Formulated feed for aquaculture to rise again in the second half of the year in South Korea

Published 2022년 7월 25일

Tridge summary

The article highlights the significant financial strain the aquaculture industry in Korea is facing due to a combined impact of the COVID-19 pandemic and a substantial price increase in compound feed for fish farming. This situation marks the first time that manufacturers have raised the price of compound feed twice in a year, leading to an approximate 15% increase in costs. This is further compounded by rises in international grain prices, fishmeal and oil prices, and shipping freight rates. The result is an additional financial burden on aquaculture farmers, already struggling due to reduced consumption during the pandemic. The industry's challenges are particularly acute for fish farmers who use mixed feed, prompting concerns about the industry's sustainability and calling for government support.

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

Original content

As the price of compound feed for aquaculture is expected to rise, aquaculture fishers are sighing deeply. According to the fish farming industry, it is known that the manufacturers of compounded feed for fish raised the price by 7-8% in April and then notified the industry that they would raise the price again by 7-8% from August 1st. It is the first time in history that the price of compounded feed has been raised twice a year. Manufacturers claim that it is inevitable to raise the price of compounded feed for aquaculture as international grain prices have skyrocketed due to the war in Russia and Ukraine, fishmeal and oil prices have risen, the dollar exchange rate has risen, and international shipping freight rates have increased significantly. This price increase will increase the burden on aquaculture fishermen by about 3,000 won per 20 kg bag. Compared to the same period last year, the price has risen by around 6,000 won. The increase in the price of compounded feed is ...

Source: Fisheco