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The South Korea Tuna Fish market reached a volume of about 70.27 KMT in 2021. The industry is further expected to grow at a CAGR of about 2.7% in the forecast period of 2023-2028. Growing environmental concerns and expansion of tuna aquaculture farming are expected to drive the tuna fish market during the given forecast period.
People are now more conscious about their health and the environment because they recognise how closely their well-being and that of the planet are interconnected. Sustainability in the seafood industry refers to good fisheries management, robust seafood stocks, transparent, traceable supply chains, and limiting harm to ocean ecosystems. Korea concentrated on improving the TAC mechanism (total allowable catch), prohibiting illegal bottom trawling, and switching from government regulation to community-based fisheries management to recover its marine resources and boost the competitiveness of its fishing industry.
In 2021, BTS' Jin released a song named ‘super tuna’ , the Korean Institute of Ocean Science & Technology (KIOST) used the song to raise public awareness of marine and environmental issues and to educate the general public. This resulted in the increased consumption of tuna fish specifically sustainably raised.
Due to the growing demand, there is a lot of scope for expansion in the tuna farming industry. The first "tuna fund" in South Korea, worth 5 billion won ($4.4 million), was established by BNK Financial Group and Nampyeong Tuna Farming Association Corporation to support the tuna aquaculture sector in the country that has contributed considerably toward the growth of tuna market in the country.
The marine and fishing industries, which have significant growth potential, benefit greatly from cooperation with the financial sector. As fish demand in the nation is typically higher than meat consumption, the ministry may introduce additional funds to invest in fish farms supported by smart technology in the open ocean.
Tunas are saltwater fishes. They have a long, streamlined body and belong to the genus ‘Thunnus’ and are greatly consumed as food. It also holds great value in the commercial sector.
Based on species, the South Korea tuna market can be divided into the following:
On the basis of type, the South Korea tuna market can be segmented into:
High quantities of omega-3 fatty acids found in tuna fish help lower levels of LDL and omega-6 fatty acids. It contains potassium, which may act as a vasodilator and lowers blood pressure significantly. Given that it contains significant amounts of protein and vitamins, tuna is a fantastic choice for preventing eye conditions like age-related macular degeneration.
This fish’s omega-3 fatty acids activate the leptin hormone, which regulates the body's food intake and aids those trying to lose weight. Vitamin C, zinc, and manganese, which are all regarded to be powerful natural antioxidants and are beneficial for the skin, immunity, and some types of cancer prevention, are all present in moderate amounts in tuna. Hence, the market is steadily growing due to the increasing preference for lean meat among health-conscious consumers.
In response to shifting nutritional habits, consumer demand encouraged the adoption of complex tuna processing procedures. Canned tuna is a popular low-cost protein that is easy to keep and does not need to be refrigerated. Demand for processed and ready-to-cook foods increased significantly with the significant increase in the aging as well as working population.
With regard to the ever-growing demand for a healthy diet and sustainable fishing practices, businesses have expanded their investment in research and development (R&D) initiatives. The Marine Stewardship Council's (MSC) international standard for harvesting yellowfin and skipjack tuna fishes at a sustainable rate has been attained by Dongwon Industries. This certification guarantees that the fishery will be able to adapt to future changes to the health of tuna stocks in the region. This is one of the major factors anticipated to drive the tuna market's expansion in the upcoming years, along with rising health consciousness.
Freshness, flavour, price, and food safety are greatly valued by Korean customers. South Koreans are majorly non-vegetarians, and the seafood companies have effectively marketed seafood as a healthier alternative to red meat. Additionally, fish products have been improved in quality, and new processing technologies are emerging in the seafood market. Customers generally think that fresh fish tastes better than frozen fish. As a result, fresh tuna fish is typically much more expensive than frozen fish.
In South Korea, tuna restaurants are typically thought of as high-end eateries run by skilled chefs who can skillfully prepare and serve the fish without compromising texture or flavour. Due to these factors, only a small number of clients who reside close to tuna restaurants with talented chefs may use delivery services.
The report gives a detailed analysis of the following key players in the South Korea tuna market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth evaluation of the tuna market based on the Porter's five forces model along with a SWOT analysis.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Species||
|Breakup by Type||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Tuna Fish Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Tuna Fish Historical Market (2018-2022)
8.3 South Korea Tuna Fish Market Forecast (2023-2028)
8.4 South Korea Tuna Fish Market by Species
8.4.1 Yellowfin Tuna
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Skipjack Tuna
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.3 Bigeye Tuna
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5 South Korea Tuna Fish Market by Type
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Price Analysis
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Dongwon Group
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.2 SILLA CO., LTD
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.3 OTTOGI CORPORATION., Ltd
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.4 Sajo Group
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.5 ITOCHU Corporation
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
12 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Tuna Fish Market: Key Industry Highlights, 2017 and 2021
2. South Korea Tuna Fish Historical Market: Breakup by Species (USD Million), 2018-2022
3. South Korea Tuna Fish Market Forecast: Breakup by Species (USD Million), 2023-2028
4. South Korea Tuna Fish Historical Market: Breakup by Type (USD Million), 2018-2022
5. South Korea Tuna Fish Market Forecast: Breakup by Type (USD Million), 2023-2028
6. South Korea Tuna Fish Market Structure
In 2021, the South Korean tuna fish market attained a volume of nearly 70.27 KMT.
The market is projected to grow at a CAGR of 2.7% between 2023 and 2028.
Rising disposable incomes, celebrity influence, health awareness among customers, and improved quality and fishing practises are the major industry drivers.
Initiatives to boost the aquaculture, sustainable fisheries management, community-based fisheries management regulations, and increasing demand for ready-to-cook and ready-to-eat foods are the key industry trends.
The dominant type of tuna fish in the industry are Skipjack, Yellowfin, and Bigeye, among others.
The major players in the industry are Dongwon Group SILLA CO., LTD, OTTOGI CORPORATION., Ltd, ITOCHU Corporation, and Sajo Group, among others.
The South Korean tuna fish market attained a volume of 70.27 KMT in 2021, driven by the rising health awareness among people. Aided by improved fishing practices, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 2.7%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro components of the industry. Based on species, the tuna fish industry can be segmented into skipjack, yellowfin, and bigeye, among others. On the basis of types, the tuna market is segmented into canned, fresh, and frozen. The key players in the above market include Dongwon Group SILLA CO., LTD, OTTOGI CORPORATION., Ltd, ITOCHU Corporation, and Sajo Group, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly skilled and accomplished team, thus, providing their customers with market insights that are accurate, detailed, actionable, and help them stay ahead of their competition.
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