A Complete Study of Shrimp Industry in Korea from 2023 to 2033

Demand for shrimp in Korea is anticipated to exhibit a promising CAGR of 8.9% through 2033. The shrimp sales are expected to grow considerably, from US$ 2,750.18 million in 2023 to around US$ 6,449.66 million by 2033.

The demand for shrimp is rising in Korea due to the growing popularity of diverse shrimp dishes, coupled with a rising interest in healthy and protein-rich diets.

Key Highlights:

Culinary Diversity and International Influence Fuel the Shrimp Industry in Korea

The increasing adoption of Westernized diets has led to the incorporation of various delicacies into the daily meals of the general population in Korea. This influence has resulted in a growing appreciation for shrimp and shrimp-infused recipes due to their versatile and flavorful taste. Korea is well-known for its seafood, and individuals here are thought to be highly experimental when it comes to eating. All of these factors have helped to raise the demand for shrimp in Korea.

Shrimp is also perceived as a healthy protein source due to its relatively low-fat content and high protein levels. It also contains essential nutrients like selenium and vitamin B12. Korea is grappling with the emergence of obesity in the young population. In such a scenario, shrimp delicacies are likely to gain traction in the country in the coming years.

Attributes Key Statistics
Base Year Value (2023) US$ 2,750.18 million
Anticipated Forecast Value (2033) US$ 6,449.66 million
Estimated Growth (2023 to 2033) 8.9% CAGR

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Adoption Analysis of Shrimp in Korea

  • People who prioritize their health and well-being are often the primary shrimp consumers in Korea. Younger generations, including millennials and the younger demographic, are often more open to trying diverse and international cuisines, which include shrimp.
  • Shrimp is considered to be somewhat more expensive than other seafood items. With the rise in the disposable income of Koreans, people in a certain financial group are more likely to include shrimp in their diets, both at home and when dining out.
  • Korea attracts millions of tourists from all over the world throughout the year. This has brought a variety of international cuisines, including shrimp, to the menus of prominent restaurants and street food stalls.
  • Shrimp is often considered a celebratory or special occasion food. It may be featured in meals during holidays, festivals, and family gatherings, contributing to increased consumption.
  • Shrimp is also considered a very healthy dietary option for children in their tender ages. Shrimp is a good source of protein, vitamins, and minerals, including vitamin B12, phosphorus, and selenium, making it a healthy food item for children.

Category-wise Insights

Farmed White-legged Shrimps Gain Popularity in Korea

On the basis of species, the shrimp industry can be segmented into Gulf, farmed white-legged, banded, etc., where farmed white-legged shrimps dominate the Korean landscape with a whopping share of 38.30%.

Their demand in the Korean seafood industry can be attributed to their rapid growth rate and high productivity, which is very beneficial for aquaculture farmers as they can produce a significant amount of shrimp in a shorter period. These shrimps are also susceptible to diseases, making them a perfect choice for farmers.

Farmed white-legged shrimps are also gaining popularity in the Korean seafood industry, as they can be cultivated in ponds, tanks, or other controlled environments.

Attributes Details
Species Farmed White-legged
Value Share in 2023 38.30%

Conventional Shrimp Claims Culinary Sovereignty in the Korea

Based on the source, conventional shrimp dominates the Korean landscape by holding an industry share of 90.00%. There is a significant surge in the demand for conventional shrimp as it is more affordable than wild-caught shrimp. Its supply can be managed throughout the year, which is essential for meeting the demand in a seafood-loving country.

Conventional shrimp is also often available in various forms, including fresh, frozen, and value-added products. This variety in availability makes it convenient for consumers to choose based on their preferences and cooking methods.

Attributes Details
Source Conventional
Value share in 2023 90.00%
Nandini Roy Choudhury
Nandini Roy Choudhury

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Competitive Landscape

The competitive landscape of the shrimp industry in Korea has reached a level of saturation, with a very noticeable domination of a few international companies that have reached every nook and corner of the country. These companies also have the potential to ship their products to the global market, where they are in great demand. Small enterprises also exist in this ecosystem, catering to local consumers and fish markets. With the rising number of shrimp eaters in the country, the industry is bound to experience considerable revenue growth.

Recent Developments in the Shrimp Industry in Korea

  • Saehan Food introduced an innovative shrimp processing method in October 2022 aimed at reducing waste while enhancing its products' overall quality, significantly advancing the company's technological capabilities.
  • In November 2022, Dongwon Industries launched a remarkable line of eco-certified shrimp products, reaffirming its commitment to sustainable and environmentally responsible seafood practices.
  • In June 2022, Orion introduced an exciting addition to its snack line-up with the launch of a novel shrimp-flavored cracker, offering a unique and flavorful twist to the snacking experience.

