The ocean's bounty has long been a cornerstone of Asia's culinary identity and economic prosperity. Today, the vital seafood sector is experiencing a surge, driven by rising consumer demand and a commitment to sustainable practices. This confluence of factors presents a wave of opportunity for both established players and innovative newcomers as demonstrated at the THAIFEX - Anuga Asia Seafood Trade Show.
In Southeast Asia, the seafood market, characterised by a deep-rooted cultural appreciation for seafood, is expected to reach revenues of US$85.54 billion in 2024. Singapore, for instance, boasts an average annual consumption of 22kg of seafood per person, constituting a significant 8% of their total diet (SFA, 2021). The average volume per person in Southeast Asia in the Fish & Seafood market is expected to amount to 7.4kg in 2024.
One reason for the growth is that seafood consumers in the region are becoming increasingly discerning, prioritizing not just taste but also ethical sourcing and environmental responsibility. Eco-certifications and supply chain transparency are no longer just buzzwords; they are essential cornerstones for seafood consumption and production in the region. For example, innovative aquaculture techniques are becoming more prevalent as they offer a more controlled and environmentally friendly alternative to traditional fishing methods.
Beyond sustainability, a growing sense of culinary adventure is shaping a trend of experimentation. Menus are no longer are limited to a handful of familiar species, they cater wider variety of seafood, from delicate shellfish to lesser-known finfish. This trend promotes responsible fishing practices by distributing demand across a broader range of species, fostering a more balanced ecosystem.
Moreover, the use of technology like blockchain, artificial intelligence, and the Internet of Things (IoT) is enhancing traceability, optimizing efficiency, and minimizing waste. These advancements not only benefit producers and distributors but also empower consumers to make informed choices about the seafood they bring to their tables.
To cater to modern lifestyles, convenience seafood ready-to-eat meals and pre-marinated options help cater to busy individuals and families. Sales of convenience products are on the rise as e-commerce platforms and online grocery shopping offers consumers unprecedented access to a vast array of fresh and frozen seafood products.
At THAIFEX - Anuga Asia (28 May-1 June 2024, Bangkok) there’s a wide range of suppliers of fresh, frozen, dried, canned, and skin-packed seafood suppliers. They include exhibitors like: Sun's Sun Co., Ltd. for Wakame dried seaweed; canned seafood like braised abalone in seafood sauce from Fujian Topsheng Import & Export Co., Ltd.; frozen seafood from Phatthana Frozen Food Co., Ltd. and seafood rolls from Li Chuan Food Products Pte. Ltd.; to Japanese seafood from Shinkou Corporation Co Ltd; or skin-packed seafood from Bangkok Seafood Co Ltd; and, Frozen Rich Mixed Seafood Salad from Yen & Brothers Enterprise Co Ltd.
The fishy products don’t stop there. There’s seafood-related foodstuffs like Vegan Plant-based Seafood Alternatives from Vegefarm Corp. and Bento Mixed Seafood Snacks from Srinanaporn Marketing Public Company Limited and seafood flavoured seasoning from Joeun Food Tech Co., Ltd. And the exhibition includes the exotic, like Seasoned Jellyfish from Tae-Han Corporation Co., Ltd.; and Frozen Tuna Sashimi from Tuna Paradise Co., Ltd.
The international array of fresh and frozen seafoods at THAIFEX - Anuga Asia is outstanding for the region.
Over the past few years, a key international exhibitor at the trade show is the Norwegian Seafood Council. The Council’s seafood pavilion this year has grown to 21 Norweigian exporters. The Council claims that there is a remarkable 11% increase in fresh salmonids volume across seven thriving markets, including Thailand, Vietnam, Taiwan, Singapore, Malaysia, Philippines, and Indonesia.
Singapore also has a frozen seafood pavilion this year, comprising exhibitors Big Spring Day Seafood Trading Pte Ltd, Ha Li Fa Pte Ltd, Li Chuan Food Products Pte Ltd, Pacific Rim Group Pte Ltd, and Thong Siek Food Industry Pte Ltd.
Across the show, trade visitors will discover a wide variety of seafood. Some examples include: Shrimp, Mahi Mahi, Red Snapper, Yellowfin Tuna and Grouper from Rei Seafoods Joint Stock Company; Octopus, Scallops, Giant and Loligo Squid from Fernandez S.A.C.; Hawaiian shrimp from Youngdong Seafood Co., Ltd.; Herring from Global Fish AS; and Frozen Ebiko from Tae-Han Corporation Co., Ltd.
The market for seafood in Southeast Asia's market is bright. However, navigating this growth requires a continued commitment to responsible sourcing, sustainable practices, and technological innovation. By embracing these core principles, the industry can ensure a vibrant future that nourishes not only the region's population but also the very ecosystems that sustain its success.