South Korea Tuna Fish Market Report and Forecast 2024-2032

South Korea Tuna Fish Market Size

The South Korea tuna fish market reached a volume of about 74.12 KMT in 2023. The industry is further expected to grow at a CAGR of about 2.7% in the forecast period of 2024-2032. Growing environmental concerns and expansion of tuna aquaculture farming are expected to drive the tuna fish market during the given forecast period.

South Korea Tuna Fish Market Outlook

• The dominant species caught by Korean fisheries include skipjack, yellowfin, and bigeye tuna, with skipjack being the most prevalent at 73.7%.

• In terms of tuna fisheries in South Korea, 90% of the country's catch of tuna has primarily occurred in the western and central Pacific Ocean (WCPO) area.

• Vietnam accounts for the maximum share of tuna fish exports from South Korea, followed by the United States and Germany.

• In 2021, BTS' Jin released a song named ‘super tuna’, which was used by the Korean Institute of Ocean Science & Technology (KIOST) to raise public awareness of marine and environmental issues among public.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

South Korea Tuna Fish Market Growth Rate

Tunas are saltwater fishes. They have a long, streamlined body and belong to the genus ‘Thunnus’ and are greatly consumed as food. It also holds great value in the commercial sector. South Korea tuna fish market outlook looks promising due to the increasing demand for seafood products, the rise of sushi bars and restaurants promoting fresh tuna consumption, and the convenience and versatility offered by frozen and canned tuna products.

Additionally, the market benefits from the health and wellness trend, with consumers showing a preference for healthier options like processed poultry and seafood. The surge in new product launches in the fish and fish products market, coupled with the popularity of white meat over red meat for protein intake, further propels South Korea tuna fish market growth.

Key Trends and Developments

Focus on sustainable fishing practises, increased demand for lean meat, and rising R&D activities are influencing the South Korea tuna fish market development

April 2024

Dongwon Group, the parent company of StarKist, is set to acquire South Korea's sole container ship operator in its first deal under new chairperson Kim Nam-Jung. This strategic move marks Dongwon's expansion into the shipping industry, diversifying its business portfolio.

January 2024

South Korea has secured increased catch limits for tuna fishes in the 20th annual meeting of the West Central Pacific Fisheries Commission. The Ministry of Oceans and Fisheries announced a rise in the annual catch limits for bluefin tuna by 135 metric tons and a substantial increase of 1,394 metric tons for bigeye tuna.

March 2023

South Korea's largest canned tuna maker Dongwon F&B has launched a vegan food line called "My Plant", offering plant-based tuna. Dongwon's plant-based tuna has up to 31% fewer calories than regular tuna while providing more dietary fibre.

October 2019

Dongwon Industries became the first South Korean company to attain MSC certification for its sustainable yellowfin and skipjack tuna fishing practices in the Western Central Pacific Ocean. This achievement highlights Dongwon's commitment to responsible fishing methods, such as 12 purse seine freezer vessels.

Focus on sustainable fishing aided by celebrities' influence

Sustainability in the seafood industry refers to good fisheries management, robust seafood stocks, transparent, traceable supply chains, and limiting harm to ocean ecosystems. Korea is concentrated on improving the TAC mechanism (total allowable catch), prohibiting illegal bottom trawling, and switching from government regulation to community-based fisheries management to recover its marine resources.

Increased inclination toward healthy diet

High quantities of omega-3 fatty acids found in tuna fish help lower levels of LDL and omega-6 fatty acids. It contains potassium, which may act as a vasodilator and lowers blood pressure significantly. Given that it contains significant amounts of protein and vitamins, tuna is a fantastic choice for preventing eye conditions like age-related macular degeneration.

Growing investment in R&D activities

Due to the ever-growing demand for a healthy diet and sustainable fishing practices, businesses have expanded their investment in research and development (R&D) initiatives, which can drive the tuna market's expansion in the upcoming years. The Marine Stewardship Council's (MSC) international standard for harvesting yellowfin and skipjack tuna fishes at a sustainable rate has been attained by Dongwon Industries.

South Korea Tuna Fish Market Trends

Due to the growing demand for tuna fish in South Korea, there is a lot of scope for expansion in the tuna farming industry. Also, the marine and fishing industries, which have significant growth potential, benefit greatly from cooperation with the financial sector. The first "tuna fund” in South Korea, worth USD 4.4 million, was established by BNK Financial Group and Nampyeong Tuna Farming Association Corporation to support the tuna aquaculture sector in the country. As fish demand in the nation is typically higher than meat consumption, the ministry may introduce additional funds to invest in fish farms supported by smart technology in the open ocean.

