Fish Price Malaysia 2024 - Where to Buy Fresh Fish

May 02, 2024Bryan Ong

Overview of Fish Market in Malaysia

As someone who is interested in the fish market in Malaysia, I have researched and gathered some information to provide an overview of the current state of the market.

Malaysia is a country with a thriving fish market, both domestically and internationally. The country is located in Southeast Asia and is surrounded by the South China Sea, which provides an abundant source of fish and seafood. The fish market in Malaysia is supported by the government, which has established several agencies to regulate and develop the industry.

The Fisheries Development Authority of Malaysia (LKIM) is one such agency that plays a significant role in the fish market. LKIM's main objective is to develop and promote the country's fisheries industry. They provide assistance to fishermen and fish farmers, as well as regulate the import and export of fish and seafood.

In terms of the types of fish available in Malaysia, there is a diverse range of species. Some of the most popular fish include mackerel, tuna, sardines, and anchovies. The market also offers a variety of seafood, including shrimp, crab, and squid.

The fish market in Malaysia is highly competitive, with many players involved in the industry. Fishermen, fish farmers, wholesalers, and retailers all play a role in the market. The prices of fish and seafood can vary depending on factors such as seasonality, supply and demand, and quality.

Overall, the fish market in Malaysia is a thriving industry with a diverse range of fish and seafood available. The government's support and regulation of the industry ensure that it remains competitive and sustainable for years to come.

Factors Affecting Fish Price in Malaysia

As with any commodity, the price of fish in Malaysia is influenced by a variety of factors. In this section, I will discuss some of the main factors that affect fish prices in Malaysia.

Seasonal Variations

One of the main factors that affects fish prices in Malaysia is seasonal variations. The availability and price of fish can vary depending on the time of year. For example, during the monsoon season, fishing activities may be disrupted, leading to a decrease in the supply of fish and an increase in prices. On the other hand, during peak fishing seasons, such as during the months of July to September, there may be an oversupply of fish, leading to lower prices.

Fish Species

Another factor that affects fish prices in Malaysia is the species of fish. Different fish species have different market values, and the price can vary depending on the demand and availability of a particular species. For example, popular species such as tuna and salmon tend to be more expensive than other species, such as mackerel or sardines.

Market Demand

Market demand is also a key factor that affects fish prices in Malaysia. The demand for fish can vary depending on factors such as consumer preferences, population growth, and economic conditions. For example, if there is an increase in demand for fish due to a growing population or increasing incomes, prices may rise. Conversely, if there is a decrease in demand due to factors such as economic downturns or changing consumer preferences, prices may fall.

In conclusion, the price of fish in Malaysia is influenced by a variety of factors, including seasonal variations, fish species, and market demand. By understanding these factors, consumers and businesses can make informed decisions about when and what to buy or sell.

Comparison of Fish Prices by Region

I have gathered data on fish prices in different regions of Malaysia, and here is a comparison of the average prices for common fish types.

East Coast

On the East Coast of Malaysia, fish prices tend to be lower than in other regions. This is likely due to the abundance of fish in the South China Sea and the high number of fishermen in the area. Here are the average prices for some common fish types:

Ikan Kembung (Indian Mackerel): MYR 4.50 per kg
Ikan Selar (Yellowstripe Scad): MYR 5.00 per kg
Ikan Tenggiri (Spanish Mackerel): MYR 12.00 per kg

West Coast

On the West Coast of Malaysia, fish prices are generally higher than on the East Coast. This is likely due to the higher demand for fish in the more urbanized areas of the country. Here are the average prices for some common fish types:

Ikan Kembung (Indian Mackerel): MYR 5.50 per kg
Ikan Selar (Yellowstripe Scad): MYR 6.00 per kg
Ikan Tenggiri (Spanish Mackerel): MYR 15.00 per kg

Sabah and Sarawak

In Sabah and Sarawak, fish prices are generally higher than in other regions due to the high cost of transportation to these areas. Here are the average prices for some common fish types:

Ikan Kembung (Indian Mackerel): MYR 6.50 per kg
Ikan Selar (Yellowstripe Scad): MYR 7.00 per kg
Ikan Tenggiri (Spanish Mackerel): MYR 18.00 per kg

It is important to note that these prices are only averages and can vary depending on the season, availability, and location of the fish.

Impact of Global Trends on Fish Price

As a major exporter of fish and seafood, Malaysia is not immune to the impact of global trends on fish prices. Here are some of the global trends that have affected fish prices in Malaysia:

Climate Change

Climate change has affected fish prices in Malaysia by causing disruptions in fish supply. Warmer waters and unpredictable weather patterns have led to a decline in fish catches, especially in the East Coast of Peninsular Malaysia. This has resulted in a decrease in the supply of fish, which has, in turn, led to an increase in fish prices.

Trade Policies

Changes in trade policies can also affect fish prices in Malaysia. For example, the imposition of tariffs or quotas on Malaysian fish exports to certain countries can result in a decrease in demand for Malaysian fish. This can lead to an oversupply of fish in the domestic market, which can cause a decrease in fish prices.

Competition from Other Countries

Malaysia faces competition from other countries that export fish and seafood. For example, Thailand and Indonesia are major exporters of fish and seafood, and they compete with Malaysia in the global market. If these countries are able to produce fish and seafood at a lower cost, they may be able to sell their products at a lower price than Malaysian fish and seafood. This can lead to a decrease in demand for Malaysian fish and seafood, which can cause a decrease in fish prices.

