Milkfish Market Size, Share, Growth, and Industry Analysis, By Types (Frozen, Canned, Fresh) , Applications (Online Sales, Offline Sales) and Regional Insights and Forecast to 2033

Milkfish Market Size

The global Milkfish market size was valued at USD 1,423.72 million in 2024 and is projected to reach USD 1,511.28 million in 2025, expanding to USD 2,436.15 million by 2033. With a CAGR of 6.15% from 2025 to 2033, this market is growing due to rising aquaculture production, increasing seafood consumption, and advancements in sustainable fish farming.

In the Milkfish market, aquaculture and sustainable farming practices are becoming essential to meet the growing demand for nutritious seafood. As more consumers turn to seafood for its health benefits, the milkfish market is seeing consistent growth. The expansion of fish farming technologies that reduce environmental impact and improve fish yield will drive the market further, especially in the US, where seafood consumption is on the rise.

The milkfish market is experiencing considerable expansion, with a growing global appetite for nutritious and sustainable seafood. The demand for milkfish, known for its high protein content and rich omega-3 fatty acids, is particularly strong in Asia. In 2021, milkfish contributed to a notable share of the global seafood market, with its consumption in countries like the Philippines, Indonesia, and Taiwan increasing significantly.

This surge is driven by increasing health-conscious consumer trends and the versatility of milkfish in various culinary applications. The market continues to benefit from developments in aquaculture practices and technological advancements, which have led to higher production yields.

Milkfish Market Trends

Several key trends are currently driving the milkfish market. The frozen milkfish segment alone represented more than 55% of the total market share in 2021, indicating a growing preference for products with extended shelf life. Additionally, the online distribution channel has witnessed an increasing share of the market, with a growth rate of over 6% annually.

Geographically, Asia Pacific dominates the market, with over 65% of the global market share in 2021. Leading producers such as Indonesia and the Philippines are investing in sustainable aquaculture practices to meet the rising demand. This trend toward sustainability is expected to play a significant role in the market's future development.

Milkfish Market Dynamics

DRIVER

" Rising demand for health-conscious seafood"

The increasing awareness among consumers about the health benefits of seafood, particularly omega-3 fatty acids, has significantly boosted the milkfish market. This driver has resulted in a steady rise in consumption, with demand for milkfish growing by more than 30% in key markets. Furthermore, milkfish’s nutritional profile, rich in protein and low in fat, aligns with the rising global trend for healthier dietary choices. In Asia-Pacific, which holds over 65% of the market share, this demand is particularly strong, with more than 40% of consumers opting for milkfish as a healthier alternative to other protein sources.

RESTRAINTS

" High production costs in developing regions"

One of the primary restraints faced by the milkfish market is the high cost of production, particularly in developing aquaculture markets. In regions like Southeast Asia, production costs are estimated to be 15-20% higher compared to other seafood farming due to factors such as the need for specialized feed, infrastructure, and labor. Additionally, environmental challenges, including the effects of climate change and water quality issues, can further increase these costs. These high production costs contribute to price volatility, limiting market growth in certain areas.

OPPORTUNITY

"Rising demand for sustainable seafood"

The growing emphasis on sustainability presents significant opportunities in the milkfish market. Consumers are increasingly seeking eco-friendly and sustainable seafood options, with over 25% of consumers in North America and Europe willing to pay a premium for sustainably farmed products. The development of organic-certified milkfish products is a key opportunity in this regard, with organic products expected to capture around 5% of the total market share by 2024. In addition, innovations in aquaculture technologies aimed at reducing environmental impact are also creating opportunities for more sustainable production methods.

CHALLENGE

" Environmental impact on production"

Environmental factors, such as climate change, water pollution, and disease outbreaks, pose significant challenges to milkfish farming. In Southeast Asia, where more than 60% of the global supply is produced, the impact of environmental changes is particularly significant. Fluctuations in water temperature and quality can result in a reduction in production by up to 20%, making it a challenge for farmers to maintain consistent output. Additionally, the costs of mitigating these environmental impacts, including investment in better farming practices and infrastructure, further hinder market growth in these regions.

