Market Insights Consumer Food Fish & Seafood

Fresh Fish - Singapore

Singapore

Revenue in the Fresh Fish market amounts to €0.80bn in 2024. The market is expected to grow annually by 2.83% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€53bn in 2024).
In relation to total population figures, per person revenues of €132.80 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 47.27m kg by 2029. The Fresh Fish market is expected to show a volume growth of 0.4% in 2025.
The average volume per person in the Fresh Fish market is expected to amount to 7.5kg in 2024.

Key regions: Russia, South Korea, Canada, United States, Philippines

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Analyst Opinion

The Fresh Fish Market in Singapore is facing negligible growth, influenced by factors such as declining seafood consumption, increasing competition from other protein sources, and strict regulations on fishing. However, the convenience and freshness offered by online fish markets are still driving some growth in the industry.

Customer preferences: The demand for fresh and sustainably sourced seafood has increased in Singapore, driven by a growing awareness of the health benefits of consuming seafood and the impact of overfishing on the environment. This has led to a rise in the popularity of local fish markets, where consumers can purchase directly from fishermen and support the local economy. Additionally, there is a growing trend towards traceability and transparency in the sourcing of seafood, as consumers become more socially and environmentally conscious in their purchasing decisions.

Trends in the market: In Singapore, the Fresh Fish Market is experiencing a surge in demand for sustainable and traceable seafood. Consumers are increasingly conscious about the environmental impact of their food choices and are willing to pay a premium for ethically-sourced fish. This trend is expected to continue as the government has launched initiatives to promote sustainable seafood production and consumption. As a result, industry stakeholders will need to adapt their sourcing and marketing strategies to cater to this growing segment of environmentally-conscious consumers.

Local special circumstances: In Singapore, the Fresh Fish Market within the Fish & Seafood Market of The Food market is heavily influenced by the country's unique geographical and regulatory circumstances. Being a small island nation, Singapore has limited access to local fish sources, leading to a dependence on imported fish. This has resulted in strict regulations and quality control measures to ensure the safety and freshness of the fish. Additionally, Singapore's multicultural society has also influenced the variety and demand for different types of fish, such as the preference for halal-certified fish among the Muslim population. These factors contribute to the competitive and diverse nature of the Fresh Fish Market in Singapore.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as global economic trends, the country's economic health, and fiscal policies. Singapore's strong and stable economy, coupled with its strategic location as a major trading hub, has led to a thriving seafood industry. The government's support for sustainable fishing practices and investments in modernizing the seafood supply chain has further boosted the market's growth. Additionally, the growing health consciousness among consumers and the increasing demand for high-quality seafood are driving the growth of the market in Singapore.

Methodology

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.