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.
Comparative View of Adjacent Shrimp in Key Markets
The table provides the differences in the usage of shrimp between Japan, Korea, and the global industry. There is a mention of the estimated growth rates of the respective industries, their growth factors, and critical challenges in the forecast period of 2023 to 2033. It is evident that, compared with Korea and the Japan, the demand for shrimp is likely to rise in the global context in the coming decade.
Demand for Shrimp in Korea:
Attributes
Demand for Shrimp in Korea
CAGR (2023 to 2033)
8.9%
Valuation (2033)
US$ 6,449.66 million
Growth Factor
Growing influence of international cuisines and changing dietary preferences
Key Challenge
Many believes that shrimp is allergenic which may discourage its consumption
Demand for Shrimp in Japan:
Attributes
Demand for Shrimp in Japan
CAGR (2023 to 2033 )
7.2%
Valuation (2033)
US$ 9,520.07 million
Growth Factor
The Japanese familiarity with seafood significantly influences shrimp sales
Key Challenge
Authenticity concerns pose significant challenge in the Japanese shrimp landscape
Global Shrimp Industry Analysis:
Attributes
Global Shrimp Industry Analysis
CAGR (2023 to 2033 )
7.4%
Valuation (2033 )
US$ 123.8 billion
Growth Factor
The growing awareness about the health benefits of seafood in the general population
Key Challenge
Expensive costs can affect the industry in regions with low per-capita income.
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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%
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.
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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
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 Used19. Research Methodology
