Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Ghana is facing subdued growth, influenced by factors like low consumer awareness, limited digital technologies, and convenience of traditional fish markets. Despite this, the market continues to grow as consumers prioritize fresh and locally sourced seafood.
Customer preferences: Consumers in Ghana are increasingly looking for fresh and sustainably caught fish, as awareness about the environmental impact of overfishing grows. This trend is fueled by a rising interest in healthy and ethical food choices, particularly among younger generations. Additionally, with the growth of e-commerce and online food delivery services, consumers are also seeking convenient and hassle-free ways to purchase fresh fish, further driving the demand for sustainable and locally sourced options.
Trends in the market: In Ghana, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable fishing practices. This trend is driven by consumer demand for ethically sourced and environmentally friendly products. As a result, more fishing companies are investing in sustainable methods and certifications, such as Marine Stewardship Council (MSC) certification. This trend not only addresses pressing environmental concerns, but also presents opportunities for industry stakeholders to differentiate themselves and appeal to conscious consumers. Additionally, it could potentially lead to increased market access and premium pricing for certified products.
Local special circumstances: In Ghana, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and fishing industry. This results in a wide variety of fresh, locally caught fish being available, as well as a strong cultural tradition of seafood consumption. Additionally, the Ghanaian government has implemented regulations to ensure sustainable fishing practices, which can impact market supply and prices. These unique factors contribute to the dynamics of the Fresh Fish Market in Ghana, setting it apart from other markets.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Ghana is influenced by various macroeconomic factors. Firstly, global economic trends, such as changes in consumer preferences and increasing demand for sustainable and ethically-sourced seafood, have a significant impact on the market's performance. Additionally, Ghana's national economic health, including its GDP growth, inflation, and currency exchange rate, can affect the purchasing power and consumption patterns of the local population. Fiscal policies, such as import tariffs and trade agreements, can also impact the availability and pricing of fresh fish in the market. Other relevant financial indicators, such as unemployment rates and consumer confidence, can also influence consumer behavior and ultimately drive market growth or decline. Overall, a strong and stable macroeconomic environment is vital for the sustained growth of the Fresh Fish Market in Ghana.
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.
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