The pelagic fish market in Malaysia experienced fluctuations from 2014 to 2023. The market saw significant growth of 15.44% in 2015 and 8.01% in 2016, followed by a decline of 8.95% in 2017 and stability in 2018. The year-on-year variation for 2019 was 1.95%, and the market dropped by 16.31% in 2020 due to external factors, likely the global pandemic. The market rebounded by 15.38% in 2021 and continued its growth at 6.09% in 2022 and 0.76% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stood at 1.03% with a market size of 602.52 Thousand Metric Tons in 2023.
Future forecasts suggest a modest increase, with projected yearly gains. The five-year forecast (2024-2028) predicts a CAGR of 0.63%, leading to a total growth rate of 3.17%. This indicates gradual expansion, influenced by improvements in fishing technologies, sustainability measures, and demand for fish products.
Future trends to monitor:
- Technological advancements in sustainable fishing methods.
- Government policies affecting aquaculture and fishing regulations.
- Changing consumer preferences for seafood, particularly pelagic fish.
- Global economic conditions and their impact on seafood exports and imports.
- Environmental changes, particularly the impact of climate change on fish populations.