Consumer Preferences

Changes in consumer preferences can also affect fish prices in Malaysia. For example, if consumers start to prefer certain types of fish over others, this can lead to a decrease in demand for certain types of fish. This can cause a decrease in the price of those types of fish.

In conclusion, global trends have a significant impact on fish prices in Malaysia. Climate change, trade policies, competition from other countries, and changes in consumer preferences are some of the factors that affect fish prices in Malaysia. As a result, it is important for the Malaysian government and fish industry stakeholders to monitor these trends and take appropriate measures to mitigate their impact on fish prices.

Government Policies and Fish Price

As the Department of Fisheries Malaysia explains, the government does not set the price of fish in the market. Instead, the price is determined by the market itself. However, the government does play a role in regulating the fishing industry and ensuring the sustainable use of fishery resources.

One of the ways the government aims to achieve this is through the National Fisheries Policy, which was introduced in 2019. The policy sets out a framework for the development and management of national fisheries resources in line with current government policies and international obligations.

The policy aims to achieve a number of objectives, including:

Promoting sustainable and responsible fishing practices
Encouraging the development of aquaculture as an alternative to capture fisheries
Supporting the growth of the fishing industry through the development of infrastructure and technology
Enhancing the competitiveness of the fishing industry through the promotion of value-added products and the adoption of best practices

In addition to the National Fisheries Policy, the government also implements a number of regulations and guidelines to ensure the sustainable use of fishery resources. For example, there are regulations in place to limit the size and quantity of fish that can be caught, as well as guidelines for the use of fishing gear and equipment.

Overall, the government's policies and regulations play an important role in ensuring the sustainability of the fishing industry and the availability of fish for consumers. However, it is important to note that other factors, such as weather and labour shortages, can also impact the price and availability of fish in the market.

Why is fish expensive in Malaysia?

Currently, fish prices in Malaysia have been rising due to various factors. According to the Fisheries Development Authority of Malaysia (LKIM) chairman, Syed Abu Hussin Hafiz Syed Abdul Fasal, the main reasons behind the hike in fish prices are supply problems caused by unfavourable weather and labour shortage.

Malaysia is a country with a high dependency on seafood, and the majority of the fish supply comes from the wild. However, fish stocks have been shrinking, and fishermen are having to go out further to sea for longer, which has resulted in higher costs. Additionally, the National Fishermen's Association has reported a decrease in fish sighted off the country's waters, estimating a decline of up to 70% in fishes sighted off the seas, especially in the northern part of peninsular Malaysia.

Apart from this, the COVID-19 pandemic has also played a role in the hike in fish prices. The pandemic has disrupted the supply chain, leading to a shortage of fish in the market. Moreover, the implementation of stricter regulations to curb overfishing has also led to a decrease in the supply of fish.

Another factor contributing to the increase in fish prices is the impact of climate change. The rise in sea temperature and ocean acidification has affected the fish population, leading to a decrease in their numbers. This has resulted in a shortage of fish in the market, leading to higher prices.

In conclusion, the hike in fish prices in Malaysia is due to various factors such as supply problems caused by unfavourable weather and labour shortage, a decrease in fish sighted off the country's waters, the COVID-19 pandemic, and the impact of climate change.

Future Predictions of Fish Price in Malaysia

Based on the current market trends, it is likely that the import price per kilogram of fish into Malaysia will remain relatively stable in the next two years. According to Selina Wamucii, the current price of fish in Malaysia stands at $2.29. The price is expected to remain around $2.29 in 2023 and increase to around $2.36 in 2024.

The Fish & Seafood market in Malaysia is projected to grow by 7.21% (2023-2028), resulting in a market volume of US$7.6bn in 2028, according to Statista. This growth is expected to be driven by factors such as an increase in demand for fish and seafood products, a rise in disposable income, and an increase in the number of restaurants and food outlets offering fish and seafood dishes.

However, there are factors that could potentially affect the future price of fish in Malaysia. For instance, supply problems caused by unfavorable weather and a labor shortage have led to a rise in fish prices, as reported by Channel News Asia. In addition, the peak of the monsoon season is expected to cause a further increase in fish prices, with the fisheries development agency predicting that the price of fish could double, having already risen by 15% since the start of the month, as reported by Free Malaysia Today.

Despite these factors, it is important to note that the future price of fish in Malaysia is difficult to predict with certainty. It is affected by a variety of factors such as supply and demand, production costs, and market trends. Nonetheless, based on the available data, it is likely that the price of fish in Malaysia will remain relatively stable in the next two years.

Fish Price in Malaysia

In summary, the rise in fish prices in Malaysia is due to a combination of factors such as supply problems, unfavourable weather conditions, and labour shortages. The National Fishermen's Association estimates a decline of up to 70% in fishes sighted off the seas. This has led to a decrease in supply, which has caused prices to increase.

The Malaysian government has taken steps to address this issue by increasing the number of fish farms and promoting aquaculture. However, it will take time for these measures to have a significant impact on the market.

Consumers can still find affordable fish options by looking for alternative fish species or purchasing frozen fish. The Fisheries Development Authority of Malaysia (LKIM) provides a weekly fish price report that can help consumers stay informed about the current market prices.

It is important to note that the rise in fish prices is not unique to Malaysia, as it is a global issue. Therefore, it is essential to address the root causes of the problem, such as climate change and overfishing, to ensure a sustainable seafood industry and stable prices in the long run.

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