The volume of the frozen fish fillets market in Belgium has shown fluctuations over the past decade, with significant changes year-on-year. In 2023, the market stood at 21.867 million kilograms. The market has experienced both growth and decline with notable variations: a peak in 2019 with a 22.75% increase, followed by a 15.7% drop in 2020. The last two years saw a decline of 11.05% in 2022 and a slight recovery at 2.33% in 2023. The Compound Annual Growth Rate (CAGR) for the past five years stands at 1.01%.
Looking ahead to 2028, the market is expected to moderately shrink with a forecasted 5-year CAGR of -0.71%, indicating an average annual decrease. The forecast shows a gradual decline, closing at 20.919 million kilograms in 2028, reflecting a -3.48% total reduction over the five-year period.
Future Trends to Watch For:
- Consumer preferences shifting towards healthier and sustainable food options.
- Impact of economic factors like inflation and disposable income on purchasing behavior.
- Innovations in frozen food technology and packaging.
- Regulatory changes in fisheries and environmental standards.
- Potential impact of geopolitical events on fish supply chains.
