South Korea: A full-cycle development plan to succeed in cultivating farmed marine products

Frozen Seaweed
Published Feb 5, 2024

Tridge summary

South Korea's Ministry of Oceans and Fisheries has launched a full-cycle development plan for key farmed marine products, aiming to boost consumption and exports, with a target of over $1 billion in seaweed exports by 2030. However, strategic export items have disappeared from major policies in the 2020s, and projects such as R&D for industrialization and infrastructure construction have been halted. The industry is grappling with challenges like climate change-induced damage to seaweed production, increased mortality in oyster production facilities, and falling abalone prices.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In order to quickly respond to changes in the external environment surrounding farmed marine products, a full-cycle development plan for key farmed marine products has been established. The strategy is to secure international competitiveness by growing farmed seafood to be consumed more and more frequently. The four core products selected by the Ministry of Oceans and Fisheries are seaweed, oysters, abalone, and flounder. For these items, the plan is to focus on increasing consumption and exports and support the entire cycle from production to distribution and export. Seaweed, which exported $790 million last year and established itself as an export product with the largest market share in the world, plans to exceed $1 billion in exports by 2030. For oysters, exports of premium oysters will be expanded by increasing the proportion of individual oysters (oysters sold in shells), which are preferred by American and European consumers, to 30% by 2030 (currently 1%), and domestically ...
Source: Fisheco
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