South Korea Fin Fish Market Size, Share, and COVID-19 Impact Analysis, By Fish Type (Tropical Fin Fish (Pompano, Snappers, Groupers, Salmon, Milkfish, Tuna, Tilapia, Catfish, Seabass and Others), By Environment (Freshwater, Marine Water, Brackish Water), and South Korea Fin Fish Market Insights, Industry Trend, Forecasts to 2035

South Korea Fin Fish Market Insights Forecasts to 2035

•  The South Korea Fin Fish Market Size is Expected to Grow at a CAGR of around 4.77% from 2024 to 2035 
• The South Korea Fin Fish Market Size is Expected to reach a significant share by 2035.   

According to a research report published by Spherical Insights and Consulting, The South Korea Fin Fish Market size is expected to grow 4.77% CAGR from 2024 to 2035, is expected to reach a significant share by 2035. Some of the main factors propelling the market are the growing demand for premium-quality seafood, cultural dietary practices, sustainable sourcing initiatives, government support for aquaculture, technological advancements, and the globalization of culinary preferences.

Market Overview

In South Korea, the commercial industry that deals in the trading of finfish species those that have fins and gills, like mackerel, yellowtail, tuna, and cod is referred to as the "fin fish market." This market includes a variety of fish markets, both wholesale and retail, seafood processing plants, and distribution systems that serve both domestic and foreign consumers. Additionally, the market is expanding as a result of consumers' growing preference for organic and premium fin fish due to the growing trend of health-conscious consumerism. Additionally, the popularity of Korean food abroad and the globalization of culinary tastes have created export opportunities for South Korean fin fish, which has helped the market grow. In addition, the rapidly expanding South Korean tourism industry has raised consumer demand for a wide range of seafood options, which in turn has fueled the need for a number of fin fish species to satisfy both local and foreign palates.

Report Coverage

This research report categorizes the market for the South Korea fin fish market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea fin fish market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea fin fish market.

Driving Factors

The market is expanding mainly due to the growing demand for fin fish as a source of lean protein and vital omega-3 fatty acids brought on by growing awareness of the health advantages of eating fish. In addition, the growing importance of cultural eating customs fish is a mainstay in Korean cooking has sustained a steady demand for a range of fin fish species, fostering a positive outlook for market growth. Furthermore, the market is expanding as such of consumers' and businesses' increased support for fisheries and aquaculture practices that put environmental conservation and stewardship first, as well as the growing emphasis on sustainable and responsible seafood sourcing.

Restraining Factors

In South Korean waters, overfishing is still a major problem, and illegal, unreported, and unregulated (IUU) fishing practices are a major factor in the decline of fish stocks. Illegal fishing still threatens the long-term sustainability of the finfish market and undermines sustainable fisheries management, despite efforts to stop these practices.

Market Segmentation

The South Korea fin fish market share is classified into fish type and environment.

• The tropical fin fish segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea fin fish market is segmented by fish type into tropical fin fish (pompano, snappers, groupers, salmon, milkfish, tuna, tilapia, catfish, seabass) and others. Among these, the tropical fin fish segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This is because of their high consumer demand, nutritional value, and robust export potential, salmon and tuna are two of this category's most dominant subsegments.

• The marine water segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea fin fish market is segmented by environment into freshwater, marine water, and brackish water. Among these, the marine water segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This category includes species that are primarily raised along the coast, like bastard halibut, Korean rockfish, and yellowtail. The nation's long coastline and ideal cage farming conditions are advantageous for marine aquaculture.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea fin fish market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Dongwon Industries
• Sajo Industries
• Hansung Enterprise
• Namyang Fisheries
• Mokpo Fisheries
• Others

Recent Developments:

• In April 2022, A South Korean startup, CellMEAT, used 3D printing technology to create cultured shrimp called "Dokdo." By 2024, the company planned to distribute this product in Singapore, the United States, and South Korea. With future expansion in mind, a production facility in Seoul was being built to produce 100 kg of cultured shrimp daily.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea fin fish Market based on the below-mentioned segments:

South Korea Fin Fish Market, By Fish Type  

• Tropical Fin Fish
• Pompano
• Snappers
• Groupers
• Salmon
• Milkfish
• Tuna
• Tilapia
• Catfish
• Seabass
• Others

South Korea Fin Fish Market, By Environment

• Freshwater
• Marine Water
• Brackish Water