Analyzing the pelagic fish market in Africa from 2014 to 2023, we observe a volume starting at 4.42 million metric tons in 2014, with minor fluctuations through the years. Notably, the volume decreased substantially by 5.49% in 2020 but saw a slight recovery of 4.74% in 2022. By 2023, the market stood at 4.07 million metric tons, marking a marginal year-on-year decrease of 0.49%. Overall, the Compound Annual Growth Rate (CAGR) for the last five years (2019-2023) is -0.49%, indicating a general downtrend.
The forecast from 2024 to 2028 anticipates a continued, albeit slow, decline with a forecasted 5-year CAGR of -0.4% and a total expected reduction of 2% by 2028. Future trends to watch for include potential impacts of climate change on fish populations, evolving fishing regulations, technological advancements in fishing practices, and changes in consumer demand.
