7.8	21.7	0.6%
Others	278	237	344	352	8.2%
Total	992	858	1,173	1,478	14.2%

Top Export Markets for Frozen Fish from South Korea in 2022:

China (317.9K tons)
Thailand (82.7K tons)
Vietnam (51.1K tons)
Japan (30.6K tons)
Ghana (25.8K tons)
Nigeria (24.5K tons)
Philippines (21.6K tons)
Indonesia (16.9K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the frozen fish market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10201330 - Frozen whole salt water fish
Prodcom 10201360 - Frozen whole fresh water fish
Prodcom 10201400 - Frozen fish fillets
Prodcom 10201500 - Frozen fish meat without bones (excluding fillets)
Prodcom 10201600 - Frozen fish livers and roes

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023