Market Insights Consumer Food Fish & Seafood

Fresh Seafood - Singapore

Singapore

Revenue in the Fresh Seafood market amounts to €280.20m in 2024. The market is expected to grow annually by 2.39% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€11,140m in 2024).
In relation to total population figures, per person revenues of €46.30 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 10.31m kg by 2029. The Fresh Seafood market is expected to show a volume growth of -0.2% in 2025.
The average volume per person in the Fresh Seafood market is expected to amount to 1.7kg in 2024.

Key regions: South Korea, Canada, China, Japan, United States

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Analyst Opinion

The Fresh Seafood Market in Singapore has been experiencing slow growth, impacted by factors such as changing consumer preferences, increasing competition, and fluctuating fish stocks. Despite this, the market continues to attract customers with its high-quality and diverse seafood offerings.

Customer preferences: As Singaporeans become more health-conscious, there has been a significant rise in the demand for sustainably-sourced and organic seafood. This trend is driven by increasing awareness of the importance of the environment and the impact of food production on it. Additionally, the rise of flexitarian and pescatarian diets has also contributed to the growing preference for fresh seafood, as it is seen as a healthier and more ethical protein option. As a result, retailers and restaurants are now offering a wider variety of sustainably-sourced seafood to cater to these changing consumer preferences.

Trends in the market: In Singapore, the Fresh Seafood Market within the Fish & Seafood Market of The Food market is experiencing a surge in demand for sustainably sourced seafood. Consumers are increasingly conscious about the environmental impact of their food choices and are seeking out seafood that is responsibly harvested. This trend is expected to continue as sustainability becomes a key factor in purchasing decisions. Industry stakeholders will need to adapt to this trend by implementing sustainable practices and promoting their environmentally friendly products to stay competitive in the market.

Local special circumstances: In Singapore, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's strict food safety regulations and strong focus on sustainability. These factors have led to the development of advanced technologies and techniques for sourcing, handling, and processing seafood. Additionally, the multicultural nature of Singapore has also contributed to the variety of seafood options available, with different ethnicities bringing their own unique preferences and cooking methods. Furthermore, Singapore's strategic location as a major shipping and trading hub has also played a key role in the availability and diversity of fresh seafood in the market.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Singapore is influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Singapore's strong economic growth and stable political environment have created a favorable market for fresh seafood, as consumers have more disposable income to spend on premium products. Additionally, government initiatives to promote sustainable fishing practices and invest in modernizing the fishing industry have helped to enhance the quality and variety of seafood available in the market. However, rising costs of production and transportation, as well as fluctuations in global seafood supply, can impact market performance. Despite these challenges, the growing demand for healthy and high-quality food options, particularly among the affluent population in Singapore, is expected to drive the growth of the Fresh Seafood Market in the country.

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.