In 2023, the demand for pelagic fish in the Philippines stood at 1.35 million metric tons. The forecasted data from 2024 to 2028 shows a slight but steady decline in demand, decreasing from 1.34 million metric tons in 2024 to 1.30 million metric tons in 2028. This translates to an insignificant year-on-year negative variation of approximately -0.75% per year. Over the last two years (2022-2023), this trend aligns with a gradual decrease previously observed. Calculating the Compound Annual Growth Rate (CAGR) over the 5-year forecast period (2024-2028), the average annual variation is -0.74%.
Future trends to watch for include potential impacts from climate change on marine life, changes in fishing policies, and increased aquaculture production. Consumer preferences and economic conditions could also influence the demand for pelagic fish in the coming years.
