Fresh Seafood - Equatorial Guinea

Equatorial Guinea

Highlights

Revenue in the Fresh Seafood market amounts to US$29.65m in 2024. The market is expected to grow annually by 5.34% (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$16.90 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 831.50k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 5.7% 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 Equatorial Guinea has shown minimal growth due to factors such as limited access to technology, low health awareness, and lack of online services. This stagnant growth is impacted by the country's underdeveloped infrastructure and slow economic progress.

Customer preferences: Consumers in the Fresh Seafood Market of the Fish & Seafood Market within The Food market are increasingly conscious of the environmental impact of their food choices. This has led to a rise in demand for sustainably-sourced seafood as well as a preference for locally-caught or farmed options. Additionally, there has been a growing interest in plant-based seafood alternatives among health-conscious consumers and those following a vegetarian or vegan diet. This trend is influenced by a combination of ethical considerations and a desire for healthier, lighter meal options.

Trends in the market: In Equatorial Guinea, 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 and concern for the environment, as well as government initiatives to promote sustainable fishing practices. As a result, industry stakeholders are investing in technology and processes to ensure traceability and transparency in their supply chains. This trend is expected to continue, as consumers become more conscious of the impact of their seafood choices and regulations become stricter. The industry will need to adapt and innovate to meet these demands, creating opportunities for new partnerships and collaborations.

Local special circumstances: In Equatorial Guinea, the Fresh Seafood 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 also influenced by the cultural preference for fresh seafood in local cuisine. Additionally, government regulations play a significant role in ensuring the quality and sustainability of seafood products. These factors contribute to the unique dynamics of the Fresh Seafood Market in Equatorial Guinea, setting it apart from other markets in the region.

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 growth of this market is driven by factors such as increasing consumer demand for healthy and sustainable food options, rising disposable incomes, and growing awareness about the nutritional benefits of seafood. Additionally, government initiatives to support the development of aquaculture and seafood processing industries are contributing to the growth of this market. Moreover, the rising trend of seafood consumption in emerging economies is expected to further boost the market in the coming years.

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.