The latest report on the state of Ocean & Coastal Fishing, Aquaculture, Processing, and Wholesale Fish Trade in South Africa for the year 2024 is now accessible through ResearchAndMarkets.com. Recognizing the significance of the fishing and aquaculture industry in driving economic growth and ensuring food security, the South African government has prioritized its development. Despite facing considerable operational challenges and declining catch rates, the industry managed to boost its export revenue in 2023.
Given the escalating pressures on wild-capture fisheries, there’s a renewed emphasis on expanding aquaculture activities. The unveiling of the Draft Aquaculture Development Bill in November 2023 aims to rejuvenate the sector, with a target of doubling local aquaculture production by 2030.
Market Trends:
- Aquaculture producers are redirecting their focus from catering to restaurants to catering to retail consumers.
- The demand for canned pilchards, offering an affordable protein source with a prolonged shelf life, remains robust.
- Sustainable products like trout are facing an imbalance between demand and supply.
- Fish canneries continue to rely on imported sardines/pilchards to supplement locally sourced fish.
- There’s a surge in demand for larger-sized abalone in dried and canned forms.
- Industry players are increasingly diversifying their business operations.
- International markets, particularly Europe, exhibit a consistent demand for Marine Stewardship Council-certified, wild-caught Cape hake.
- Commercial cultivation of seaweed is gaining traction.
Opportunities:
- Promising aquaculture sites include Saldanha Bay and the Overberg in the Western Cape, offering growth potential for both small-scale farmers and established commercial players.
- Government-backed aquaculture development zones aim to provide a conducive environment for aquaculture farming.
- Recycling initiatives for used fishing gear present opportunities.
- There’s a rising demand for ocean trout, oysters, and mussels through online fishmongers.
Challenges:
- The recreational fishing sector suffers from inadequate management.
- Weak enforcement of regulations leads to overexploitation and illegal fishing activities.
- Marine pollution, including discarded fishing gear, remains largely unaddressed.
- Issues of overfishing and illegal harvesting persist.
- Organized crime syndicates engage in the poaching of abalone and lobster.
- Limited protected bays suitable for mariculture along South Africa’s coastline pose challenges.
- Insufficient support for the small-scale fishing sector hampers its growth potential.
Market Outlook:
- Effective marine resource management has resulted in the recovery of certain species.
- However, concerns remain over the stock levels of some species.
- Depletion of marine resources raises doubts about the long-term growth prospects of wild-capture fisheries.
- Despite anticipated declines in volumes, higher prices may partially offset the impact, though operating margins could still face pressure.
- Renewed interest in aquaculture is expected to drive investment in research and development.
- While demand for affordable fish products like canned pilchards remains strong, the emergence of plant-based proteins poses a threat to market share.
- Some fishing companies are diversifying their product portfolios to include alternative protein sources.
- Conservation strategies are likely to garner increased attention.
The comprehensive report covers various aspects of the ocean and coastal fishing, aquaculture, processing, and wholesale fish trade in South Africa. It provides insights into wild capture and aquaculture, fish processing, wholesale, stocks, production, fishing rights, regulations, notable industry players, and corporate actions. Additionally, it profiles 27 companies, including major players such as Oceana, Sea Harvest, I&J, Premier Fishing, and Abagold, along with processors and wholesale suppliers like Atlantis, Gansbaai Marine, Blue Seas Products, and Cape Fish.
For further details, visit the ResearchAndMarkets.com link provided.
