The crustacean market in Malaysia has experienced a steady decline from 2014 to 2023, with the volume decreasing from 181.33 thousand metric tons in 2014 to 129.75 thousand metric tons in 2023. The past year saw a year-on-year decrease of 2.17%, while the five-year CAGR stood at -2.07%, indicating an ongoing downward trend.
Notably, from 2019 to 2020, the market saw a significant drop of 18.79%, followed by a brief recovery period in 2021 with an 11.99% increase. However, the overall trajectory remained negative, with the market continuing to decline post-2021.
The forecasted data up to 2028 indicate a continued shrinkage, with the volume expected to reduce to 114.34 thousand metric tons. The forecasted five-year CAGR is -1.94%, translating to an overall growth rate of -9.34% through 2028.
Future trends to watch for include potential impacts of climate change on crustacean habitats, advancements in aquaculture technologies, and shifts in consumer preferences toward sustainable seafood. Monitoring these factors will be crucial for stakeholders in the market.