Segmentation Analysis

The milkfish market is segmented based on type and application, which helps in understanding the distribution dynamics. The segmentation includes frozen, canned, and fresh milkfish, each catering to different consumer preferences and demands. Additionally, the market is split into online and offline sales, reflecting the growth in digital channels. This segmentation allows stakeholders to tailor their strategies and optimize market penetration by focusing on the most relevant product types and sales channels.

By Type

• Frozen Milkfish: The frozen milkfish segment holds the largest market share, accounting for over 55% in 2021. The preference for frozen milkfish is mainly due to its longer shelf life, convenience, and ease of transportation. This type dominates both domestic and export markets, especially in regions with limited access to fresh seafood.

• Canned Milkfish: Canned milkfish represents around 25% of the market share. This segment is favored for its convenience, especially in regions where refrigeration is limited. The growing demand for ready-to-eat meals is driving the rise in canned milkfish consumption.

• Fresh Milkfish: Fresh milkfish, while popular in regions near aquaculture farms, holds about 20% of the market share. It is consumed primarily in Southeast Asia, where it is used in traditional culinary applications, though its market share is relatively smaller due to its shorter shelf life compared to frozen and canned products.

By Application

• Online Sales: The online sales segment of milkfish has grown to approximately 35% of the total market share. The rise in e-commerce platforms and online grocery stores has made milkfish products more accessible, especially in regions that do not have direct access to local seafood markets.

• Offline Sales: Offline sales, which include traditional retail and seafood markets, dominate the milkfish market with around 65% of the market share. Despite the growth in online platforms, offline channels continue to lead, particularly in regions with established seafood consumption behaviors, such as Southeast Asia.

  

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Milkfish Regional Outlook

The milkfish market's regional dynamics are shaped by local demand, production capabilities, and consumer preferences. The Asia-Pacific region leads the global market, contributing to the largest share of the milkfish market. Other regions, including North America and Europe, are also witnessing growth driven by health trends and demand for sustainable seafood.

North America

North America accounts for approximately 15% of the milkfish market share. The demand for frozen milkfish is prominent, with increasing consumer interest in nutritious and sustainable seafood options. Online sales are also driving growth, making milkfish more accessible across the region.

Europe

Europe holds around 10% of the milkfish market share. This growth is largely attributed to increasing awareness of the health benefits of seafood. Frozen milkfish is the most consumed form in this region, though canned milkfish is also gaining popularity, especially in countries like the United Kingdom and Germany.

Asia-Pacific

Asia-Pacific dominates the milkfish market with over 65% of the global market share. The region, particularly Southeast Asia, has a well-established aquaculture industry, contributing to high milkfish production and consumption rates. This is driven by both traditional consumption and increasing demand for nutritious, sustainable seafood.

Middle East & Africa

The Middle East & Africa region accounts for about 5% of the global milkfish market share. This market is experiencing growth, particularly in Gulf countries where seafood consumption is rising. Frozen milkfish is the leading product in this region, driven by increasing awareness of the health benefits of seafood.

List of Key Milkfish Market Companies Profiled

• Stehr Group
• Land & Sea
• Nireus Aquaculture S.A.
• PT. Fishnesia Mitra Bersama
• W Fresh Supply
• Liang Shing Frozen Seafoods Co., LTD.
• Siam Canadian Group Limited
• Kaysaint International Co. Ltd
• Komira Group

Top 2 Companies by Market Share

• Stehr Group: Stehr Group holds more than 20% of the global milkfish market share. The company is known for its strong presence in Southeast Asia and its efficient aquaculture operations.

• Land & Sea: Land & Sea captures approximately 15% of the milkfish market share, leveraging its sustainable farming practices and significant production capabilities.

