Market Insights Consumer Food Fish & Seafood

Processed Fish & Seafood - Singapore

Singapore

Revenue in the Processed Fish & Seafood market amounts to €224.80m in 2024. The market is expected to grow annually by 2.57% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€30,060m in 2024).
In relation to total population figures, per person revenues of €37.14 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 17.85m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 0.1% in 2025.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 2.9kg in 2024.

Key regions: Japan, United States, Philippines, Russia, China

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Analyst Opinion

The Processed Fish & Seafood market in Singapore has seen a minimal growth rate due to a variety of factors such as increasing consumer health awareness, the convenience of online services, and the emergence of new technologies. These sub-markets have played a crucial role in shaping the overall market's growth rate.

Customer preferences: As Singaporeans become more health-conscious, there has been a noticeable increase in the demand for sustainably sourced and healthier processed fish and seafood options. This trend is driven by a growing awareness of the link between diet and overall well-being. Furthermore, with the rise of e-commerce and digital platforms, consumers are increasingly turning to online channels to purchase processed fish and seafood products, allowing for greater convenience and access to a wider variety of options.

Trends in the market: In Singapore, the Processed Fish & Seafood market is seeing a rise in demand for sustainable and eco-friendly products. This trend is driven by increasing consumer awareness and concerns for the environment. Additionally, there is a growing interest in alternative protein sources, such as plant-based seafood, which is expected to continue to gain traction in the coming years. These trends have significant implications for industry stakeholders, as they will need to adapt their product offerings and marketing strategies to meet the changing demands of consumers. Furthermore, with the government promoting sustainable practices and investing in research and development for alternative protein sources, the Processed Fish & Seafood market is likely to see continued growth and innovation in the near future.

Local special circumstances: In Singapore, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the city-state's geographical location as a major port and trading hub. This allows for a wide variety of fresh seafood to be imported and processed, catering to the diverse tastes of the multicultural population. Additionally, strict regulations and high food safety standards contribute to the market's reputation for quality and reliability. The country's strong focus on sustainability and environmentally-friendly practices also drives innovation in the market, with a growing demand for sustainably sourced and processed fish and seafood products.

Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market is greatly affected by macroeconomic factors in Singapore. The country's stable economic growth, strong government support, and investments in infrastructure have contributed to the expansion of the market. Furthermore, increasing health consciousness and higher disposable incomes have led to a rise in demand for healthy and convenient food options, including processed fish and seafood products. Additionally, Singapore's strategic location and well-developed trade networks have allowed for easy access to imported fish and seafood, further driving the growth of the market. However, fluctuations in global seafood prices and potential trade barriers could potentially impact the market's performance in the future.

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.