Fish & Seafood - Mongolia

Mongolia

Highlights

Revenue in the Fish & Seafood market amounts to US$1.14bn in 2024. The market is expected to grow annually by 10.17% (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$327.20 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 52.47m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 4.4% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 13.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood Market in Mongolia is experiencing mild growth, driven by increasing adoption of digital technologies, rising health awareness among consumers, and the convenience of online services. Factors such as availability of fresh and processed options in the sub-markets and growing demand for healthy and sustainable food also contribute to the market's growth rate.

Customer preferences: With the growing popularity of traditional Mongolian cuisine, there has been an increase in demand for locally sourced and sustainable fish and seafood. This trend is driven by consumers' growing awareness of the environmental impact of imported seafood and their desire to support local fishermen and businesses. This has also led to a rise in popularity of traditional fishing methods, such as using nets and traps, as opposed to more modern and industrialized techniques. Additionally, there is a growing preference for freshly caught and locally sourced fish and seafood, as opposed to frozen or canned options. This shift towards sustainable and locally sourced fish and seafood is also influenced by the cultural value placed on fresh and natural ingredients in Mongolian cuisine.

Trends in the market: In Mongolia, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced and ethically produced seafood. This trend is driven by growing consumer awareness and demand for environmentally friendly products. As a result, companies in the industry are investing in sustainable practices and certifications to meet consumer demands. This trend is expected to continue, with a focus on transparency and traceability in the supply chain. This has significant implications for stakeholders, as they must adapt to changing consumer preferences and invest in sustainable practices to remain competitive in the market.

Local special circumstances: In Mongolia, the Fish & Seafood Market is heavily influenced by the country's geography, with landlocked borders and a harsh climate limiting the availability of fresh seafood. This has led to a strong reliance on imported fish and seafood products, particularly from neighboring China and Russia. Additionally, cultural traditions and dietary preferences, such as the preference for yak and mutton over seafood, also impact the market. Furthermore, strict government regulations on fishing and food safety play a significant role in shaping the behavior of market players and consumer choices.

Underlying macroeconomic factors: The Fish & Seafood Market in Mongolia is significantly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's economy heavily relies on the agriculture and mining industries, which can influence the overall performance of The Food market. Additionally, Mongolia's geographic location and landlocked status may also play a role in the market, as it can affect the availability and cost of imported seafood products. The country's economic growth and stability, as well as government policies and regulations, can also impact the demand and supply of fish and seafood in the market. Furthermore, consumer spending power and preferences, as well as shifting demographics, can influence the market's growth and development.

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.