Fresh Fish - Thailand

Thailand

Highlights

Revenue in the Fresh Fish market amounts to US$5.55bn in 2024. The market is expected to grow annually by 2.92% (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$77.27 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 273.50m kg by 2029. The Fresh Fish market is expected to show a volume growth of 0.6% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 3.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Thailand is experiencing minimal growth due to factors such as limited demand, increasing competition, and changing consumer preferences. Despite being a part of the booming Fish & Seafood Market, the growth rate for this specific market remains stagnant. This can be attributed to the lack of innovation and limited access to technology in the traditional fish market industry in Thailand nan.

Customer preferences: As the demand for sustainable and locally-sourced food continues to grow, consumers in Thailand are increasingly turning towards fresh fish as a healthier and more environmentally-friendly option. This shift is also driven by a growing awareness of the health benefits of consuming fresh seafood, such as high levels of omega-3 fatty acids. Additionally, with the rise of food delivery services, consumers are now able to access a wider variety of fresh fish options from the comfort of their own homes, further driving the popularity of the fresh fish market in Thailand.

Trends in the market: In Thailand, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically-sourced seafood. Consumers are increasingly concerned about the environmental impact of their food choices and are seeking out responsibly-sourced options. This trend is expected to continue, with government initiatives promoting sustainable fishing practices and increasing consumer awareness. Industry stakeholders must adapt to this trend by offering sustainable options and promoting transparent sourcing methods to meet consumer demand.

Local special circumstances: In Thailand, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geography and strong fishing industry. Being a coastal country, Thailand has a large supply of fresh seafood, including a variety of fish species. This abundance of seafood has not only made Thailand a top exporter, but has also led to a strong domestic demand for fresh fish. Additionally, the country's rich cultural tradition of consuming seafood has further bolstered the growth of the market. Furthermore, the Thai government's strict regulations on fishing and aquaculture practices have helped maintain the quality and sustainability of the local seafood industry, making it a popular choice for both locals and tourists.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Thailand is heavily influenced by macroeconomic factors. The country's economic health, government fiscal policies, and global economic trends all play a significant role in shaping the market's performance. Thailand's strong economic growth and stable political environment have led to increased consumer spending, driving demand for fresh fish and seafood products. Additionally, the country's strategic location and established trade relationships have made it a key player in the global seafood market. However, potential challenges such as environmental concerns and changing consumer preferences towards sustainable and ethically sourced seafood products could also impact the market's growth. Overall, the market's performance is expected to be closely tied to Thailand's economic trajectory and its ability to adapt to evolving market demands.

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.