In 2023, South Africa's import of frozen fish stood at 211.84 million US Dollars. Over the past two years, the year-on-year change was 4.58% for 2022 and 4.29% for 2023, highlighting a consistent yet modest growth. The compound annual growth rate (CAGR) over the last five years (from 2018 to 2023) was approximately 3.9%. Notably, the import value dipped by 12.63% in 2020, likely due to COVID-19 impacts, but recovered with a significant gain of 26.38% in 2021. Forecasts predict that from 2023 to 2028, imports will grow steadily with a 5-year CAGR of 3.05% and an estimated total growth rate of 16.23%.
Future trends to watch for include:
- Impact of global supply chain dynamics and trade policies.
- Changes in consumer demand and dietary shifts towards seafood.
- Exchange rate fluctuations and their effect on import costs.
- Technological advancements in fisheries and frozen food logistics.
- Environmental and sustainability factors influencing fish stock and trade regulations.