China, Thailand and Vietnam together produce more than 70% of the world's total farmed shrimp output. Global pangasius production was expected to increase by approximately 3.8% in 2020 to approximately 2.7 million tonnes. Vietnamese production, usually representative of total international supply, is forecasted to rise marginally. Although challenges in the United States of America and the European Union markets will persist in the medium term, the long-term outlook is more optimistic.
Globally, the Pandemic has caused changes in consumer preferences and demand for packaged and frozen seafood has grown. This comes out of the uncertainty surrounding lockdown and convenient availability of fresh food items.
Indonesia is globally the second largest fish producer and in 2018, fisheries and the fishing sector contributed approximately 2.6% to the country’s GDP. The sector employs close to 3.3 million people and over the years the country has had to work hard to overcome perceptions of poor fishing practices. Indonesia is globally the largest seafood products exporter and in 2020, had a total export turnover of USD 5.2 billion. Out of this, USD 4.84 billion was accounted by fish consumption.
In the first quarter of 2021, Indonesia’s total export value of marine and fishery commodities reached a USD 1.75 billion USD, recording a growth of 4.15% year-on-year. In the same quarter, exports of tuna topped the list of Indonesia’s seafood exports. In the month of February 2021, tuna exports were recorded at 53.6 tons, valued at US 513,000. Key tuna export destinations included the United States, China, and Japan.
In an effort to boost the fisheries sector, starting early 2022, the Indonesian Government is offering USD 7.71 billion worth of commercial fishing rights. These rights will be awarded annually.
Why should the report be purchased?
The report ‘Assessment of Indonesia’s Seafood Market 2021’ highlights key dynamics of the global and Indonesia’s seafood market. The current market scenario, growing opportunity in the sector and the impact of the Covid-19 global outbreak has been studied. The report contains latest views and opinions of industry leaders.
Research methodology
The publisher has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analysed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
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