Freshwater Fish Market

The global freshwater fish market is predicted to witness a steady growth trajectory from 2022 to 2030, with an expected increase in consumption volume and market value. Market performance is forecasted to expand with a CAGR of +2.1% in volume and +4.5% in value. China emerges as the leading producer and exporter of freshwater fish, while Hong Kong SAR, South Korea, and Japan are among the top consuming countries. With increasing demand worldwide, the market is poised for continued growth in the upcoming years.

Market Forecast

Driven by increasing demand for freshwater fish worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 417K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $4.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Freshwater Fish

In 2022, after two years of decline, there was significant growth in consumption of freshwater fish, when its volume increased by 6.6% to 353K tons. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to continue growth in years to come.

The global freshwater fish market revenue skyrocketed to $2.9B in 2022, growing by 20% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Hong Kong SAR (55K tons), China (37K tons) and South Korea (36K tons), with a combined 36% share of global consumption. Myanmar, the Philippines, Thailand, Indonesia, France, Japan, Malaysia, Germany, Spain and Bangladesh lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +12.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($362M), South Korea ($331M) and China ($308M) constituted the countries with the highest levels of market value in 2022, with a combined 34% share of the global market. Japan, Myanmar, the Philippines, France, Indonesia, Thailand, Spain, Malaysia, Germany and Bangladesh lagged somewhat behind, together accounting for a further 32%.

France, with a CAGR of +14.0%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of freshwater fish per capita consumption was registered in Myanmar (583 kg per 1000 persons), followed by Thailand (286 kg per 1000 persons), Malaysia (263 kg per 1000 persons) and the Philippines (198 kg per 1000 persons), while the world average per capita consumption of freshwater fish was estimated at 0.6 kg per 1000 persons.

In Myanmar, freshwater fish per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+3.7% per year) and Malaysia (+3.5% per year).

Production

World Production of Freshwater Fish

Global freshwater fish production was estimated at 348K tons in 2022, remaining constant against the previous year. The total output volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 5.8%. Over the period under review, global production hit record highs at 353K tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, freshwater fish production amounted to $3.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 13%. As a result, production reached the peak level of $4B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

China (109K tons) remains the largest freshwater fish producing country worldwide, comprising approx. 31% of total volume. Moreover, freshwater fish production in China exceeded the figures recorded by the second-largest producer, Myanmar (42K tons), threefold. The Philippines (33K tons) ranked third in terms of total production with a 9.6% share.

In China, freshwater fish production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Myanmar (+0.7% per year) and the Philippines (+1.5% per year).

Imports

World Imports of Freshwater Fish

In 2022, global freshwater fish imports expanded rapidly to 228K tons, growing by 9.5% against the previous year. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 12%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, freshwater fish imports soared to $2.1B in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 33%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

The countries with the highest levels of freshwater fish imports in 2022 were Hong Kong SAR (58K tons), South Korea (40K tons) and China (29K tons), together resulting at 56% of total import. Japan (19K tons) took an 8.4% share (based on physical terms) of total imports, which put it in second place, followed by France (5.1%). The following importers - Germany (8.5K tons), Spain (7.8K tons), Italy (5K tons), Macao SAR (4.9K tons), Austria (4.7K tons), Romania (3.9K tons) and Vietnam (3.5K tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +53.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($426M), Japan ($408M) and South Korea ($375M) appeared to be the countries with the highest levels of imports in 2022, together comprising 58% of global imports. China, France, Vietnam, Spain, Germany, Italy, Austria, Macao SAR and Romania lagged somewhat behind, together accounting for a further 30%.

Vietnam, with a CAGR of +67.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average freshwater fish import price stood at $9,233 per ton in 2022, picking up by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 33% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($21,389 per ton), while Macao SAR ($2,242 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Freshwater Fish

In 2022, global freshwater fish exports was estimated at 223K tons, standing approx. at the year before. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 27% against the previous year. As a result, the exports reached the peak of 253K tons. From 2014 to 2022, the growth of the global exports failed to regain momentum.

In value terms, freshwater fish exports amounted to $1.9B in 2022. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 23%. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports By Country

China was the major exporter of freshwater fish in the world, with the volume of exports reaching 101K tons, which was near 45% of total exports in 2022. The Czech Republic (13K tons) held a 5.6% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (5%) and Myanmar (4.6%). Japan (9.1K tons), Taiwan (Chinese) (8.1K tons), France (7.4K tons), Denmark (6.6K tons), Italy (6.4K tons), the United States (4.3K tons), South Korea (4K tons), Spain (3.8K tons) and Indonesia (3.7K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to freshwater fish exports from China stood at +2.4%. At the same time, Japan (+14.6%), Taiwan (Chinese) (+11.2%), France (+3.6%), Spain (+2.9%), the United States (+2.7%), Myanmar (+2.3%), the Czech Republic (+1.9%) and Italy (+1.8%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in the world, with a CAGR of +14.6% from 2012-2022. By contrast, Denmark (-1.2%), the Philippines (-2.5%), South Korea (-3.6%) and Indonesia (-8.6%) illustrated a downward trend over the same period. China (+5.1 p.p.), Japan (+2.9 p.p.) and Taiwan (Chinese) (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while the Philippines and Indonesia saw its share reduced by -2.2% and -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($810M) remains the largest freshwater fish supplier worldwide, comprising 43% of global exports. The second position in the ranking was taken by Taiwan (Chinese) ($90M), with a 4.8% share of global exports. It was followed by Japan, with a 4.7% share.

In China, freshwater fish exports expanded at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+2.9% per year) and Japan (+10.9% per year).

Export Prices By Country

The average freshwater fish export price stood at $8,481 per ton in 2022, growing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($15,561 per ton), while the Czech Republic ($3,029 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform