South Korea Seafood Market

TABLE of CONTENTS

1.

Introduction2.

Outline of Korea’s Seafood Industry- Keynote of Korea’s Seafood Market- Main Consuming Products- Food Safety- Distribution Channel3

.

Prospects (Diversification)4

.

With Canada- Main Imported Products- Advancement Strategy- Threats5

.Conclusion

1IntroductionSouth Korea Seafood Market

1.

Introduction

Korea NewZea Corp.Product Quantity/kg Price(USD)

Small octopusWebfoot octopus 1,111,572 5,627,518

Hoki roe 260,211 512,774

Pollack 193,747 257,384

Pollack roe 160,071 676,729

Eel 132,224 893,853

Changlan 127,200 497,618

Mussel 72,688 489,107

Others 39,254 422,307

Total 2,096,950 9,377,293

2Outline of Korea’s Seafood IndustrySouth Korea Seafood Market

2.

Outline of Korea’s Seafood Industry

• 13th Highest Producer in the World• World’s 10th Seafood Importing Country• Self-sufficiency-ratio of 80%• Per Capita Consumption of 60kg per year

2.

Outline of Korea’s Seafood Industry- Keynote of Korea’s Seafood Market

• Decrease in Catch• Increase of Imported Seafood

Trend

Salmon

2.

Outline of Korea’s Seafood Industry- Main Consuming Products

• Pollack : 779,182t• Squid : 729,253t• Hairtail : 207,094t• Mackerel : 483,128t

Dried Squid

Pollack Sashimi

2.

Outline of Korea’s Seafood Industry- Food Safety

• For Imported Seafood - Strengthen KFDA

• For Manufactured Foods - Implement HACCP System

• For Exported Seafood - Issue Health Certificate

HACCP Sign

2.

Outline of Korea’s Seafood Industry- Distribution Channel

Producer(Importer)

Large scale wholesaler Retail dealer Consumer

ConsumerWholesalerManufacturing company

ConsumerHypermarket

3 Prospects & Diversi-fication

South Korea Seafood Market

3.

Prospects & Diversification

• Depletion of Resources → Reduction in Catch• Increase in Income Levels

→ Preference for Safe Foods(Seafood)• Demands in Increase of Seafood• FTA → Increase in Importing Countries

Prospects

3.

Prospects & Diversification

• Importing Countries : China, Russia, Viet-nam, Chile, Thailand, Norway Etc.

• Importing Products : Salmon, Mackerel, Shrimp, Small Octopus, Pollack and more

Diversification

4 With CanadaSouth Korea Seafood Market

4.

With Canada - Main Imported Products

• Sardine : 2,775t• Hagfish : 381t• Ray : 654t• Pollack : 558t• Rockfish : 160t

Ray

Sardine

4.

With Canada - Advancement Strategy

• Utilization of FTA and to PR Canadian Seafood Products• Select and Commercialize after Goodness of Fit Test• Establish a Bridgehead to Enter Third Power

Nations(China & Japan)

4.

With Canada - Threats

• Insufficient Information of Favorable Products• Freshness and Size• Whole Round Products

5 ConclusionSouth Korea Seafood Market

5.

Conclusion

• Actively Engage in Finding Products• Establish Bridgehead

Salmon Fillet

Salmon

Thank YouMunny Kang