Fresh Seafood - Ecuador

Ecuador

Highlights

Revenue in the Fresh Seafood market amounts to US$222.00m in 2024. The market is expected to grow annually by 2.90% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$12.08 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 7.40m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Ecuador is experiencing slow growth due to various factors such as low consumer awareness and limited access to online services. Despite this, the market is expected to see marginal growth in the coming years due to increasing health consciousness and demand for quality seafood products.

Customer preferences: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is witnessing a growing trend of consumers seeking more sustainable and ethical seafood options. This is driven by increasing awareness of the environmental impact of fishing practices and the desire for responsibly sourced seafood. Additionally, there is a growing demand for seafood that is free from additives and preservatives, as consumers prioritize fresh and natural products. These factors are leading to a shift towards more transparent and traceable seafood supply chains and a rise in demand for organic and locally sourced seafood.

Trends in the market: In Ecuador, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by consumer awareness of the environmental impact of fishing practices, as well as the growing popularity of seafood as a healthy protein source. Industry stakeholders are responding by implementing sustainable fishing methods and promoting transparent sourcing practices. In addition, there is a growing trend of online seafood delivery services, providing convenient access to fresh, locally sourced seafood. These trends are expected to continue in the future, shaping the seafood industry in Ecuador and providing opportunities for stakeholders to differentiate themselves in the market.

Local special circumstances: In Ecuador, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location. The availability of a wide variety of seafood, including shrimp, tuna, and octopus, has made Ecuador a major exporter of seafood products. Additionally, the country's rich fishing traditions and cultural preferences for seafood have also contributed to the growth of the market. However, regulations on fishing and sustainability practices have also played a significant role in shaping the market dynamics, ensuring the quality and sustainability of the seafood products.

Underlying macroeconomic factors: The Fresh Seafood 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 financial indicators. The market is highly dependent on global seafood production and trade, making it susceptible to fluctuations in global demand and supply. In addition, national economic health, such as consumer purchasing power and disposable income, greatly impacts the demand for fresh seafood. Fiscal policies, such as import and export regulations and taxes, also play a significant role in shaping the market. Furthermore, the overall health of The Food market, including factors such as food safety regulations and consumer preferences, can greatly influence the performance of the Fresh Seafood Market.

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.