Vietnam is the largest market for shrimp in South Korea

Published 2023년 12월 28일

Tridge summary

Despite a decrease in overall shrimp imports to Korea in 2023, Vietnam remains the largest supplier, with India's share increasing. The demand for shrimp in Korea is expected to grow by 8.9% per year, with sales forecasted to increase significantly by 2033, driven by consumer interest in healthy and protein-rich diets, especially among the younger generation. Shrimp is considered a healthy dietary option in Korea, with farmed white-legged shrimp being popular due to its affordability and year-round availability, and the Korean market shows a trend towards simple, healthy, and environmentally friendly food products.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The market space is still very large According to statistics from the International Trade Center (ITC), in the first 10 months of 2023, Korea's imports of shrimp reached 640.2 million USD, down 21.9% of total export volume over the same period in 2022. Economic difficulties and high inflation caused Korea's demand for imported shrimp in 2023 to decrease sharply compared to the same period in 2022. Vietnam is the largest market supplyer of shrimp to Korea in the first 10 months of 2023, reaching 295.38 million USD, down 20% of total export volume over the same period in 2022. Although exports of shrimp to Korea have decreased, Vietnam still maintains its position as the largest supplier of shrimp in Korea, with a proportion of 46.1% in the first 10 months of 2023, an increase compared to 45% in the first 10 months of 2022. Notably, Korea is increasing import of shrimp from India; imports from India in the first 10 months of 2023 increased by 41.6% of proportion compared to the same ...

Source: Vasep