South Korea Tuna Fish Market Share, Size, Analysis, Growth, Trends, Forecast: By Species: Yellowfin Tuna, Skipjack Tuna, Bigeye Tuna, Others; By Type: Fresh, Canned, Frozen; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand and Price; Competitive Landscape; Industry Events and Developments; 2023-2028

South Korea Tuna Fish Market Outlook

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.

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Health Concerns and Sustainable Fishing, Aided by Celebrities' Influence is Bolstering the Tuna Market 

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.

Market Segmentation

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.

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Based on species, the South Korea tuna market can be divided into the following:

• Skipjack

• Yellowfin

• Bigeye

• Others

On the basis of type, the South Korea tuna market can be segmented into:

• Canned

• Frozen

• Fresh

Increased Inclination Toward Healthy Diet Coupled with Growing Demand for Lean Meat is Augmenting the Tuna Fish Market

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.

South Korea Fish Market Meeting the International Sustainable Fishing Standards and People's Inclination Toward Healthy Alternatives to Red Meat will Further Propel the Tuna Fish Market in the Region

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.

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Key Players in the South Korea Tuna Fish Market

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:

• Dongwon Group

• SILLA CO., LTD

• OTTOGI CORPORATION., Ltd

• ITOCHU Corporation

• Sajo Group

• Others

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.

Key Highlights of the Report

*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.