Fish & Seafood - ASEAN

ASEAN

Highlights

Revenue in the Fish & Seafood market amounts to US$85.40bn in 2024. The market is expected to grow annually by 5.90% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$123.50 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 5.88bn kg by 2029. The Fish & Seafood market is expected to show a volume growth of 3.9% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 7.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in ASEAN is experiencing minimal growth due to various factors such as changing consumer preferences, increasing competition, and regulatory challenges. Despite this, the market is still driven by factors like growing population and rising demand for healthy and sustainable food options. Additionally, the convenience of online purchasing and increasing health awareness are also contributing to the market's growth. However, the market growth is hindered by the challenges faced by sub-markets like Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, such as supply chain disruptions and changing consumer preferences.

Customer preferences: Consumers in the ASEAN region are increasingly drawn to sustainable and ethically sourced fish and seafood products. This trend can be linked to the growing awareness of the impact of overfishing and unsustainable fishing practices on the environment and marine life. Moreover, with the rise of health-consciousness and the demand for clean, natural, and organic food options, consumers are also seeking out fish and seafood that are free from harmful chemicals and additives. This shift towards sustainable and healthier food choices reflects a growing concern for the well-being of both the planet and one's own health.

Trends in the market: In ASEAN, the Fish & Seafood Market is experiencing a surge in demand for sustainable and traceable seafood products. Consumers are becoming more conscious of their food choices and are seeking out ethically sourced and environmentally friendly options. This trend is expected to continue as governments and organizations push for stricter regulations on fishing practices. For industry stakeholders, this trend presents opportunities for innovation and differentiation in product offerings, as well as the potential for partnerships with sustainable fisheries and certification bodies. Additionally, this trend has the potential to drive up costs for producers and potentially impact supply chains, highlighting the need for efficient and transparent sourcing processes.

Local special circumstances: In ASEAN, the Fish & Seafood Market within The Food market has been influenced by the region's rich coastal resources and strong fishing traditions. However, the market has also been impacted by increasing environmental concerns and government regulations on fishing practices. In Thailand, for instance, the seafood industry has been affected by stricter laws on illegal fishing and labor rights issues. In Indonesia, the market has been shaped by the country's diverse cultural traditions, leading to a variety of seafood dishes and consumption habits.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in ASEAN is heavily influenced by macroeconomic factors, such as economic stability, government policies, and global market trends. Countries with strong economic growth and stable political environments, such as Singapore and Malaysia, are experiencing higher demand for fish and seafood products. In addition, the rise in health-conscious consumers and increasing disposable income in the region are driving the demand for high-quality and sustainable seafood products. Furthermore, the growing popularity of e-commerce platforms and rising investments in aquaculture technologies are expected to further boost the growth of the Fish & Seafood Market in ASEAN.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.