Between 2014 and 2023, Thailand's crustacean demand increased from 116.22 thousand metric tons to 172.08 thousand metric tons, showing a considerable upward trend. The year-on-year growth rate has exhibited significant fluctuations, such as the sharp increase of 28.12% in 2016 and a notable decline of 15.33% in 2020, likely due to external factors such as economic conditions or global supply chain disruptions. Over the last two years, the market recovered, presenting a 7.23% growth in 2022 and a steady 1.8% increase in 2023.
Looking at the compound annual growth rate (CAGR), the period from 2019 to 2023 saw a moderate annual increase of approximately 2%. For the forecast period extending from 2024 to 2028, the anticipated CAGR is around 1.4%, which implies a more gradual growth, leading to a total increase of 7.22% by 2028.
Future trends to watch for include the potential impacts of climate change on crustacean habitats, advancements in aquaculture technologies, shifts in consumer preferences towards sustainable seafood options, and trade policies that could affect import and export dynamics. Continuous monitoring of these factors will be crucial for accurately predicting the market trajectory in the years ahead.
