Fishy business is big business, says Korean governmentKorea said Monday it will seek to expand the size of the local pet fish market by 35 percent through 2025 by developing more homegrown species while encouraging the public to adopt them.
Under the goal, the size of the local pet fish market will reach 657 billion won ($580 million) in 2025, up 35 percent from 487.3 billion won tallied in 2020, according to the Ministry of Oceans and Fisheries.
Over the period, the number of farms raising pet fish will increase to 186 from the current 151. The annual production of related products, including feed, will rise to 121.8 billion won, up from 90.3 billion won in 2020.
Korea earlier implemented a five-year development plan for the industry, which ran from 2016 to 2020. Over the period, the size of the country's pet fish market shot up 19 percent.
To further bolster the growth, Korea plans to ease its dependence on imported fish breeds and instead foster more homegrown species.
The new blueprint also includes plans to install fish tanks at public facilities, including airports, and create educational content that can be utilized at local schools.
The country will consider officially authorizing certificates related to pet fish, currently issued by a private organization.
An average Korean owning pet fish spent 22,000 won monthly in 2020, with the amount expected to reach 29,000 won by 2025.