South Korea: Dried seaweed prices increased sharply due to increased global demand

Published 2024년 5월 25일

Tridge summary

Seaweed is becoming increasingly popular as a food source due to its nutritional benefits and positive impact on the ocean. South Korea dominates the global dried seaweed market, accounting for over 70% of its value. The country's exports of dried seaweed and combined spices reached over 1 trillion won for the first time in 2023. However, the price of seaweed, also known as gim, has surged due to increased global demand and reduced domestic inventories, with retail prices rising by over 80% in a year. In response, the South Korean government has temporarily lifted import taxes on both dried and seasoned seaweed to stabilize domestic prices.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Seaweed is gaining attention as a nutritious food source that benefits ocean ecosystems. It is positioned as more than just a popular Korean food. According to the World Wide Fund for Nature, an international conservation organization, growing seaweed does not require fertilizers, pesticides, fresh water or soil, and has a positive impact on “ocean health, climate pollution mitigation and food security”. All this creates a boom for Korean gim product manufacturers. Seaweed - a popular dish originating from Korea - Photo: Getty Images According to Yonhap news agency, South Korea accounts for more than 70% of the global dried seaweed market, worth 918 million USD by 2022. According to the Ministry of Oceans and Fisheries, South Korea's exports of gim, dried seaweed and combined spices increased in total value beyond 1 trillion won ($790 million) for the first time in 2023, with shipments The largest is the US, followed by Japan, China, Thailand and Russia. Gim's strong growth ...
Source: Voh

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