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Fresh Fish - Colombia

Colombia
  • Revenue in the Fresh Fish market amounts to US$2.28bn in 2024. The market is expected to grow annually by 6.20% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$57bn in 2024).
  • In relation to total population figures, per person revenues of US$43.61 are generated in 2024.
  • In the Fresh Fish market, volume is expected to amount to 156.60m kg by 2029. The Fresh Fish market is expected to show a volume growth of 5.3% in 2025.0.
  • The average volume per person in the Fresh Fish market is expected to amount to 2.6kg in 2024.

Definition:

The Fresh Fish market covers all types of products made from fishes that have not been cooked, heated, dried, cured by brine, or processed in any way other than boning, cutting, comminuting, or freezing. Fresh, chilled, or frozen fish that have been farmed or harvested from freshwater or the ocean are included in the market.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Fresh and frozen pelagic fishes (e.g. mackerels, tuna, herring, salmon)
  • Fresh and frozen demersal fish (e.g. Flounder, halibut, cod, sole, plaice)
  • Fresh, chilled and frozen fish fillets, minced

Out-Of-Scope

  • Dried, canned, and processed fish
  • Fresh or processed seafood
  • Seaweed and other aquatic plants
  • Sushi-grade fish
  • Out-of-home consumption

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Nov 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Fresh Fish Market in Colombia is experiencing subdued growth due to various factors such as economic downturn, limited consumer spending, and competition from other protein sources. Despite these challenges, the market is still driven by increasing demand for fresh and sustainable seafood options.

Customer preferences:
As consumers become more health-conscious, there has been a noticeable increase in demand for sustainably-sourced and organic fresh fish in Colombia. This trend is driven by a growing awareness of the negative impact of overfishing on the environment and the desire for healthier and more ethical food choices. Additionally, there is a growing preference for ready-to-cook and pre-packaged fish products, reflecting the busy lifestyles of urban consumers. This shift towards sustainable and convenient options is also influenced by the increasing number of working women and small households in the country.

Trends in the market:
In Colombia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably and locally sourced fish. This trend is driven by a growing consumer awareness of the environmental impact of seafood production and a desire for fresher and healthier options. As a result, suppliers are implementing sustainable fishing practices and strengthening their relationships with local fishermen. This shift towards sustainability is significant for stakeholders as it reflects a changing consumer preference and could lead to increased market share for those who prioritize ethical sourcing. Additionally, it could have implications for the overall health of the ocean and the livelihoods of local fishing communities.

Local special circumstances:
In Colombia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal resources and diverse culinary traditions. The demand for fresh seafood is high due to the cultural preference for freshly caught fish. Additionally, the government's regulations on sustainable fishing practices have shaped the market, with consumers becoming increasingly conscious of the environmental impact of their seafood choices. This has led to the rise of certified sustainable seafood options and eco-friendly fishing methods in the market.

Underlying macroeconomic factors:
The Fresh Fish Market of the Fish & Seafood Market within The Food market in Colombia is heavily influenced by macroeconomic factors such as economic stability, government policies, and global trade dynamics. The country's strong economic growth and stable political climate have fostered a favorable business environment for the seafood market. Additionally, Colombia's strategic location and trade agreements with major importing countries have allowed for the expansion of the fish and seafood market, making it a key player in the global seafood trade. Moreover, the increasing demand for healthy and sustainable food options, coupled with the rising awareness of the health benefits of seafood, has further propelled the growth of the market in Colombia.

Methodology

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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