Fresh Fish - Mongolia

Mongolia

Highlights

Revenue in the Fresh Fish market amounts to US$840.10m in 2024. The market is expected to grow annually by 9.99% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$240.50 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 31.00m kg by 2029. The Fresh Fish market is expected to show a volume growth of 4.5% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 7.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Mongolia has been experiencing mild growth, influenced by factors such as increasing demand for fresh seafood, growing health consciousness, and the convenience of purchasing fish online. This growth is driven by the rising popularity of healthy eating and the availability of diverse, high-quality seafood options in the market.

Customer preferences: Consumers in Mongolia are increasingly seeking fresh and locally sourced seafood, with a growing preference for sustainably caught or farmed fish. This trend is driven by a greater awareness of the environmental impact of overfishing and a desire for healthier and more ethical food choices. Additionally, there is a growing interest in seafood as a source of protein among the younger, health-conscious demographic. This has led to an increase in demand for niche seafood products, such as organic or wild-caught fish, and a shift towards purchasing seafood from local fishermen or community-supported fisheries.

Trends in the market: In Mongolia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for locally sourced fish as consumers prioritize sustainable and ethical food choices. This trend is expected to continue as the government implements policies to promote domestic fish production. Furthermore, with the growing popularity of e-commerce, online sales of fresh fish are on the rise, providing convenience for consumers and new opportunities for market players. These trends highlight the importance of sustainability and innovation for industry stakeholders, as well as the potential for increased competition in the market.

Local special circumstances: In Mongolia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's vast landscape, which limits access to fresh seafood. As a result, the market relies heavily on imports from neighboring countries such as China and Russia. Additionally, Mongolia's nomadic culture and herding traditions have a significant impact on the types of fish and seafood consumed, with a preference for freshwater fish like carp and perch. The market is also heavily regulated, with strict standards for food safety and traceability, due to concerns over foodborne illnesses. These unique factors contribute to the dynamics of the Fresh Fish Market in Mongolia, setting it apart from other markets.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Mongolia is influenced by various macroeconomic factors. The country's economic growth, stability, and policies have a significant impact on the performance of this market. Moreover, global economic trends, such as fluctuations in demand and supply, exchange rates, and trade policies, also affect the market. The government's fiscal policies, including taxation, subsidies, and regulations, can create both opportunities and challenges for businesses in this market. Additionally, the country's financial indicators, such as inflation rates, interest rates, and consumer spending, can impact the purchasing power and consumption patterns of consumers, ultimately affecting the demand for fresh fish and seafood.

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.