The demand for pelagic fish in the United Arab Emirates has shown significant fluctuations over the past decade. From 2014 to 2023, the volume increased from 91.22 thousand metric tons to 146.76 thousand metric tons. Notably, the years 2015 and 2016 saw rapid growth rates of 10% and 23.42% respectively, but there was a notable drop of 15% in 2020, likely due to external factors such as the COVID-19 pandemic. By 2023, the demand increased modestly by 2.12% year-on-year, indicating stabilized growth. The Compound Annual Growth Rate (CAGR) over the last five years is 2.3%, showing a trend of gradual yet steady growth.
Looking forward, between 2024 and 2028, the forecasted data predicts a growth from 149.61 thousand metric tons to 162.27 thousand metric tons, reflecting a 5-year forecasted CAGR of 1.64% and an overall growth rate of 8.46%. This suggests a moderate but consistent increase in demand.
Future trends to watch for include the potential impact of sustainability efforts, technological advancements in fishing practices, and shifting consumer preferences towards healthier and sustainable food options. Economic factors and policy changes affecting the fishing industry may also play crucial roles in shaping demand.