Market Trends of asia-pacific seafood Industry
Southeast Asian countries account for the major production share
- Fish production in the region grew by 4.11% from 2017 to 2022. Asia has dominated the aquaculture industry for the past 20 years, with Southeast Asia leading the segment. Indonesia is Southeast Asia’s top producer of aquaculture, accounting for around 50% of regional aquaculture production in general. Vietnam, the Philippines, and Thailand are also major producers of aquaculture in the region. Indonesia is also the regional leader when it comes to brackish water and mariculture culture, particularly in shrimp production. When it comes to fresh-water aquaculture culture, Vietnam leads the way, followed by Indonesia.
- In 2022, China's fish production grew by 7.33% compared to 2021. Pond production accounted for more than half of all aquaculture production in China, with reservoirs that house cage systems making up 28.8% of the total and rivers making up 3.49% in 2022. In 2022, the Chinese government launched its 14th five-year National Fisheries Development Plan (NFDP), which aims to produce 69 million tons of aquatic products by 2025. This indicates that China’s vast fishing sector will continue to grow.
- India's fish production reached a new record high of 8990 million tons in 2022. Inland fish production, mainly in the form of aquaculture, saw a dramatic increase. In 2000-2001, inland fish production was 28.23 lakh tons, and in 2021-2022, it increased to 121.21 lakh tons, increasing by 400%. The increase in inland fish production is a result of concerted efforts by fisheries scientists and central and state governments, as well as the commitment of fishermen, fish farmers, and entrepreneurs.
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Price growth can majorly be attributed to rising supply chain costs
- The price of fish experienced significant changes in the Asia-Pacific region, growing by 6.53% in 2022 compared to 2017. In China, the fish segment increased its share of the overall category as it is widely popular among Chinese households and can be easily cooked at home, unlike crustaceans, mollusks, and cephalopods. Consumers are willing to pay a premium price for fish and seafood products that they perceive to be of good quality, natural, safe, and healthy. In 2022, the prices of silver carp fish started from USD 0.9/kg, and turbot fish prices started from USD 12/kg. Common species like tilapia also saw a growth in prices. The prices were raised to encourage fish sales, allowing farmers to repay loans for feed costs. Some farmers also expected a higher price in the future and held the stocks, pushing the price higher.
- In India, seafood is considered an important part of a healthy and balanced diet by most consumers. During the 2nd quarter of 2022 in India, fish-catching activities were reduced due to an increase in sea temperature, coupled with a rise in fuel prices. Thus, the supply of fresh fish reduced drastically, leading to a 20-30% rise in prices for both premium and common species. In India, the prices of major species during the 2nd quarter of 2022 were USD 2.64/kg for mackerel and sardine, USD 13.21/kg for white pomfret, and USD 14.53/kg for seer. Australian seafood prices climbed to record highs due to the continued effects of supply chain issues and labor shortages. In 2022, the price of salmon increased by as much as 30%, reaching USD 34.05/kg compared to the previous year. Queensland fish prices remained competitive and had good value, with wild-caught Queensland northern kingfish at USD 18.18/kg and large wild-caught tigerfish at USD 23.60/kg in 2022.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Average regional prices are expected to remain stable, with ups and downs happening in major producer nations
- Growing demand for Asian shrimp across the globe will propel the production
