As global demand for seaweed, often referred to as South Korea’s “black semiconductor,” surged, the farmgate price nearly doubled compared to the previous year. The export volume of rice-based processed foods, such as frozen “gimbap,” also showed a sharp increase.
According to the preliminary auction results from 214 fisheries cooperative wholesale markets nationwide, released by the National Federation of Fisheries Cooperatives on Jan. 14, last year’s seaweed auction volume was 536,000 tons, a 4 percent increase of 23,000 tons from the previous year. The auction amount surged by 88 percent to 1.16 trillion won (approximately $793.9 million), an increase of 543.8 billion won. The price per kilogram rose from 1,199 won in 2023 to 2,163 won last year. Jindo-gun Fisheries Cooperative, a major producer of farmed seaweed, saw its auction amount rise by 138.7 billion won to 374.2 trillion won, driven by the price increase.
The National Federation of Fisheries Cooperatives analyzed that the price increase occurred because demand for seaweed, the top seafood export item, had risen while supply could not keep up. Seaweed exports in 2023 totaled $790 million, and the figure is estimated to have increased further last year. South Korea holds a 73.4 percent share of the global seaweed market.
On the other hand, hairtail, which experienced a decline in production, saw the largest drop in both auction volume and value last year. The auction volume for hairtail fell by 33 percent, or 17,000 tons, to 35,000 tons, while the auction value decreased by 27 percent, or 114.9 billion won, to 315.8 billion won.
When breaking down the nationwide auction amounts by fish species last year, seaweed recorded 1.16 trillion won, eel 449.6 billion won, hairtail 315.8 billion won, crab 300.3 billion won, and flatfish 289.5 billion won.