Market Snapshot – Fish and Seafood in South Korea

With the Canada-Korea Free Trade Agreement (CKFTA) and strong market growth, there are many opportunities for Canadian fish and seafood exporters to expand in South Korea.

Video transcript

[Upbeat modern music starts.]

[Fade up from black to an image of lots of buttons with the South Korean flag printed on them. Three bars appear on top. The upper and lower bars have the blue colour of the South Korean Flag. The middle bar is red, like the flag also. The title of the video appears on the bars.]

Text on screen: Market Snapshot for Canadian Agri-Food Exporters. Fish and Seafood in South Korea.

[The bars, text wipes off screen and the buttons dissolve to a time-lapse aerial shot of a skyline of a modern city in Asia.

Voice of narrator: South Korea is the 4th largest economy in Asia.

[A time-lapse video of a busy street slides across the screen to reveal text on white on the right quarter of the screen.]

Text on screen: Population in 2015 51 million (M)

There are 51 million South Koreans.

[An image of a big seafood market slides across the screen to reveal different text on white on the right quarter of the screen.]

Text on screen: Total fish and seafood import market in 2015

Fish and seafood are mainstays of the Korean diet…

[A close up image of fish lined up for sale at a market slides onto screen at the same time as text is added to the previous text.]

Text on screen: 5.7 billion canadian (B CAD)

…with $5.7 billion dollars in seafood imports from the world annually.

[Dissolve to commercial fishing boat at sea.]

Canada has room to grow…

[A white bar wipes up from the bottom of the screen and stops halfway up revealing text. The commercial fishing boat still appears on the top half of the screen.]

Text on screen: Canada's market share = 1.4%

…with a market share of only 1.4% of that total.

[The top and bottom wipe to the left and right to reveal crabs caught in a fisherman's net.]

Canadian producers and exporters…

[The video of the crab pushes to the right of the screen to leave only a quarter of it and it reveals a row of filleted salmon being trimmed.]

…of fish and seafood products…

[A shot of different types of shellfish in piles, even some small octopus in water, slides across the screen with the previous images still there.]

Text on screen: Strong market opportunity

…now have more reason to consider this market.

[An image of the South Korean and the Canadian flag pushes the other images off the screen.]

Since January 2015…

[A white bar pushes up from the bottom leaving the flags at the top of the screen.]

Text on screen Canada-Korea Free Trade Agreement

…Canada has enjoyed a free trade agreement with South Korea.

[The screen dissolves to white and then dissolves through to people cutting fish and placing some of the fish on a trolley with many shelves in a fish factory. A white bar wipes onto the right quarter of the screen.]

Text on screen: 70% duty free by 2019

By 2020, 70% of Canada's fish and seafood exports will enter Korea duty-free.

[Cut to time-lapse video of a large plane at an airport being loaded with cargo.]

This will provide Canadian companies with strategic access to this market.

[Cut to shot of lobster fisherman on boat taking lobster out of a lobster trap.]

In 2015, South Korea imported…

[A close shot of lobster being barbequed slides from left to right. It remains on the right side of the screen and on the left side of the screen is a white bar.]

Text on screen: Total sales to South Korea in 2015 $78 million canadian (M CAD)

…78 million dollars of fish and seafood from Canada.

[Cut to a wide shot of a lobster factory where lobster slide down a silver ramp and drop into large blue bins. The shot then pans over to you can see into one of the bins with lots of lobsters in it.]

Lobster and related product imports…

[A close shot of different types of seafood being cooked on a stovetop wipes on from the top and at the same time a white bar wipes on from the bottom.]

Text on screen: 74% of imports

…accounted for about 74% of this total.

[Screen dissolves to white. An animation of a stickman pushing a shopping cart walks onto screen from the left. The South Korean flag is a decoration on the side of the cart.]

Text on screen: Consumer Trends

When it comes to consumer trends…

[The animation changes. The shopping cart disappears and an animated stick women appears and is holding a laptop. On the screen of the laptop is a shopping cart with a red maple leaf above it.

...South Koreans are tech savvy…

Text on screen: Growth in online grocery purchases

…and are spending more and more on online food purchases.

[A mouse on the animated laptop grabs the red maple leaf and puts it into the shopping cart. The screen dissolves to white. A blue icon of a hand holding money appears.

Text on screen: Willing to spend more on high-quality foods

[A blue icon of an award ribbon with a “thumbs up” in the center of it appears beside the hand holding money.