Investment Analysis and Opportunities

The milkfish market presents significant investment opportunities driven by rising demand for sustainable seafood. Asia-Pacific accounts for more than 65% of global milkfish production, offering substantial investment potential in aquaculture development. In particular, Southeast Asian countries, where the government is investing heavily in sustainable farming, hold over 60% of the market share for milkfish farming.

Investors can capitalize on these trends by focusing on regions with favorable environmental conditions and government support for the aquaculture industry. Additionally, the increasing consumer shift towards nutritious seafood, particularly in North America and Europe, presents an opportunity for milkfish exporters to capture a larger share of these markets, which combined represent over 20% of the global demand for milkfish products.

The rising popularity of value-added milkfish products, including ready-to-eat meals and canned milkfish, is another key investment opportunity. The growth of these segments is expected to continue, with value-added products estimated to contribute to over 25% of the market share in the next few years. Moreover, the expansion of cold chain logistics and online retail for milkfish products is set to grow by at least 15%, opening up new investment opportunities in distribution channels.

New Products Development

In response to changing consumer preferences, milkfish producers have been developing new and innovative products. Ready-to-cook milkfish options now account for over 25% of the market, as convenience foods become more popular, particularly in busy urban areas. Canned milkfish products, which represent about 20% of the market, are also evolving with new flavors and packaging solutions to attract health-conscious consumers.

Frozen milkfish snacks are gaining traction in several regions, contributing to an estimated 10% of the market share in 2023. These products are often marketed as a healthier alternative to traditional snack foods. Additionally, companies are focusing on organic milkfish farming, with organic-certified milkfish expected to account for around 5% of the global market by 2024. This trend aligns with growing consumer demand for sustainably farmed and eco-friendly seafood products, particularly in Europe and North America.

Aquaculture technology improvements are also fueling new product development. Automated feed systems and other technological innovations are improving milkfish farming efficiency, with an expected 10% increase in productivity in the coming years. These advancements contribute to the development of high-quality milkfish products that meet the increasing global demand for healthy and sustainable seafood options.

Recent Developments by Manufacturers in Milkfish Market 

In 2023, Stehr Group launched a range of innovative frozen milkfish products, including marinated fillets and seasoned options. This new product line, which is expected to account for approximately 15% of their total milkfish sales, was designed to cater to the rising consumer demand for convenience food.

Land & Sea, in 2024, announced the installation of an automated feeding system in their milkfish farms, which will increase production efficiency by approximately 10%. This system aims to reduce feed waste and enhance the sustainability of milkfish farming. The company is also focusing on expanding its market presence in Southeast Asia, where it holds around 18% of the market share.

In 2024, Nireus Aquaculture S.A. introduced an organic-certified milkfish line, responding to the growing demand for sustainably farmed seafood. Organic milkfish products are expected to represent around 5% of their total sales by 2025, with strong interest from European markets, where consumer demand for organic and eco-friendly products is on the rise.

Report Coverage of Milkfish Market

The report offers a comprehensive analysis of the milkfish market, covering key segments such as product type (frozen, canned, fresh) and application (online and offline sales). The frozen milkfish segment, which accounts for more than 55% of the total market share, continues to dominate, followed by the canned segment with approximately 25% market share.

The report provides detailed regional insights, with Asia-Pacific leading the market with over 65% of global production. North America and Europe together represent more than 20% of the global demand for milkfish, driven by the increasing interest in healthy and sustainable seafood products.

Furthermore, the report highlights recent product innovations, including the rise of value-added products, and explores investment opportunities in aquaculture technology and cold chain logistics. The growth of online retail, contributing to approximately 35% of the market share, is also a key focus, as more consumers turn to digital platforms for purchasing milkfish products.

In addition, the report identifies the challenges facing the market, including high production costs and environmental factors, while also outlining the market's opportunities for growth, particularly in the value-added product and sustainable farming sectors.