Summary

South Africa's seafood market, a cornerstone of its economy, presents a unique blend of unparalleled natural resources and complex challenges. Renowned for its pristine coastline and diverse marine ecosystem, the nation boasts a rich array of species, including hake, tuna, and abalone, which have historically formed the backbone of its seafood exports. However, the sector is grappling with overfishing, illegal, unreported, and unregulated (IUU) fishing, and stringent environmental regulations. Despite these hurdles, the market offers significant opportunities for sustainable and value-added seafood production. Recent news of increased global demand for sustainable seafood, coupled with South Africa's growing middle class and its preference for healthier diets, has ignited renewed interest in the sector. Moreover, the burgeoning aquaculture industry, particularly for species like oysters and mussels, is gaining traction. Yet, challenges persist, including infrastructure limitations, market volatility, and the need for technological advancements.

According to the research report "South Africa Seafood Market Overview, 2029," published by Bonafide Research, the South African Seafood is expected to grow by more than 7% CAGR from 2024 to 2029. A key driver for the South African seafood market is the increasing global demand for sustainable and healthy protein sources. Seafood is seen as a healthy alternative to red meat, and South Africa's reputation for high-quality seafood products has positioned the country as a desirable supplier. Additionally, the country's diverse coastline supports a wide range of seafood species, catering to different consumer preferences. However, the South African seafood market is not without its challenges. Overfishing is a significant concern, with certain fish stocks declining rapidly. This has led to stricter regulations and quotas, impacting the industry's profitability and sustainability. Furthermore, illegal fishing activities pose a threat to marine ecosystems and compete unfairly with legal operators. Another challenge is the volatility of global seafood prices. Factors such as supply and demand, economic conditions, and currency fluctuations can impact the profitability of seafood businesses. Additionally, the South African seafood industry faces competition from other countries with lower production costs and government subsidies.

South Africa's seafood market is a blend of wild-caught and farm-raised products. The wild-caught segment, historically dominant, relies on the country's extensive coastline, rich in marine biodiversity. Species like hake, tuna, and sole are staples in this category. However, the farm-raised sector is growing in importance, with oysters, mussels, and abalone being major cultivated products. This segment is driven by increasing consumer demand for sustainably sourced seafood and the need to manage wild stocks effectively. The South African seafood market offers both fresh and processed products. Fresh seafood, often preferred for its taste and perceived quality, is primarily sold through traditional fish markets and retail outlets. However, the processed seafood segment is expanding, with products like canned tuna, frozen fish fillets, and smoked fish gaining popularity. This growth is fueled by convenience, longer shelf life, and the availability of a wider range of seafood options. Fish, crustaceans, and molluscs form the core of South Africa's seafood market. Fish, including hake, tuna, and sole, dominate the market due to their versatility and consumer preference. Crustaceans, such as prawns and lobster, are highly prized for their taste and are often associated with luxury dining. Molluscs, encompassing oysters, mussels, and abalone, have a growing market, driven by their health benefits and culinary appeal.

Supermarkets and hypermarkets dominate the formal retail sector, offering a wide range of fresh, frozen, and processed seafood products to a broad consumer base. These large-scale retailers play a crucial role in shaping consumer preferences and driving market trends. Convenience stores, though smaller in size, cater to the on-the-go consumer with a limited selection of ready-to-eat seafood options. This channel is particularly important in urban areas with busy lifestyles. Specialty seafood stores, often independently owned, offer a curated selection of high-quality and often exotic seafood products, targeting discerning consumers willing to pay a premium for fresh and unique offerings. The growing penetration of internet and e-commerce has led to the emergence of online seafood platforms, providing consumers with convenient access to a variety of products, particularly in metropolitan areas. South Africa's seafood market is diverse and caters to a wide range of consumer preferences. Frozen seafood dominates the market, offering convenience and extended shelf life. This category includes a wide range of products, from hake and sole to prawns and squid, catering to both domestic and export markets. Salted seafood, a traditional method of preservation, is particularly popular in certain coastal regions, with fish like snoek and kabeljou being common choices. Dried seafood, another traditional product, is gaining popularity due to its long shelf life and distinct flavor profile. Smoked seafood, particularly hot-smoked salmon, has a growing consumer base, appealing to a more premium market.



Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Seafood market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source
• Farm Raised
• Wild Caught

By Form
• Processed
• Fresh

By Type
• Fish
• Crustaceans
• Molluscs
• Others (sea cucumbers, sea urchins,)

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Store
• Others (wholesale markets, direct sales from fishermen)

By Category
• Frozen Seafood
• Salted Seafood
• Dried Seafood
• Smoked Seafood
• Others (canned or pickled seafood)

