The freshwater fish market in South Africa witnessed significant fluctuations from 2014 to 2023. With the exception of dips in 2015 and 2020, the market has generally shown an upward trend in volume, reaching 15.95 Thousand Metric Tons in 2023. The year-on-year growth for 2023 was 2.11%, and the compound annual growth rate (CAGR) over the past five years was 2.08%.
Notable variations include:
- A sharp decline of 5.64% in 2015.
- Significant growth spikes in 2016 and 2017 with 23.2% and 20.42% increases, respectively.
- A decline of 15.01% in 2020, likely attributed to the COVID-19 pandemic disruptions.
- Recovery in 2021 with a 17.14% increase.
The forecast from 2024 to 2028 indicates steady growth, with a projected CAGR of 1.64%, culminating in a market volume of 17.64 Thousand Metric Tons by 2028. This represents an 8.47% overall growth rate forecasted over the five-year period.
Future trends to watch for include the impact of environmental changes on fish habitats, advancements in aquaculture technology, and shifts in consumer preferences towards sustainable and locally sourced products. Continued monitoring of these factors will be crucial for stakeholders aiming to capitalize on the market's growth trajectory.