Fish & Seafood - Ecuador

Ecuador

Highlights

Revenue in the Fish & Seafood market amounts to US$1.17bn in 2024. The market is expected to grow annually by 2.23% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$63.43 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 68.14m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.1% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 3.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood Market in Ecuador has been experiencing negligible growth, influenced by factors such as the increasing demand for fresh and processed seafood, as well as the convenience of online purchasing. Additionally, rising health consciousness among consumers has also played a role in driving the market's growth.

Customer preferences: As Ecuadorian cuisine continues to gain popularity, the demand for fresh and sustainably sourced fish and seafood is on the rise. This trend is driven by a growing consumer preference for healthy and environmentally friendly food options. Additionally, with a significant increase in health-conscious millennials, there is a growing demand for high-quality, protein-rich fish and seafood products. This shift in preferences highlights the importance of sustainability and ethical sourcing practices in the Fish & Seafood Market within The Food market.

Trends in the market: In Ecuador, the Fish & Seafood Market is experiencing a rise in the demand for sustainably sourced seafood, driven by increasing consumer awareness and government regulations. This trend is expected to continue as consumers prioritize ethical and environmentally friendly food choices. Additionally, there is a growing trend of online seafood sales, providing convenience and access to a wider range of products. These developments have significant implications for industry stakeholders, who must adapt to meet consumer preferences and comply with regulations to remain competitive in the market.

Local special circumstances: In Ecuador, the Fish & Seafood Market is heavily influenced by the country's unique geographical location, with access to both the Pacific Ocean and the Amazon River. This allows for a diverse range of fish and seafood products, including shrimp, tuna, and tilapia, to be available year-round. Additionally, Ecuador's rich cultural heritage heavily influences the market, with traditional fishing methods and recipes being passed down through generations. The market is also regulated by the government, with strict guidelines and monitoring in place to ensure sustainable fishing practices. These factors contribute to the market's dynamic nature and the availability of high-quality, locally-sourced fish and seafood products in Ecuador.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Ecuador is strongly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's economic stability, trade policies, and investment in infrastructure have a significant impact on the demand and supply of fish and seafood products. Furthermore, the growing demand for healthy and sustainable food options, along with the rising income levels and changing dietary preferences of consumers, are also driving the growth of the market. Additionally, the increasing focus on environmental sustainability and responsible fishing practices is shaping the market dynamics in Ecuador's fish and seafood industry.

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.