Republic of Korea - Frozen Fish And Seafood - Market Analysis, Forecast, Size, Trends And Insights
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View PricingPrice for Frozen Fish and Seafood in South Korea - 2022
Contents:
- Price for Frozen Fish and Seafood in South Korea (CIF) - 2022
- Price for Frozen Fish and Seafood in South Korea (FOB) - 2022
- Imports of Frozen Fish and Seafood in South Korea
- Exports of Frozen Fish and Seafood in South Korea
Price for Frozen Fish and Seafood in South Korea (CIF) - 2022
In 2022, the average frozen fish and seafood import price amounted to $3,003 per ton, growing by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2018 when the average import price increased by 10% against the previous year. As a result, import price reached the peak level of $3,052 per ton. From 2019 to 2022, the average import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($5,420 per ton), while the price for Mexico ($520 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Frozen Fish and Seafood in South Korea (FOB) - 2022
The average frozen fish and seafood export price stood at $2,357 per ton in 2022, growing by 3.3% against the previous year. In general, the export price, however, recorded a slight setback. The pace of growth was the most pronounced in 2017 when the average export price increased by 28%. As a result, the export price attained the peak level of $3,254 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 New Zealand ($9,177 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 New Zealand (+15.2%), while the prices for the other major destinations experienced a decline.
Imports of Frozen Fish and Seafood in South Korea
Frozen fish and seafood imports into South Korea expanded modestly to 1.3M tons in 2022, with an increase of 4.9% on the year before. The total import volume increased at an average annual rate of +5.2% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 9.5%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.
In value terms, frozen fish and seafood imports soared to $3.8B in 2022. The total import value increased at an average annual rate of +6.0% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Frozen Fish and Seafood in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Russia | 458 | 465 | 705 | 909 | 25.7% |
| Vietnam | 562 | 540 | 582 | 655 | 5.2% |
| China | 699 | 644 | 621 | 622 | -3.8% |
| United States | 201 | 192 | 195 | 204 | 0.5% |
| Norway | 106 | 106 | 140 | 158 | 14.2% |
| Peru | 106 | 103 | 74.6 | 113 | 2.2% |
| Taiwan (Chinese) | 103 | 71.3 | 111 | 101 | -0.7% |
| Chile | 80.7 | 78.8 | 30.3 | 92.6 | 4.7% |
| Mexico | 22.2 | 16.7 | 20.6 | 27.0 | 6.7% |
| Others | 876 | 854 | 836 | 945 | 2.6% |
| Total | 3,215 | 3,071 | 3,315 | 3,828 | 6.0% |
Top Suppliers of Frozen Fish and Seafood to South Korea in 2022:
- Russia (518.8K tons)
- China (232.6K tons)
- Vietnam (120.9K tons)
- United States (58.2K tons)
- Norway (52.9K tons)
- Mexico (51.9K tons)
- Peru (33.7K tons)
- Taiwan (Chinese) (24.9K tons)
- Chile (23.1K tons)
Exports of Frozen Fish and Seafood in South Korea
In 2022, frozen fish and seafood exports from South Korea skyrocketed to 679K tons, picking up by 21% compared with 2021 figures. Over the period under review, total exports indicated a prominent increase from 2019 to 2022: its volume increased at an average annual rate of +15.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 44% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.
In value terms, frozen fish and seafood exports soared to $1.6B in 2022. In general, total exports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +14.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 40% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
| Export of Frozen Fish and Seafood in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 225 | 188 | 419 | 623 | 40.4% |
| Japan | 258 | 232 | 248 | 241 | -2.2% |
| Vietnam | 105 | 91.1 | 110 | 134 | 8.5% |
| Thailand | 127 | 116 | 84.5 | 116 | -3.0% |
| Indonesia | 8.2 | 6.7 | 17.6 | 38.8 | 67.9% |
| Philippines | 16.2 | 18.4 | 20.1 | 28.8 | 21.1% |
| Ghana | 4.6 | 5.9 | 8.1 | 21.8 | 68.0% |
| Nigeria | 21.3 | 5.2 | 7.9 | 21.7 | 0.6% |
| Others | 290 | 253 | 367 | 376 | 9.0% |
| Total | 1,055 | 916 | 1,281 | 1,601 | 14.9% |
Top Export Markets for Frozen Fish and Seafood from South Korea in 2022:
- China (330.3K tons)
- Thailand (83.3K tons)
- Vietnam (53.7K tons)
- Japan (33.0K tons)
- Ghana (25.8K tons)
- Nigeria (24.5K tons)
- Philippines (21.7K tons)
- Indonesia (17.7K tons)
This report provides an in-depth analysis of the market for frozen fish and seafood 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 10201600 - Frozen fish livers and roes
- Prodcom 10201500 - Frozen fish meat without bones (excluding fillets)
- Prodcom 10201400 - Frozen fish fillets
- Prodcom 10203100 - Frozen crustaceans, frozen flours, meals and pellets of crustaceans, fit for human consumption
- Prodcom 10203200 - Molluscs (scallops, mussels, cuttle fish, squid and octopus), frozen, dried, smoked, salted or in brine
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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