Extracts and juices of meat, fish and aquatic invertebrates market in South Korea

Earlier Report Observations

From 2018 to 2021, the market volume for meat and fish extracts in South Korea remained at elevated levels, peaking at 13 074 t in 2019. This period of strength was underpinned by the rapid expansion of crustacean aquaculture, which increased demand for aquatic veterinary medicines containing such extracts. Concurrently, the growing health functional food market, where these extracts serve as ingredients for vitamin and mineral products, provided additional demand. In 2021, the double-digit growth of the pet food market, fueled by rising pet ownership and premiumization, further supported consumption.

A sharp reversal occurred in 2022, when the market volume nearly halved to 6 761 t, falling further to 4 933 t in 2023. This contraction was primarily due to a steep decline in imports, which dropped from 14 619 t in 2021 to 5 250 t in 2023. Domestic production proved more resilient, reaching 888 t in 2022 before a modest decrease to 862 t in 2023.

Despite the overall market shrinkage, notable developments in adjacent industries emerged in 2023. The aquafeed and aquaculture additives market surpassed USD 1.11 billion, driven by demand for sustainable seafood, leading major players like BASF and Ridley to focus on high-quality additive solutions. The enactment of the Animal Pharmaceutical Industry Development Act aimed at boosting the sector, and the rise of the plant-based meat substitute market created new potential demand segments. In 2024, imports showed a tentative recovery, while the Act on the Management and Support of Seafood Distribution continued to influence market structure.

Production extracts and juices of meat, fish and aquatic invertebrates in South Korea

In kind, 2017-2020, t

Between 2017 and 2020, South Korea ranked as the 14th largest global producer of extracts and juices from meat, fish, and aquatic invertebrates.

Top producers of extracts and juices of meat, fish and aquatic invertebrates, 2017-2020

World map of production of extracts and juices of meat, fish and aquatic invertebrates, 2017-2020

South Korea's production of extracts and juices from meat, fish, and aquatic invertebrates grew for the second year in a row. In 2020, output reached 818.0 t, a modest increase of 2.0% from 2019. Over the 2017-2020 period, production rose by 4.9%, averaging 1.6% per year. The lowest production level was in 2018 at 769.5 t, which saw a decline of 1.3%. The largest growth occurred in 2019, with a 4.2% increase.

Annual dynamics of production in South Korea in kind, 2017-2020, t

In value, 2017-2020, K $ US

South Korea's production of extracts and juices from meat, fish, and aquatic invertebrates increased for the second consecutive year. In 2020, the output was valued at 2 709 K $ US, up 7.3% from 2019. However, from 2017 to 2020, overall production value fell by 7.3%, with a compound annual growth rate of -2.5%. The lowest value was recorded in 2018 at 2 446 K $ US, which experienced a significant drop of 16.3%.

Annual dynamics of production in South Korea in value, 2017-2020, K $ US

Exports extracts and juices of meat, fish and aquatic invertebrates from South Korea

Exports in kind, t

South Korea's exports of extracts and juices from meat, fish, and aquatic invertebrates grew for the third straight year. In 2020, export volume reached 2 931 t, a substantial increase of 35.3% compared to 2019. From 2017 to 2020, exports surged by 91.2%, averaging 24.1% annually.

Annual dynamics of product's exports from South Korea in kind, 2017-2020, t

From 2017 to 2020, Japan, the United States, and China were the top destinations for South Korea's exports in volume terms, accounting for 37.1%, 17.9%, and 11.5% of exports, respectively. Together, these three countries made up 66.6% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South Korea in kind, 2017-2020

Exports in value, K $ US

South Korea's exports of extracts and juices from meat, fish, and aquatic invertebrates increased for the third consecutive year. In 2020, export value was recorded at 9 707 K $ US, a dramatic rise of 42.3% year-over-year. Over the 2017-2020 period, exports grew by 69%, with an average annual rate of 19.1%.

Annual dynamics of product's exports from South Korea in value, 2017-2020, K $ US

Between 2017 and 2020, Japan, the United States, and China were the leading destinations for South Korea's exports in value terms, representing 52.7%, 17.3%, and 5.3% of exports, respectively. Collectively, they accounted for 75.2% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South Korea in value, 2017-2020

Imports extracts and juices of meat, fish and aquatic invertebrates to South Korea

Imports in kind, t

After two years of growth, South Korea's imports of extracts and juices from meat, fish, and aquatic invertebrates declined. In 2020, import volume totaled 14 149 t, a decrease of 2.0% from 2019. From 2017 to 2020, imports overall increased by 27.4%, averaging 8.4% per year. The peak was in 2019 at 14 438 t, which saw an 18.4% rise, the largest increase during this period.

Annual dynamics of product's imports to South Korea in kind, 2017-2020, t

From 2017 to 2020, Vietnam, New Zealand, and Thailand were the three main sources for South Korea's imports in volume terms, together making up 75.5% of total imports of extracts and juices from meat, fish, and aquatic invertebrates.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South Korea in kind, 2017-2020

Imports in value, K $ US

In 2020, South Korea's imports of extracts and juices from meat, fish, and aquatic invertebrates totaled 23 879 K $ US, up 10.7% from the previous year. Between 2017 and 2020, imports grew by 26.9%, with an average annual rate of 8.3%. The largest decline occurred in 2019 at 2.8%, while the biggest increase was in 2018 at 18.0%.

Annual dynamics of product's imports to South Korea in value, 2017-2020, K $ US

Between 2017 and 2020, New Zealand, Australia, and Vietnam were the primary sources for South Korea's imports in value terms, collectively accounting for 72.5% of total imports of extracts and juices from meat, fish, and aquatic invertebrates.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South Korea in value, 2017-2020