Global Pangasius Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fresh Pangasius, Frozen Pangasius, Processed Pangasius), By Application (Retail, Foodservice, 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

Global Pangasius Market Insights Forecasts to 2033

• The Global Pangasius Market Size Was Estimated at USD 1.16 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 2.47% from 2023 to 2033
• The Worldwide Pangasius Market Size is Expected to Reach USD 1.48 Billion By 2033
• North America is Expected to Grow the fastest during the Forecast Period.

The Global pangasius Market Size Was Worth around USD 1.16 Billion in 2023 and is Predicted to Grow to around USD 1.48 Billion By 2033 With a Compound Annual Growth Rate (CAGR) of 2.47 % Between 2023 and 2033. The Pangasius Market is propelled by the affordability and cost-effectiveness, increasing global demand for seafood, food product versatility and increased popularity in frozen and processed seafood.

Market Overview

The pangasius industry is a global market engaged in the cultivation, processing, distribution, and consumption of pangasius fish, better known as "swai" or "basa." Pangasius is a freshwater species primarily cultivated in Southeast Asia, with major production originating in Vietnam, and it is well-liked for its mild taste, inexpensiveness, and wide range of food applications. Pangasius is rich in health benefits because it contains less fat. Pangasius is also rich in a high concentration of proteins and therefore it finds applications in nutraceuticals and dietary supplements. Pangasius is regarded as one of the superior sources of the omega-3 fatty acids required for the optimal health of the heart. This functional property of the pangasius finds several applications in dietary supplements and the pharma industry. Moreover, demand for value-added products such as pre-marinated, ready-to-cook filets, and frozen packages is increasing. These trends provide convenience and present to active shoppers, promoting fueling market expansion by attracting both retail customers and the foodservice segment seeking effective, quality seafood solutions.

Report Coverage

This research report categorizes the pangasius market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the pangasius market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the pangasius market.

Driving Factors

Pangasius is a low-fat, lean fish with high protein content, making it a good option for health-conscious consumers. Increasing recognition of the health value of fish consumption, including omega-3 fatty acids, is also propelling its popularity. Pangasius is adaptable to a very large range of food products, from fresh and frozen fillets to processed foods such as breaded fish fillets, fish sticks, and ready-to-cook meals. Its delicate taste and texture allow it to accommodate various cuisines, leading to its popularity.

Restraining Factors

The application of antibiotics in pangasius cultivation, particularly in the prevention of disease outbreaks, has been of concern to health, especially among developed markets such as the U.S. and EU that reduce pangasius market demand. Increasing awareness on residues of antibiotics in seafood would have the impact of creating adverse perceptions regarding pangasius safety that further dampen demand.

Market Segmentation

The pangasius market share is classified into product type, application, and distribution channel.

• 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 is very convenient to handle, store, and prepare, which makes it an easily accessible food item for both consumers and businesses. It can be thawed as per requirement, which provides flexibility of consumption. Frozen pangasius is cost-effective compared to fresh or processed pangasius since it does not require more advanced and time-sensitive transport processes.

• 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 being a low-cost and healthy source of protein, thus becoming a favorite among consumers as well as food processors. The fish has a mild taste and adaptable texture that enables it to be utilized in numerous dishes, ranging from fillets to processed items such as fish sticks and nuggets.

• 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 the entire spectrum of pangasius products ranging from frozen and fresh fillets to processed ones such as breaded fish or fish fingers. Supermarkets and hypermarkets consistently provide promotions, discounts, and value packs on frozen fish, which also increases consumer buys. The offers lower the prices of pangasius and make it a better buy option, which also augments sales.

Regional Segment Analysis of the Pangasius Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the pangasius market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the pangasius market over the predicted timeframe. Most of the pangasius production comes from the Mekong Delta region of Vietnam. Vietnam emerged as the market leader in the pangasius industry with its extensive aquaculture activities and robust export network. Most of Vietnam's pangasius is exported to nations globally, notably to those in North America and Europe.

North America is expected to grow at a rapid CAGR in the pangasius market during the forecast period. The United States is among the biggest importers of pangasius, and frozen pangasius products are widely available in supermarkets, food chains, and retail stores. The demand for cheap and versatile fish products has helped farmers achieve a big market share in the global pangasius market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the pangasius market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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) 

Recent Development

• In September 2024, Vinh Hoan, Vietnam's top exporter, launched pangasius surimi-based products, including the Lucky Bag dumplings, which took the Best New Product award at the 2024 Seafood Excellence Asia competition.

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
• Foodservice
• 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