South Korea's seaweed (Gim) exports hit 1 trillion won ($770 million) in this year, the Ministry of Oceans and Fisheries announced on Wednesday. It’s the best performance ever for a single seafood export.
Gim has held the top position in seafood exports since 2019. Over the past ten years, Gim’s exports have grown by an average of 8% annually. Its export destinations were expanded from 64 in 2010 to 124 countries this year. It's primarily exported in seasoned (67%) and dried (33%) forms.
The global market size of Gim was $918 million as of last year, with South Korea leading at a 70.6% market share. The top five countries importing South Korean Gim are the US, Japan, China, Thailand, and Russia. As of last year, these countries accounted for 61.4% of Gim exports.
"By actively pursuing brand marketing and new product development, we will solidify (South) Korea's leading position in the global Gim market," the Minister of Oceans and Fisheries Cho Seung-Hwan mentioned.
South Korean government plans to achieve $1 billion (1.3 trillion won) in seaweed exports by 2027.
Write to Jung-hwan Hwang at
jung@hankyung.com
