Fresh Seafood - Taiwan

Taiwan

Highlights

Revenue in the Fresh Seafood market amounts to US$285.20m in 2024. The market is expected to grow annually by 5.18% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$11.91 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 12.12m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 5.8% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood market in Taiwan is currently experiencing minimal growth due to various factors such as increasing competition, fluctuating seafood prices, and changing consumer preferences. Despite these challenges, the market continues to thrive, driven by the convenience of online seafood purchasing and the high health consciousness among consumers.

Customer preferences: Consumers in Taiwan are increasingly prioritizing sustainability and ethical sourcing when it comes to their seafood purchases. This is evident in the rising demand for locally sourced and responsibly harvested seafood, as well as the popularity of certifications such as Marine Stewardship Council and Aquaculture Stewardship Council. Additionally, there has been a growing interest in smaller, artisanal seafood producers and the unique flavors and varieties they offer. This trend is driven by a desire for transparency and a closer connection to the food they consume.

Trends in the market: In Taiwan, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and traceable seafood products. Consumers are becoming more conscious of the environmental impact of their food choices, leading to a growing trend of supporting local and responsible seafood sourcing. In addition, there is a growing market for online seafood delivery services, providing convenience and safety in the current pandemic situation. These trends highlight the importance of transparency and sustainability in the seafood industry, and industry stakeholders must adapt to meet these evolving consumer preferences.

Local special circumstances: In Taiwan, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location as an island nation. This allows for a diverse range of seafood options to be available, including unique local specialties such as oysters and abalone. Additionally, Taiwan's strong fishing industry and strict food safety regulations ensure that the seafood market is well-regulated and of high quality. The cultural preference for fresh, locally-sourced seafood also contributes to the market's dynamics, with consumers valuing the freshness and sustainability of their seafood purchases.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Taiwan is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Taiwan has a strong economy with a high GDP per capita and a focus on international trade, making it a major player in the global seafood market. The country's stable economy and favorable regulatory environment have also attracted significant investment in its seafood industry, leading to advancements in technology and infrastructure. Furthermore, Taiwan's growing middle class and increasing demand for healthy and sustainable food options have contributed to the growth of the Fresh Seafood Market. However, the market is also affected by global economic fluctuations and trade tensions, as well as domestic policies and regulations that impact the import and export of seafood products.

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.