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South Korea will seek to expand the local pet fish market by 35 percent from the current 487.3 billion won to 657 billion won in 2025 by developing more local species and promoting its purchase.
According to the Ministry of Oceans and Fisheries, the country will target to increase the number of farms raising pet fish from 151 to 186.
Consequently, the annual production of related products, including feed, is forecast to jump from 90.3 billion won in 2020 to 121.8 billion won in 2025.
A five-year development plan for the industry from 2016 to 2020 increased the country's pet fish market by 19 percent.
Under the new blueprint, South Korea will ease its dependence on imported fish breeds while fostering more homegrown species. There are also plans to install fish tanks at public facilities, including airports.
Certificates related to pet fish issued by a private organization would be government authorized.
The average South Korean pet fish owner is expected to increase expenditures from 22,000 won monthly in 2020 to 29,000 won by 2025.