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood

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Table of Contents

Table of Contents

1. Executive Summary
2. Market Structure
2.1. Market Considerate
2.2. Assumptions
2.3. Limitations
2.4. Abbreviations
2.5. Sources
2.6. Definitions
2.7. Geography
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. South Africa Macro Economic Indicators
5. Market Dynamics
5.1. Market Drivers & Opportunities
5.2. Market Restraints & Challenges
5.3. Market Trends
5.3.1. XXXX
5.3.2. XXXX
5.3.3. XXXX
5.3.4. XXXX
5.3.5. XXXX
5.4. Covid-19 Effect
5.5. Supply chain Analysis
5.6. Policy & Regulatory Framework
5.7. Industry Experts Views
6. South Africa Seafood Market Overview
6.1. Market Size By Value
6.2. Market Size and Forecast, By Form
6.3. Market Size and Forecast, By Type
6.4. Market Size and Forecast, By Category
6.5. Market Size and Forecast, By Region
7. South Africa Seafood Market Segmentations
7.1. South Africa Seafood Market, By Form
7.1.1. South Africa Seafood Market Size, By Processed, 2018-2029
7.1.2. South Africa Seafood Market Size, By Fresh, 2018-2029
7.2. South Africa Seafood Market, By Type
7.2.1. South Africa Seafood Market Size, By Fish, 2018-2029
7.2.2. South Africa Seafood Market Size, By Crustaceans, 2018-2029
7.2.3. South Africa Seafood Market Size, By Molluscs, 2018-2029
7.2.4. South Africa Seafood Market Size, By Others, 2018-2029
7.3. South Africa Seafood Market, By Category
7.3.1. South Africa Seafood Market Size, By Frozen seafood, 2018-2029
7.3.2. South Africa Seafood Market Size, By Salted seafood, 2018-2029
7.3.3. South Africa Seafood Market Size, By Dried seafood, 2018-2029
7.3.4. South Africa Seafood Market Size, By Smoked seafood, 2018-2029
7.3.5. South Africa Seafood Market Size, By Others, 2018-2029
7.4. South Africa Seafood Market, By Region
7.4.1. South Africa Seafood Market Size, By North, 2018-2029
7.4.2. South Africa Seafood Market Size, By East, 2018-2029
7.4.3. South Africa Seafood Market Size, By West, 2018-2029
7.4.4. South Africa Seafood Market Size, By South, 2018-2029
8. South Africa Seafood Market Opportunity Assessment
8.1. By Form, 2024 to 2029
8.2. By Type, 2024 to 2029
8.3. By Category, 2024 to 2029
8.4. By Region, 2024 to 2029
9. Competitive Landscape
9.1. Porter's Five Forces
9.2. Company Profile
9.2.1. Company 1
9.2.1.1. Company Snapshot
9.2.1.2. Company Overview
9.2.1.3. Financial Highlights
9.2.1.4. Geographic Insights
9.2.1.5. Business Segment & Performance
9.2.1.6. Product Portfolio
9.2.1.7. Key Executives
9.2.1.8. Strategic Moves & Developments
9.2.2. Company 2
9.2.3. Company 3
9.2.4. Company 4
9.2.5. Company 5
9.2.6. Company 6
9.2.7. Company 7
9.2.8. Company 8
10. Strategic Recommendations
11. Disclaimer

List of Figures

Figure 1: South Africa Seafood Market Size By Value (2018, 2023 & 2029F) (in USD Million)
Figure 2: Market Attractiveness Index, By Form
Figure 3: Market Attractiveness Index, By Type
Figure 4: Market Attractiveness Index, By Category
Figure 5: Market Attractiveness Index, By Region
Figure 6: Porter's Five Forces of South Africa Seafood Market

List of Tables

Table 1: Influencing Factors for Seafood Market, 2023
Table 2: South Africa Seafood Market Size and Forecast, By Form (2018 to 2029F) (In USD Million)
Table 3: South Africa Seafood Market Size and Forecast, By Type (2018 to 2029F) (In USD Million)
Table 4: South Africa Seafood Market Size and Forecast, By Category (2018 to 2029F) (In USD Million)
Table 5: South Africa Seafood Market Size and Forecast, By Region (2018 to 2029F) (In USD Million)
Table 6: South Africa Seafood Market Size of Processed (2018 to 2029) in USD Million
Table 7: South Africa Seafood Market Size of Fresh (2018 to 2029) in USD Million
Table 8: South Africa Seafood Market Size of Fish (2018 to 2029) in USD Million
Table 9: South Africa Seafood Market Size of Crustaceans (2018 to 2029) in USD Million
Table 10: South Africa Seafood Market Size of Molluscs (2018 to 2029) in USD Million
Table 11: South Africa Seafood Market Size of Others (2018 to 2029) in USD Million
Table 12: South Africa Seafood Market Size of Frozen seafood (2018 to 2029) in USD Million
Table 13: South Africa Seafood Market Size of Salted seafood (2018 to 2029) in USD Million
Table 14: South Africa Seafood Market Size of Dried seafood (2018 to 2029) in USD Million
Table 15: South Africa Seafood Market Size of Smoked seafood (2018 to 2029) in USD Million
Table 16: South Africa Seafood Market Size of Others (2018 to 2029) in USD Million
Table 17: South Africa Seafood Market Size of North (2018 to 2029) in USD Million
Table 18: South Africa Seafood Market Size of East (2018 to 2029) in USD Million
Table 19: South Africa Seafood Market Size of West (2018 to 2029) in USD Million
Table 20: South Africa Seafood Market Size of South (2018 to 2029) in USD Million