Status of the Philippine fishing industry and consumption trends of dried seaweed

Published Nov 24, 2023

Tridge summary

The seafood market is projected to grow and seaweed consumption is expected to increase. The Philippines' seafood market is estimated to be around $18.19 billion in 2022, with an average annual growth rate of 8.85% over the past four years. The processed seafood market in the Philippines is growing at a faster rate than the overall market, and per capita seafood consumption is predicted to exceed 10 kg by 2027. Additionally, the preference for seaweed as a healthy food is high among consumers in the Philippines. The majority of Filipino consumers first became aware of dried seaweed products through social media and recommendations from family and acquaintances. The unofficial traditional retail channel is the most popular distribution channel for food retail in the Philippines, followed by supermarkets and official traditional retail channels.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The size of the seafood market is expected to expand and seaweed consumption to increase. It is expected to exceed $20 billion next year and grow to $27 billion by 2028. Seaweed imports in 2022 amount to $5.85 million... Average annual increase of 22% for 5 years Korea ranked second with a 34% market share... Indonesia ranks first in terms of imports According to market research company Statista, the size of the Philippine seafood market in 2022 is estimated to be approximately $18.19 billion. The size of the Philippine seafood market has grown at an average annual rate of 8.85% over the past four years (2019-2022), and is expected to grow by 6.84% annually for the next six years. Accordingly, the seafood market size is expected to exceed the $20 billion range to $21.12 billion from 2024, and the market is expected to grow to $27.05 billion in 2028. The Philippine processed seafood market size grew from $2.44 billion in 2019 to $3.18 billion in 2022, growing at an average annual ...
Source: Fisheco

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.