Global Pangasius Market Size To Exceed USD 1.48 Billion By 2033 | CAGR of 2.47%
Category: Food & BeveragesGlobal Pangasius Market Size To Exceed USD 1.48 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Pangasius Market Size is Expected to Grow from USD 1.16 Billion in 2023 to USD 1.48 Billion By 2033, at a CAGR of 2.47% during the Forecast Period 2023-2033.
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Browse key industry insights spread across 225 pages with 106 Market data tables and figures & charts from the report on the "Global Pangasius Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fresh Pangasius, Frozen Pangasius, Processed Pangasius), By Application (Retail, Food service, Industrial Use), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, Direct Sales), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/pangasius-market
The pangasius industry is the international trade and business of the production, processing, distribution, and consumption of pangasius fish, a freshwater fish species that is mostly cultivated in Southeast Asia, especially Vietnam. Pangasius is mild in flavor, white-fleshed, and inexpensive, which makes it a favorite in domestic and foreign seafood markets. Moreover, pangasius is positioned as a budget-friendly substitute for other high-end fish species such as salmon or cod. Since it is cost-effective, the fish has remained a favorite of consumers and entrepreneurs alike, especially in cost-sensitive markets. The versatility of pangasius applies to various forms of food items, ranging from fresh and frozen fillets to processed ones such as breaded fish fillets, fish sticks, and ready-to-cook foods. Its bland taste and texture allow it to be suitable for various cuisines, contributing to its popularity. However, the cost of fish feed, though a high-cost factor in pangasius culture, can vary based on international commodity prices. Increasing feed costs can affect the profitability of pangasius production and could push the end price to consumers higher.
The frozen pangasius segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the product type, the pangasius market is divided into fresh pangasius, frozen pangasius, and processed pangasius. Among these, the frozen pangasius segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to frozen pangasius being in great demand globally, particularly in areas where there is limited access to fresh fish. It is also greatly utilized in the food industry, most notably in processed foods such as fish fillets, breaded fish products, and fish sticks.
The food service segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the pangasius market is divided into retail, food service, and industrial use. Among these, the food service segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is attributed to pangasius finding application in a wide variety of food items. It can be marketed as fresh, frozen, or processed. This makes it appealing to manufacturers of food products and restaurants.
The supermarkets/hypermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the pangasius market is divided into supermarkets/hypermarkets, convenience stores, online retail, and direct sales. Among these, the supermarkets/hypermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to these retail stores providing a variety of pangasius products, ranging from fresh and frozen fillets to processed ones like fish fingers or breaded fish. This variety accommodates various consumer preferences, be it quick meals or raw products for home cooking.
Asia Pacific is expected to hold the majority share of the global pangasius market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global pangasius market during the forecast period. Vietnam, found in the Asia-Pacific region, is the largest producer and exporter of pangasius. Vietnam boasts a well-developed aquaculture sector, especially in the Mekong Delta, which supplies much of the world's pangasius. The production dominance of Vietnam directly contributes to the high proportion of the Asia-Pacific region in the pangasius market globally.
North America is anticipated to grow at the fastest pace in the global pangasius market during the forecast period. The United States is among the largest users of pangasius, mostly frozen pangasius products. The need for low-cost seafood in the U.S. is high due to the increased demand for fish that is not only affordable but also versatile to cook. Pangasius finds widespread application in processed forms such as breaded fillets, fish sticks, and other value-added products, which are consumed in both retail and food service channels.
Major vendors in the global pangasius market are Vinh Hoan, Hung Vuong Corporation, Bien Dong Seafood, GODACO Seafood, Nam Viet Corp, Hoang Long Group, Dai Thanh Seafoods, AGIFISH Co., Truong Giang Fishery Holdings Corp., Aquatex Ben Tre, NTSF SEAFOODS, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In September 2024, Vinh Hoan, the leading exporter from Vietnam, introduced pangasius surimi-based products like the Lucky Bag dumplings that won the Best New Product in the 2024 Seafood Excellence Asia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the pangasius market based on the below-mentioned segments:
Global Pangasius Market, By Product Type
- Fresh Pangasius
- Frozen Pangasius
- Processed Pangasius
Global Pangasius Market, By Application
- Retail
- Food service
- Industrial Use
Global Pangasius Market, By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Direct Sales
Global Pangasius Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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