They are also willing to pay more for luxury foods…

[An image of a lobster wipes up from the bottom of the screen and pushes the blue icons off screen.]

…such as lobster.

[One of the claws of the lobster snaps.]

Here's a quick snapshot of the South Korean market for fish and seafood.

[Upbeat modern music continues.]

[Four vertical images of seafood; shrimp, octopus tentacles, crap and fish, slide on and off the screen from right to left to reveal a white screen.]

Text on screen: South Korea Top Imports of Global Fish and Seafood, Market Share (2015)

[Red bars appear one at a time from left to right to form a graph of percentages relating to the product listed beside it.]

Text on screen: Frozen fish, excluding fish fillets, livers or roes 12%, Frozen octopus 8%, Frozen shrimp and prawns 7.7%, Frozen Alaska pollock 5%, Live or fresh/chilled crab 4.5%

[Screen dissolves to white background.]

Text on screen: South Korea Top Imports of Canadian Fish and Seafood, Market Share (2015)

[Red bars appear one at a time from left to right to form a graph of percentages relating to the product listed beside it.]

Text on screen: Live lobster 56%, Frozen lobster, including in shell 18%, Frozen fish, excluding fish fillets, livers or roes 7%, Frozen crab, including in shell 4%, Frozen cold-water shrimp and prawns 3%.

[Screen dissolves to white background.]

Text on screen: South Korea Imports of Canadian Lobster

[Two solid graphs appear on screen, one blue the other burgundy in colour. The blue graph, with a small icon of a snowflake on it, has dates on the bottom corners: 2014 on the left where the shape of the graph is lower in height, and 2015 on the right where it is higher. The upward slope of the graph depicts growth of this product from 2014 to 2015.]

Text on screen: Frozen lobster $14M CAD

[The burgundy graph, with the small icon of a lobster on it, has dates on the bottom corners: 2014 on the left where the shape of the graph is lower in height, and 2015 on the right where it is higher. The upward slope of the graph depicts growth of this product from 2014 to 2015.]

Text on screen: Live lobster $42M CAD

[Arrows dissolve onto screen and move upward then dissolve out adding text to the previous images. The text relates the percentage of how much the Frozen lobster and Live lobster has increased in imports to Korea between 2014 and 2015. 311% increase for Frozen lobster imports and 30% increase for Live Lobster imports.]

Text on screen: 311% increase 30% increase

[Screen dissolves to an overhead time-lapse shot of a busy market.]

Narrator: With the Canada-Korea Free trade agreement, growing export sales...

[Cut to shot of young Asian woman looking at a tablet then interacting with it.]

…and more online grocery purchases...

[Cut to people walking around a busy shopping area with outdoor stalls.]

…South Korea presents many opportunities for Canadian fish and seafood exporters.

[Dissolve to white screen. Dissolve to close shot of hands putting a processed meat package into a cardboard envelope.]

Do you have questions about…

[Cut to wider shot of same person putting processed meat into the cardboard envelope.]

…exporting your agriculture…

[Cut to close up shot of the envelope going inside a larger box for shipping.]

…or food products?

[Cut to wide shot of the cardboard box being taped up. Dissolve to animated video of a man standing in a green field with his back to camera. In the blue cloud covered sky there are several animated drawings of pie and graph charts, light bulbs and math equations.]

Looking for more market intelligence?

[Dissolve to white background, which then dissolves to an image of lots of buttons with the South Korean flag printed on them. Three bars appear on top. The upper and lower bars have the blue colour of the South Korean Flag. The middle bar is red, like the flag also.]

Text on screen: Canadian Agri-Food Exporters. Contact Us Today. aafc.mas-sam.aac@canada.ca

Contact us today.

[Dissolve to the animated Canada word mark]

Text on screen: (c) Her Majesty the Queen in Right of Canada, represented by the Minister of Agriculture and Agri-Food (2017)

[Upbeat modern music fades out.]

[Fade to black.]

Market intelligence on South Korea's fish and seafood sector

Visit market intelligence-South Korea to access reports that discuss opportunities.

Canada – Korea Free Trade Agreement (CKFTA)

Learn about our agreement to support Canadian exports to South Korea by visiting Canada-Korea Free Trade Agreement (CKFTA).

Find out more about how CKFTA can help your fish and seafood exports by going to Benefits and Opportunities for the Canadian Fish and Seafood Sector.

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