The shrimp industry in Korea is poised for remarkable growth, with forecasts indicating a doubling of its value by 2033. From its base value of US$ 2,750.18 million in 2023, the industry is anticipated to surge to approximately US$ 6,449.66 million, driven by a robust CAGR of 8.9%. This exponential growth is attributed to a confluence of factors, including the increasing popularity of diverse shrimp dishes, the adoption of international cuisines, and a burgeoning interest in healthy and protein-rich diets among Koreans.
Demand for shrimp in Korea is witnessing an upward trajectory, fueled by a growing appreciation for shrimp-infused recipes and the perception of shrimp as a healthy protein source. As individuals prioritize their health and well-being, particularly the younger demographic, shrimp consumption is on the rise. Moreover, the incorporation of shrimp into celebratory meals and its prevalence in international cuisines contribute to its growing demand.
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The primary growth factor propelling the shrimp industry in Korea is the growing influence of international cuisines and evolving dietary preferences. As Koreans embrace diverse culinary experiences, shrimp emerges as a versatile and flavorful ingredient, driving its consumption across various demographics. Additionally, the perception of shrimp as a healthy dietary option further augments its demand, particularly among health-conscious consumers.
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.
Key Takeaway:
Investors in the B2B industry are presented with a lucrative opportunity to capitalize on Korea’s thriving shrimp industry. With a projected CAGR of 8.9% and a forecasted valuation of US$ 6,449.66 million by 2033, investing in this burgeoning sector promises substantial returns. By leveraging the culinary diversity and health-conscious preferences of the Korean population, investors can strategically position themselves to tap into this high-growth market. Furthermore, the dominance of farmed white-legged shrimps underscores the potential for sustainable growth and profitability in aquaculture ventures.
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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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
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