Fresh Fish - Guatemala

Guatemala

Highlights

Revenue in the Fresh Fish market amounts to US$1.08bn in 2024. The market is expected to grow annually by 6.62% (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$58.89 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 68.19m kg by 2029. The Fresh Fish market is expected to show a volume growth of 5.5% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 3.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Guatemala is facing subdued growth due to various factors. These include limited availability of resources, price fluctuations, and increasing competition from other seafood markets. However, with the growing demand for fresh and locally sourced seafood, the market is expected to experience steady growth in the coming years.

Customer preferences: As consumers in Guatemala become more health-conscious, there is a noticeable trend towards increased demand for sustainably-sourced seafood in the Fresh Fish Market. This shift is driven by a growing awareness of the impact of overfishing on ocean ecosystems. Additionally, with the rise of social media and the spread of food trends, there is a growing interest in incorporating diverse seafood options into traditional Guatemalan dishes, reflecting a fusion of cultural influences and evolving taste preferences.

Trends in the market: In Guatemala, the Fresh Fish Market within the Fish & Seafood Market is experiencing an increase in demand for sustainably sourced seafood. Consumers are becoming more conscious of the environmental impact of their food choices, leading to a shift towards eco-friendly options. This trend is expected to continue as consumers become more educated about sustainable fishing practices. As a result, the market is seeing an increase in certified sustainable seafood products and the development of new technologies to improve fishing methods. This trend has significant implications for industry stakeholders, including the need for increased transparency and traceability in the supply chain, as well as potential opportunities for businesses to differentiate themselves through sustainable practices.

Local special circumstances: In Guatemala, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and rich fishing industry. The market is dominated by small-scale, family-owned businesses that rely on traditional fishing techniques, resulting in a unique selection of locally-sourced and sustainable seafood. Additionally, the country's diverse cultural influences, such as Mayan and Spanish traditions, contribute to the variety of seafood dishes available in the market. Moreover, the government's regulations on fishing practices and sustainable sourcing have a significant impact on market dynamics, ensuring the preservation of marine resources for future generations.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and strong investment in the fish and seafood industry are experiencing faster market growth compared to regions with economic challenges and limited funding for the sector. Additionally, the growing demand for healthy and sustainable food options, coupled with the increasing global population, is driving the demand for fresh fish and seafood products. This presents a significant opportunity for the market to expand and thrive in Guatemala.

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.