South Korea Frozen Fish and Sea Food Market Overview, 2029

South Korea's fish and seafood market also reflect its global connections. The country is a major player in the international seafood trade, importing a wide range of products to meet domestic demand and exporting its own specialties to markets worldwide. This international exchange has contributed to the diversity of offerings available in South Korea's fish markets, where visitors can find everything from familiar favorites like salmon and tuna to more exotic catches like sea squirts and sea cucumbers. One of the defining features of South Korea's fish and seafood market is its emphasis on freshness and quality. Vendors take pride in offering the freshest possible seafood, often displaying live fish and shellfish in tanks or on ice to showcase their vitality. This commitment to freshness extends beyond the marketplace to the country's dining culture, where consumers expect nothing less than the best when it comes to their seafood dishes. In recent years, sustainability has also become an increasingly important consideration in South Korea's fish and seafood market. As concerns about overfishing and environmental degradation have grown, efforts have been made to promote sustainable fishing practices and responsible sourcing. This includes initiatives to reduce bycatch, protect endangered species, and support small-scale fishermen and aquaculture operations. According to the research report "South Korea Frozen Fish & Sea Food Market Overview, 2029," published by Bonafide Research, the South Korea Frozen Fish & Sea Food market is anticipated to grow at more than 5.81% CAGR from 2024 to 2029. South Korea boasts a vibrant fish and seafood industry deeply rooted in its coastal culture and culinary traditions. With a coastline stretching over 6,000 kilometers and a rich maritime heritage, the country has long relied on its abundant marine resources for sustenance and economic prosperity. The South Korean seafood industry is characterized by a diverse array of fish species, including mackerel, squid, tuna, and octopus, harvested through both traditional fishing methods and modern aquaculture techniques. Demand for seafood in South Korea is consistently high, driven by a strong cultural preference for fresh, high-quality seafood products. Moreover, with increasing health consciousness and awareness of the nutritional benefits of seafood, there is a growing demand for premium and sustainably sourced fish varieties. This has led to innovations in aquaculture practices and the emergence of niche markets catering to discerning consumers. Additionally, South Korea's vibrant culinary scene, renowned for its rich flavors and diverse seafood dishes, further fuels domestic demand and attracts seafood enthusiasts from around the world. With growing concerns over environmental conservation and overfishing, consumers are becoming more conscious of the sourcing practices behind their seafood purchases. As a result, there has been a shift towards certified sustainable seafood options, prompting South Korean producers and suppliers to adopt responsible fishing and aquaculture practices. This trend not only aligns with global sustainability efforts but also reflects changing consumer values within South Korea's domestic market.

The fish and seafood market industry comprises a diverse range of product types, each catering to specific consumer preferences and culinary needs. Fish is the most broadly consumed category, encompassing a variety of species such as salmon, tuna, cod, and tilapia, which are valued for their nutritional benefits and versatility in cooking. Shrimp is another highly popular seafood product, known for its sweet flavor and adaptability in numerous dishes, from appetizers to main courses. It is widely available in different forms, including fresh, frozen, peeled, and unpeeled. Other seafood products encompass a broad spectrum of marine life, including mollusks (like clams, mussels, oysters, and scallops), crustaceans (like crabs and lobsters), and cephalopods (like squid and octopus). These products are often sought after for their unique textures and flavors, which add variety to culinary offerings. Additionally, there are specialty products like caviar, sea urchin, and seaweed, which cater to gourmet markets and are often considered delicacies. Each of these product types contributes to the richness of the seafood industry, meeting diverse consumer demands and supporting a wide array of culinary traditions across the globe. Canned seafood is a staple in many households due to its convenience and long shelf life. The canning process involves cooking seafood at high temperatures and sealing it in airtight containers, which prevents spoilage without the need for refrigeration. Popular canned products include tuna, sardines, mackerel, and anchovies. Frozen seafood undergoes rapid freezing soon after harvest to lock in freshness, texture, and nutrients. This method is highly effective in preserving the quality of seafood for extended periods, often up to several months. Frozen products range from whole fish and fillets to shrimp and other shellfish. The versatility of frozen seafood allows consumers to enjoy a wide variety of species year-round, regardless of seasonal availability. Chilled seafood refers to fresh products that are stored at low, non-freezing temperatures, usually just above 0°C (32°F). This category includes fresh fillets, whole fish, shellfish, and sushi-grade seafood. Chilled seafood maintains its natural texture and flavor but has a shorter shelf life compared to canned or frozen options. It requires careful handling and prompt consumption to ensure safety and quality, making it a favorite for consumers seeking the freshest possible taste. Processed seafood encompasses a broad range of products that have undergone additional preparation methods to enhance flavor, shelf life, or convenience. This category includes smoked, cured, marinated, and breaded items. Examples include smoked salmon, surimi (imitation crab), fish sticks, and ready-to-eat seafood meals. Processing can add value by creating new flavors and textures, making seafood more accessible and appealing to different markets. The sales channels in the fish and seafood market industry encompass various methods through which products reach consumers, each catering to different segments and preferences. Major fish auctions, often held at coastal markets, are pivotal in setting market prices and ensuring fresh seafood reaches various regions. Traditional sales channels include wholesale markets and fish auctions, where large quantities are traded, often directly from fishermen to retailers or processors. Retail channels, such as supermarkets and specialty seafood stores, provide consumers with access to fresh, frozen, and processed seafood products. Specialty seafood stores provide high-quality, often locally-sourced products, and cater to consumers seeking specific types of seafood or higher-end products. Online sales channels have seen significant growth, driven by the convenience of home delivery and the ability to offer a wider variety of products. E-commerce platforms and dedicated seafood delivery services provide consumers with fresh and frozen options, often with detailed information on sourcing and sustainability. Additionally, the foodservice channel, including restaurants and catering services, plays a crucial role in distributing high-quality and often premium seafood products. Direct-to-consumer sales, such as community-supported fisheries (CSFs) and farm-to-table models, are also becoming popular, offering traceability and a closer connection between consumers and producers. Many regions are significant exporters of fish and seafood, supplying international markets. Export channels are crucial for countries with large fishing and aquaculture industries, connecting them to global consumers and international foodservice markets.

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Manmayi Raval

Research Consultant

Major companies in the market Cargill Incorporation, Nomad foods, Hormel food, Rich Product Corporation, Al Kabeer group Considered for the report: • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029 Aspects covered in this report • Frozen Fish & seafood Products with its value and forecast along with its segments • Various divers and challenges • Ongoing trends and developments • Top profiled companies By Product • Fish • Shrimp • Others By Form • Canned • Chilled • Frozen • Processed

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By Distribution Channel • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fish & Seafood products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.