Vietnam dominates South Korea's shrimp market despite declining exports

Published Dec 29, 2023

Tridge summary

Vietnam sees potential in South Korea's growing demand for shrimp, but businesses must meet strict standards to succeed in this market. The country aims to increase aquatic resource production and export earnings, with a focus on shrimp sales. The shrimp industry in Vietnam is optimistic about the opportunities presented by South Korea's increasing demand for shrimp.

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

Original content

Despite the challenges, Vietnam's shrimp industry remains optimistic as South Korea's projected annual shrimp demand growth of 8.9% over the next decade presents significant opportunities. To capitalize on this potential, Vietnamese businesses must adhere to the strict food safety, quarantine and environmental standards set by South Korean importers, ensuring sustainable success in this lucrative market. Projections show that aquatic resource production is expected to reach 3,861 million metric tons (Mt), while aquaculture contribution is estimated to be over 5,408 Mt. On the export side, the target is set at 3,861 ...

Source: Fishretail