MALAYSIA SEAFOOD MARKET

INTRODUCTION

The fisheries industry is essential to Malaysia's economy and food security since it provides a significant amount of animal protein and fosters rural development by generating jobs. Aquaculture and marine capture fisheries, both offshore and coastal, make up the majority of the fisheries industry.

The majority of fish landings originate from catch fisheries, with aquaculture accounting for the remaining portion. Inland fisheries produce comparatively little fish.

There are around 34 million people living in Malaysia. The majority of households in Malaysia are self-sufficient and engaged in the economy. Each and every Malaysian ethnic group accepts fish and seafood.

While most consumers despise frozen fish, fresh fish is always preferred over cold seafood. In general, people prefer uncooked fish over processed fish. Customers may easily get a wide variety of fresh fish varieties from the nearby supermarkets and wet markets, which is why this situation exists.

The most well-liked local fish and seafood options are those that appeal to people of all economic and cultural backgrounds. Fish and seafood are often prepared by steaming or frying (either shallow or deep).

Additionally, the goods are added to Asian-style soups, noodles, and stir-fried veggies. High-end specialty Chinese restaurants, high-end Western restaurants, high-end hotels, and the fish and seafood processing industry account for the majority of the demand for imported fish and seafood. During the busiest holiday seasons, the upscale food service industry has a greater demand for premium fish and seafood items.

MALAYSIA SEAFOOD MARKET SIZE AND FORECAST

The Malaysia seafood market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

MALAYSIA SEAFOOD MARKETRECENT DEVELOPMENT

As it becomes the latest company to introduce a plant-based seafood product to meet the rising demand for seafood and sustainable proteins, Nestlé has announced the launch of three new vegan white fish SKUs. This comes after the company introduced its Harvest Gourmet brand in Malaysia and Singapore, featuring crispy fish-free fingers made of soy and wheat

. An in-depth knowledge of plant-based proteins and unwavering dedication to bringing consumers innovative products that live up to their expectations have led to the development of these new fish substitutes. 

Their products' excellent flavour and texture, which is similar to white fish, won great appreciation from customers during consumer testing.The introduction of vegan seafood by food industry giant Nestlé is a sign of things to come for this niche.

Due to positive sales growth, the plant-based seafood category has seen a flurry of developments this year.These healthier, more delectable alternatives can also lessen overfishing and save the ocean's biodiversity.

MALAYSIA SEAFOOD MARKETMARKET DYNAMICS

The fishing industry continues to be a vital source of money, food, and nutrition, as well as a way to indirectly raise community welfare. The Department of Fisheries Malaysia (DOF) is the principal driving force behind the modernization and development of the nation's fisheries industry.

The DOF has set a mission to manage and grow the fisheries industry in a sustainable, dynamic, and competitive manner based on scientific knowledge and high-quality services, in accordance with the National Agrofood Policy (NAP) 2011-2020.

This is to guarantee that the main goals of the development of the fishing industry will continue to be food security, the income of fishermen, fish breeders, and fisheries entrepreneurs, as well as the sector's sustainable growth. 

With a value of RM15.26 billion, the fisheries sector produced 1.87 million metric tonnes of food fish, 287.5 million ornamental fish pieces, and 51.7 million bundles of aquatic plants in 2019. This represents an increase of 1.04% in production and 2.65% in value over 2018.

The agricultural sub sector of fisheries has made up almost 12% of the country's GDP, 0.9% of the GDP overall, and 0.04% of the growth rate of the 11th Malaysia Plan.

Unquestionably, systematic fisheries management will support a sustainable inland fishing population, which will immediately benefit nearby people. The potential for developing the inland fishery stock as a new source of income is enormous.

MALAYSIA SEAFOOD MARKETCOMPETITIVE LANDSCAPE 

The top provider of seafood and frozen foods is Ocean Pacific Seafood & Meat Sdn Bhd. The headquarters are in Malaysia's Johor Bahru (JB). In order to find the greatest buy values, the company constantly analyses trends and conditions and carries a wide range of national brands.

The Malaysian provider of frozen seafood is called Mercado Fresco Sdn Bhd. In addition to operating their own seafood processing and packaging factory in Selangor, Mercado Fresco boasts a vast sourcing network that guarantees efficiency and standards consistency. A large variety of marine items are available at Mercado Fresco, with frozen salmon, prawns, shrimp, and soft shell crab being among their specialties.

Modern machinery and technology in Jels processing facilities guarantee that seafood items are handled safely, hygienically, and effectively.  The business is dedicated to supporting ethical fishing methods and making sure that sustainable fisheries provide the raw materials for its goods.

MALAYSIA SEAFOOD MARKETTHIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many seafoods are manufactured per annum in Malaysia? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Malaysia seafood and key vendor selection criteria
3. Where is the Malaysia seafood manufactured? What is the average margin per unit?
4. Market share of Malaysia seafood market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture Malaysia seafood in-house
6. key predictions for next 5 years in Malaysia seafood market
7. Average B-2-B Malaysia seafood market price in all segments
8. Latest trends in Malaysia seafood market, by every market segment
9. The market size (both volume and value) of the Malaysia seafood market in 2024-2030 and every year in between?
10. Production breakup of Malaysia seafood market, by suppliers and their OEM relationship