The pelagic fish market volume in South Africa has shown a steady decline over the years. From a high of 190.91 thousand metric tons in 2014, the market decreased to 155.7 thousand metric tons by 2023. Over the last two years, the volume showed minor fluctuations with a year-on-year change of 4.07% in 2022 followed by a decline of 1.12% in 2023. On a broader five-year scale, the market has experienced an average annual contraction rate (CAGR) of 1.27% leading to 2023.
Future trends indicate a continued gradual decline in volume, with forecasts predicting a decrease to 146.0 thousand metric tons by 2028. The five-year CAGR from 2024 to 2028 is projected to be -0.96%, amounting to an overall decrease of approximately 4.7% over this period.
Future trends to watch for:
- Environmental and climate changes affecting fish populations.
- Regulatory changes impacting fishing quotas and sustainability practices.
- Market demand shifts, both domestically and internationally.
- Technological advancements in fishing and supply chain efficiency.