Moreover, the tuna fish market in South Korea is steadily growing due to the increasing preference for lean meat among health-conscious consumers. Tuna’s omega-3 fatty acids activate the leptin hormone, which regulates the body's food intake and aids those trying to lose weight. Vitamin C, zinc, and manganese, which are all regarded to be powerful natural antioxidants and are beneficial for the skin and immunity are all present in moderate amounts in tuna.

In response to shifting nutritional habits, consumer demand encouraged the adoption of complex tuna processing procedures. Canned tuna is a popular low-cost protein that is easy to keep and does not need to be refrigerated. Demand for processed and ready-to-cook foods increased significantly with the ageing and working population.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

South Korea Tuna Industry Segmentation

The EMR’s report titled “South Korea Tuna Fish Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Species

• Yellowfin Tuna

• Skipjack Tuna

• Bigeye Tuna

• Others

Market Breakup by Type

• Fresh

• Canned

• Frozen

South Korea Tuna Fish Market Share

Skipjack tuna fishes are high in demand due to its rich flavour profile and versatility in various culinary applications

As per South Korea tuna fish market analysis, Skipjack tuna fish stands out as a significant contributor to the market revenue globally. Its widespread availability and versatility in various culinary applications make Skipjack tuna a popular choice among consumers.

Yellowfin tuna, known for its mild flavor and firm texture, has also gained popularity in South Korea, with companies like Tonnino introducing new varieties of canned Yellowfin tuna to meet the growing demand for premium tuna products.

Bigeye tuna, another important species in the tuna fish market, adds diversity to the market offerings and caters to consumers looking for a richer flavor profile. Companies like Sajo Industrial Co Ltd play a crucial role in maintaining the market presence of Bigeye tuna, offering consumers a wider selection of tuna products to choose from.

Fresh tuna segment holds a significant market share due to rising demand for fresh and quality foods

Among types of tuna, fresh tuna fish holds a significant South Korea tuna fish market share due to the increasing popularity of sushi bars and restaurants that offer fresh tuna dishes. The demand for fresh tuna is on the rise, particularly due to consumer interest in Asian cuisines and the perception of freshness and quality associated with fresh fish products. Frozen tuna fish is also gaining traction in South Korea, with companies like Dongwon F&B Co Ltd leading the way in providing high-quality frozen tuna products.

However, the convenience and affordability of canned tuna makes it a staple in many households.  It also has a longer shelf life and offers versatility in culinary applications. Companies are adapting to changing preferences by introducing new flavors and packaging formats in Korean canned tuna to cater to diverse consumer needs.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Leading Companies in the South Korea Tuna Fish Market

Market players are focused on meeting the growing demand for convenient, ready-to-eat products driven by a cultural appreciation for seafood.

OTTOGI CORPORATION., Ltd was founded in May 1969 and is headquartered in Gyeonggi Province, South Korea. The company offers curry, seasoning, sauce, powder, HMR, retort pouch, dehydrated food, processed grain products, fish, livestock products, noodles, edible oils, spices, and tea. Some of their popular products include Ottogi Tomato Ketchup, Ottogi Cooked Rice, Ottogi Frozen Pizza, and Ottogi Canned Tuna.

ITOCHU Corporation was founded in 1858 and is based in Tokyo and Osaka, Japan. The company engages in domestic trading, import/export, and overseas trading of a wide array of products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance.

Dongwon Group was founded in 1969 and is headquartered in Seoul and Busan, South Korea. Company has 15 affiliated companies, and its main business is Dongwon Industries, which is South Korea's largest fishing company and the owner of the StarKist Tuna brand. The group has diversified its business into various sectors, including food and beverage, dairy, and feed.

Other key players included in the South Korea tuna fish market analysis are Sajo Group and SILLA CO., LTD, among others.

Key Highlights of the Report

Our Top Selling Reports

HVAC Market

Toys Market

Lime Market

Urea Market

Bus Market

Tuna Market

Construction Market

Helium Market

Asphalt Market

Footwear Market

South Korea Tuna Fish Market Report Snapshots

South Korea Tuna Fish Market Size

South Korea Tuna Fish Market Growth

South Korea Tuna Fish Market Trends

South Korea Tuna Fish Market Share

South Korea Tuna Fish Companies