Some of the Key Players Offering Shrimp in Korea

  • Dongwon Industries
  • Saehan Food
  • Haepyo
  • Taeyoung Foods
  • Nongshim
  • Orion
  • Lotte Chilsung Beverage
  • CJ Cheiljedang
  • Daesang Food
  • Samsung C&T

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Scope of the Report

Attribute Details
Estimated Valuation (2023) US$ 2,750.18 million
Projected Valuation (2033 ) US$ 6,449.66 million
Anticipated CAGR (2023 to 2033) 8.9% CAGR
Historical Analysis of Demand for Shrimp in Korea 2018 to 2022
Demand Forecast for Shrimp in Korea 2023 to 2033
Quantitative Units Revenue in US$ million and CAGR from 2023 to 2033
Report Coverage Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Key Provinces Analyzed South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled Dongwon Industries; Saehan Food; Haepyo; Taeyoung Foods; Nongshim; Orion; Lotte Chilsung Beverage; CJ Cheiljedang; Daesang Food; Samsung C&T

Key Segments Covered in the Shrimp Industry Report

By Species:

  • Gulf Shrimps
  • Farmed Whiteleg Shrimps
  • Banded Coral Shrimps
  • Royal Red Shrimp
  • Giant Tiger Shrimps
  • Blue Shrimps
  • Ocean Shrimps

By Source:

  • Organic
  • Conventional

By Form:

  • Canned
  • Breaded
  • Peeled
  • Cooked & Peeled
  • Shell-On
  • Frozen

By Sales Channel:

  • Direct
  • Indirect

By Application:

  • Food
  • Pharmaceutical
  • Cosmetics
  • Industrial
  • Biotechnology

By Province:

  • South Gyeongsang
  • North Jeolla
  • South Jeolla
  • Jeju

Frequently Asked Questions

At What Rate is the Shrimp Adoption Growing in Korea?

The anticipated CAGR for Shrimp adoption in Korea through 2033 is 8.9%.

How Big will the Shrimp Landscape be in Korea?

Demand for shrimp in Korea is likely to reach US$ 6,449.66 million by 2033.

What is the Preferred Source for Shrimp in Korea?

Conventional shrimps are more common in Korea than their counterparts.

Which Species of Shrimp is more in Demand in Korea?

Farmed White-legged shrimps are more in demand in Korea.

What is the Current Industry Valuation of the Shrimp in Korea?

As of 2023, the overall valuation of the shrimp industry in Korea is US$ 2,750.18 million.

