Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Cameroon has been experiencing minimal growth due to various factors such as high production costs, limited access to technology, and a lack of awareness among consumers about the benefits of digital services. These challenges are especially prevalent in the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, hindering overall market growth. However, the growing demand for healthier food options and increasing government support for the industry are expected to drive future growth.
Customer preferences: As consumers in Cameroon become more health-conscious, there has been a noticeable increase in demand for sustainably-sourced fish and seafood products. This trend is bolstered by the country's rich coastal heritage and cultural emphasis on fresh, locally-sourced ingredients. As a result, there has been a rise in popularity of fish markets and seafood restaurants that offer a variety of responsibly-sourced options. This shift is also influenced by a growing awareness of the impact of overfishing on ocean ecosystems and a desire to support sustainable fishing practices.
Trends in the market: In Cameroon, the Fish & Seafood Market is experiencing a shift towards sustainable and eco-friendly practices. This trend is driven by consumer demand for ethically-sourced and environmentally-responsible seafood. Industry stakeholders are responding by implementing sustainable fishing methods and investing in certifications to meet these demands. This trajectory is significant as it not only addresses environmental concerns, but also improves the market's reputation and competitiveness. However, it also poses challenges for smaller players who may struggle with the costs of implementing these practices. Additionally, the increasing popularity of plant-based seafood alternatives may disrupt the traditional fish and seafood market. This could lead to potential implications for industry stakeholders, such as the need to adapt and diversify their products to cater to changing consumer preferences.
Local special circumstances: In Cameroon, the Fish & Seafood Market is strongly influenced by the country's abundant coastline and fishing industry. The market is also shaped by cultural preferences, as seafood is a staple in traditional Cameroonian cuisine. Additionally, the government has implemented regulations to promote sustainable fishing practices, which have impacted market supply and pricing. These unique factors contribute to the market's dynamics and set it apart from other seafood markets.
Underlying macroeconomic factors: The Fish & Seafood Market in Cameroon is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As the world economy continues to grow, the demand for fish and seafood products is also increasing. On a national level, Cameroon's economic health plays a crucial role in determining the market performance. A stable and growing economy can lead to higher consumer spending on food products, including fish and seafood. Fiscal policies, such as taxes and subsidies, also have a significant impact on the market, as they can affect the cost of production and ultimately, the prices of fish and seafood products. Additionally, factors such as trade policies, exchange rates, and inflation rates can also influence the market's growth and profitability.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
