Fresh Fish - South Korea

South Korea

Highlights

Revenue in the Fresh Fish market amounts to US$5.76bn in 2024. The market is expected to grow annually by 2.75% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$111.20 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 228.70m kg by 2029. The Fresh Fish market is expected to show a volume growth of 0.3% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 4.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in South Korea has seen a minimal growth rate due to various factors such as low consumer demand, high competition, and limited access to resources. Despite these challenges, the market continues to grow, driven by the convenience and quality of online seafood services.

Customer preferences: In South Korea, consumers are increasingly valuing convenience and quality when it comes to purchasing fresh fish. This has led to a rise in demand for online fish markets and home delivery services. Additionally, there is a growing preference for sustainably sourced seafood, with consumers becoming more aware of the environmental impact of their food choices. This trend is also driven by the rise of the "well-being" movement in South Korea, where consumers prioritize health and ethical consumption. As a result, there has been an increase in the popularity of wild-caught and organic fish options in the fresh fish market.

Trends in the market: In South Korea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for locally sourced, sustainably caught seafood. This trend is driven by consumers' increasing awareness of the environmental impact of imported seafood and their preference for fresher, higher quality products. As a result, local fishermen and seafood markets are seeing a boost in their sales and are investing in more sustainable fishing practices. This trend has significant implications for industry stakeholders, as it presents opportunities for market growth and differentiation, but also poses challenges in terms of supply chain management and pricing strategies. Additionally, with the rise of e-commerce and online food delivery services in South Korea, there is a potential for the Fresh Fish Market to tap into new distribution channels and reach a wider consumer base. This trend is likely to continue as consumers prioritize health and sustainability in their food choices, making it crucial for industry players to adapt and innovate to stay competitive in the market.

Local special circumstances: In South Korea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location and cultural preferences. Being surrounded by the sea, South Korea has easy access to a wide variety of fresh seafood, making it a significant part of the country's cuisine. Additionally, the cultural preference for consuming seafood as a healthy and nutritious option further drives the demand for fresh fish in the market. Moreover, the government's strict regulations on food safety and quality also play a crucial role in shaping the dynamics of the market. These unique local factors contribute to the consistent growth and popularity of the Fresh Fish Market in South Korea.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in South Korea is also influenced by macroeconomic factors. The country's economic health, fiscal policies, and global economic trends play a significant role in the market's performance. South Korea's strong investment in the seafood industry and favorable regulatory environment has resulted in a steady growth of the market. In addition, the country's growing demand for healthy food options and the increasing trend of consuming seafood as a primary source of protein are driving the growth of the market. Moreover, the rising awareness about the health benefits of seafood and the growing aging population in South Korea are also contributing to the market's expansion.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.