Table of Content
1. Executive Summary
    1.1. Market Outlook
    1.2. Demand-side Trends
    1.3. Supply-side Trends
    1.4. Analysis and Recommendations
2. Market Overview
    2.1. Market Coverage / Taxonomy
    2.2. Market Definition / Scope / Limitations
3. Market Background
    3.1. Market Dynamics
        3.1.1. Drivers
        3.1.2. Restraints
        3.1.3. Opportunity
        3.1.4. Trends
    3.2. Scenario Forecast
        3.2.1. Demand in Optimistic Scenario
        3.2.2. Demand in Likely Scenario
        3.2.3. Demand in Conservative Scenario
    3.3. Opportunity Map Analysis
    3.4. Product Life Cycle Analysis
    3.5. Supply Chain Analysis
        3.5.1. Supply Side Participants and their Roles
            3.5.1.1. Producers
            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
            3.5.1.3. Wholesalers and Distributors
        3.5.2. Value Added and Value Created at Node in the Supply Chain
        3.5.3. List of Raw Material Suppliers
        3.5.4. List of Existing and Potential Buyer’s
    3.6. Investment Feasibility Matrix
    3.7. Value Chain Analysis
        3.7.1. Profit Margin Analysis
        3.7.2. Wholesalers and Distributors
        3.7.3. Retailers
    3.8. PESTLE and Porter’s Analysis
    3.9. Regulatory Landscape
        3.9.1. By Key Regions
    3.10. Regional Parent Market Outlook
    3.11. Production and Consumption Statistics
    3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
    4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
    4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
        4.2.1. Y-o-Y Growth Trend Analysis
        4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Species
    5.1. Introduction / Key Findings
    5.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Species, 2018 to 2022
    5.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Species, 2023 to 2033
        5.3.1. Gulf Shrimps
        5.3.2. Farmed White leg Shrimps
        5.3.3. Banded Coral Shrimps
        5.3.4. Royal Red Shrimp
        5.3.5. Giant Tiger Shrimps
        5.3.6. Blue Shrimps
        5.3.7. Ocean Shrimps
    5.4. Y-o-Y Growth Trend Analysis By Species, 2018 to 2022
    5.5. Absolute $ Opportunity Analysis By Species, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Source
    6.1. Introduction / Key Findings
    6.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Source, 2018 to 2022
    6.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Source, 2023 to 2033
        6.3.1. Organic
        6.3.2. Conventional
    6.4. Y-o-Y Growth Trend Analysis By Source, 2018 to 2022
    6.5. Absolute $ Opportunity Analysis By Source, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Form
    7.1. Introduction / Key Findings
    7.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Form, 2018 to 2022
    7.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Form, 2023 to 2033
        7.3.1. Canned
        7.3.2. Breaded
        7.3.3. Peeled
        7.3.4. Cooked & Peeled
        7.3.5. Shell-On
        7.3.6. Frozen
    7.4. Y-o-Y Growth Trend Analysis By Form, 2018 to 2022
    7.5. Absolute $ Opportunity Analysis By Form, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
    8.1. Introduction / Key Findings
    8.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Sales Channel, 2018 to 2022
    8.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Sales Channel, 2023 to 2033
        8.3.1. Direct
        8.3.2. Indirect
            8.3.2.1. Modern Trade
            8.3.2.2. Convenience Stores
            8.3.2.3. Specialty Food Stores
            8.3.2.4. Wholesale Stores
            8.3.2.5. Online Retail
            8.3.2.6. Other Retail Formats
    8.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022
    8.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033
9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Application
    9.1. Introduction / Key Findings
    9.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Application, 2018 to 2022
    9.3. Current and Future Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Application, 2023 to 2033
        9.3.1. Food
        9.3.2. Pharmaceutical
        9.3.3. Cosmetics
        9.3.4. Industrial
        9.3.5. Biotechnology
    9.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
    9.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
10. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
    10.1. Introduction
    10.2. Historical Market Size Value (US$ Million) & Volume (MT) Analysis By Region, 2018 to 2022
    10.3. Current Market Size Value (US$ Million) & Volume (MT) Analysis and Forecast By Region, 2023 to 2033
        10.3.1. South Gyeongsang
        10.3.2. North Jeolla
        10.3.3. South Jeolla
        10.3.4. Jeju
        10.3.5. Rest of
    10.4. Market Attractiveness Analysis By Region
11. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
    11.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    11.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        11.2.1. By Species
        11.2.2. By Source
        11.2.3. By Form
        11.2.4. By Sales Channel
        11.2.5. By Application
    11.3. Market Attractiveness Analysis
        11.3.1. By Species
        11.3.2. By Source
        11.3.3. By Form
        11.3.4. By Sales Channel
        11.3.5. By Application
    11.4. Key Takeaways
12. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
    12.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    12.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        12.2.1. By Species
        12.2.2. By Source
        12.2.3. By Form
        12.2.4. By Sales Channel
        12.2.5. By Application
    12.3. Market Attractiveness Analysis
        12.3.1. By Species
        12.3.2. By Source
        12.3.3. By Form
        12.3.4. By Sales Channel
        12.3.5. By Application
    12.4. Key Takeaways
13. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
    13.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    13.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        13.2.1. By Species
