Fresh Seafood - Gambia

Gambia

Highlights

Revenue in the Fresh Seafood market amounts to US$17.36m in 2024. The market is expected to grow annually by 10.75% (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$6.11 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 477.00k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.5% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in the Gambia is experiencing slow growth due to various factors such as economic challenges, limited infrastructure, and high production costs. Despite these hurdles, the market is driven by consumers' demand for high-quality, locally-sourced seafood and the convenience of online ordering.

Customer preferences: As consumers become more health-conscious, there has been a growing demand for sustainably sourced and locally caught seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. This trend is influenced by a cultural emphasis on fresh and natural ingredients, as well as a desire for transparency in food production. Additionally, with an increasing focus on environmental sustainability, consumers are also seeking out seafood options that are harvested in an eco-friendly manner.

Trends in the market: In Gambia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably-sourced seafood products. This trend is being driven by increasing consumer awareness of environmental and ethical concerns related to seafood production. In response, industry stakeholders are implementing more sustainable practices, such as responsible fishing methods and eco-friendly packaging. This trajectory is significant as it aligns with global efforts towards sustainable food production and has potential implications for industry players who may need to adapt their supply chains and marketing strategies to meet this growing demand.

Local special circumstances: In Gambia, 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 tradition. The market is driven by local fishermen and their use of traditional fishing methods, such as handline and gillnet fishing. Additionally, the government's strict regulations on fishing practices and quotas play a significant role in shaping the market. These factors create a unique market dynamic and contribute to the availability and variety of fresh seafood in Gambia's local markets.

Underlying macroeconomic factors: The Fresh Seafood Market within the Fish & Seafood Market in Gambia is influenced by several macroeconomic factors. The global economic trends play a crucial role in the market as it impacts the demand for seafood products and the prices of raw materials. National economic health, such as GDP growth and consumer spending, also has a significant impact on the market. Fiscal policies, such as import and export regulations, taxes, and subsidies, can affect the supply and demand of seafood products in the country. Other relevant financial indicators, including exchange rates and inflation, also influence the market performance. Moreover, the availability of resources, such as seafood processing facilities, transportation infrastructure, and skilled labor, can impact the growth of the Fresh Seafood Market in Gambia.

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.