This year, South Korea achieved its highest-ever performance in seaweed (Gim) exports, reaching 1 trillion won ($770 million), as announced by the Ministry of Oceans and Fisheries on Wednesday. This marks a historic milestone as the most successful single seafood export to date.
Since 2019, Gim has maintained its leading position in seafood exports. Over the last decade, Gim’s exports have experienced an average annual growth of 8%. The export destinations have significantly expanded from 64 countries in 2010 to 124 countries this year. The primary forms of export include seasoned (67%) and dried (33%) varieties.
The global market size for Gim was $918 million as of last year, with South Korea leading with 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.
The South Korean government aims to reach $1 billion (1.3 trillion won) in seaweed exports by the year 2027.