The price of gizzard shad at Noryangjin Fish Market has decreased significantly in the past year, dropping from 26,000 KRW to 15,000 KRW. Last year, a high-temperature ocean reduced the catch, causing a scarcity. This year, heavy rains in August during the peak season led to reduced demand.
According to Noryangjin Fish Market, the average wholesale price for 1 kg of live gizzard shad from the beginning of the month to the 6th was 15,804 KRW, about a 40% decrease from 26,310 KRW during the same period last year.
The price decline is also evident at the source. In regions famous for gizzard shad like Jinhae, Samcheonpo, and Geoje, prices for August have dropped by nearly half. Jinhae Fisheries Cooperative reported that the average price per kg in August was about 8,000 KRW, a 33% decrease from 12,000 KRW last year. Similarly, the price dropped from 23,500 KRW to 9,000 KRW per kg at Samcheonpo Fisheries Cooperative.
Considering that the catch has actually decreased more compared to last year, this drop in price is unexpected. According to Jinhae Fisheries Cooperative, August catches were at 10,000 kg, significantly lower than the 27,000 kg from the same period last year. Samcheonpo’s catch also slightly decreased from 11,316 kg to 11,085 kg. A representative from the National Institute of Fisheries Science explained that high-temperature ocean conditions continued in August this year, affecting the catch.
Due to the price drop, large supermarkets have increased the stock of gizzard shad for sale. A representative from a large supermarket stated, “Last year, the price surge resulted in very limited stock, but this year we’ve increased our stock by about 50% and are selling at 20% lower prices.” Last year, some large marts did not sell any gizzard shad due to the steep drop in catch caused by high temperatures.
Industry sources attribute the price drop mainly to decreased demand. A fisheries cooperative representative noted, “Gizzard shad season begins in August when the fishing ban is lifted; however, during the period of gizzard shad festivals in August, heavy rains in southern regions led to significantly lower consumption.” Since decreased demand is the main cause, prices might rise again as the Chuseok holiday season approaches.