        13.2.2. By Source
        13.2.3. By Form
        13.2.4. By Sales Channel
        13.2.5. By Application
    13.3. Market Attractiveness Analysis
        13.3.1. By Species
        13.3.2. By Source
        13.3.3. By Form
        13.3.4. By Sales Channel
        13.3.5. By Application
    13.4. Key Takeaways
14. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
    14.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    14.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        14.2.1. By Species
        14.2.2. By Source
        14.2.3. By Form
        14.2.4. By Sales Channel
        14.2.5. By Application
    14.3. Market Attractiveness Analysis
        14.3.1. By Species
        14.3.2. By Source
        14.3.3. By Form
        14.3.4. By Sales Channel
        14.3.5. By Application
    14.4. Key Takeaways
15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
    15.1. Historical Market Size Value (US$ Million) & Volume (MT) Trend Analysis By Market Taxonomy, 2018 to 2022
    15.2. Market Size Value (US$ Million) & Volume (MT) Forecast By Market Taxonomy, 2023 to 2033
        15.2.1. By Species
        15.2.2. By Source
        15.2.3. By Form
        15.2.4. By Sales Channel
        15.2.5. By Application
    15.3. Market Attractiveness Analysis
        15.3.1. By Species
        15.3.2. By Source
        15.3.3. By Form
        15.3.4. By Sales Channel
        15.3.5. By Application
    15.4. Key Takeaways
16. Market Structure Analysis
    16.1. Competition Dashboard
    16.2. Competition Benchmarking
    16.3. Market Share Analysis of Top Players
        16.3.1. By Regional
        16.3.2. By Species
        16.3.3. By Source
        16.3.4. By Form
        16.3.5. By Sales Channel
        16.3.6. By Application
17. Competition Analysis
    17.1. Competition Deep Dive
        17.1.1. Nongshim Co., Ltd
            17.1.1.1. Overview
            17.1.1.2. Product Portfolio
            17.1.1.3. Profitability by Market Segments
            17.1.1.4. Sales Footprint
            17.1.1.5. Strategy Overview
                17.1.1.5.1. Marketing Strategy
                17.1.1.5.2. Product Strategy
                17.1.1.5.3. Channel Strategy
        17.1.2. Soo Good Co., Ltd
            17.1.2.1. Overview
            17.1.2.2. Product Portfolio
            17.1.2.3. Profitability by Market Segments
            17.1.2.4. Sales Footprint
            17.1.2.5. Strategy Overview
                17.1.2.5.1. Marketing Strategy
                17.1.2.5.2. Product Strategy
                17.1.2.5.3. Channel Strategy
        17.1.3. Pulmuone Foods Co., Ltd
            17.1.3.1. Overview
            17.1.3.2. Product Portfolio
            17.1.3.3. Profitability by Market Segments
            17.1.3.4. Sales Footprint
            17.1.3.5. Strategy Overview
                17.1.3.5.1. Marketing Strategy
                17.1.3.5.2. Product Strategy
                17.1.3.5.3. Channel Strategy
        17.1.4. Aqua Star Corp.
            17.1.4.1. Overview
            17.1.4.2. Product Portfolio
            17.1.4.3. Profitability by Market Segments
            17.1.4.4. Sales Footprint
            17.1.4.5. Strategy Overview
                17.1.4.5.1. Marketing Strategy
                17.1.4.5.2. Product Strategy
                17.1.4.5.3. Channel Strategy
        17.1.5. Avanti Feeds Ltd. 
            17.1.5.1. Overview
            17.1.5.2. Product Portfolio
            17.1.5.3. Profitability by Market Segments
            17.1.5.4. Sales Footprint
            17.1.5.5. Strategy Overview
                17.1.5.5.1. Marketing Strategy
                17.1.5.5.2. Product Strategy
                17.1.5.5.3. Channel Strategy
        17.1.6. Devi Fisheries Limited
            17.1.6.1. Overview
            17.1.6.2. Product Portfolio
            17.1.6.3. Profitability by Market Segments
            17.1.6.4. Sales Footprint
            17.1.6.5. Strategy Overview
                17.1.6.5.1. Marketing Strategy
                17.1.6.5.2. Product Strategy
                17.1.6.5.3. Channel Strategy
        17.1.7. Falcon Marine Exports
            17.1.7.1. Overview
            17.1.7.2. Product Portfolio
            17.1.7.3. Profitability by Market Segments
            17.1.7.4. Sales Footprint
            17.1.7.5. Strategy Overview
                17.1.7.5.1. Marketing Strategy
                17.1.7.5.2. Product Strategy
                17.1.7.5.3. Channel Strategy
        17.1.8. BMR Groups
            17.1.8.1. Overview
            17.1.8.2. Product Portfolio
            17.1.8.3. Profitability by Market Segments
            17.1.8.4. Sales Footprint
            17.1.8.5. Strategy Overview
                17.1.8.5.1. Marketing Strategy
                17.1.8.5.2. Product Strategy
                17.1.8.5.3. Channel Strategy
        17.1.9. Clearwater Seafoods Inc.
            17.1.9.1. Overview
            17.1.9.2. Product Portfolio
            17.1.9.3. Profitability by Market Segments
            17.1.9.4. Sales Footprint
            17.1.9.5. Strategy Overview
                17.1.9.5.1. Marketing Strategy
                17.1.9.5.2. Product Strategy
                17.1.9.5.3. Channel Strategy
        17.1.10. High Liner Foods Inc.
            17.1.10.1. Overview
            17.1.10.2. Product Portfolio
            17.1.10.3. Profitability by Market Segments
            17.1.10.4. Sales Footprint
            17.1.10.5. Strategy Overview
                17.1.10.5.1. Marketing Strategy
                17.1.10.5.2. Product Strategy
                17.1.10.5.3. Channel Strategy
        17.1.11. Surapon Foods
            17.1.11.1. Overview
            17.1.11.2. Product Portfolio
            17.1.11.3. Profitability by Market Segments
            17.1.11.4. Sales Footprint
            17.1.11.5. Strategy Overview
                17.1.11.5.1. Marketing Strategy
                17.1.11.5.2. Product Strategy
                17.1.11.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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