Fresh Seafood - Ghana

Ghana

Highlights

Revenue in the Fresh Seafood market amounts to US$530.20m in 2024. The market is expected to grow annually by 10.45% (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$15.25 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 11.43m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 3.5% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood market in Ghana is experiencing mild growth, influenced by factors like rising demand for fresh seafood, increasing health consciousness, and the convenience of purchasing seafood from local markets. This trend is expected to continue in the future.

Customer preferences: Consumers in Ghana are increasingly demanding sustainably sourced seafood products, as awareness around the impact of overfishing and unsustainable fishing practices grows. This trend is driven by a growing appreciation for the environment and a desire to support local fishermen and their livelihoods. Additionally, there is a rising interest in unique and exotic seafood varieties, influenced by the country's rich culinary traditions and diverse cultural influences. As a result, there has been a shift towards more diverse and ethically sourced seafood options in the Fresh Seafood Market, catering to the evolving preferences of Ghanaian consumers.

Trends in the market: In Ghana, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. As consumers become more conscious of their environmental impact, they are seeking out vendors who offer ethically and responsibly caught seafood. This trend is likely to continue as consumers become more informed and eco-friendly practices are increasingly valued. For industry stakeholders, this trend presents an opportunity to differentiate themselves by promoting sustainable practices and catering to the growing demand for sustainable seafood. However, it also poses a challenge as meeting sustainability standards can be costly and may require significant changes in production processes.

Local special circumstances: In Ghana, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal geography and strong fishing tradition. This has led to a wide variety of seafood options available, including local delicacies such as tilapia and shrimp. Additionally, government regulations and initiatives aimed at promoting sustainable fishing practices have played a significant role in shaping the market. These factors have contributed to a vibrant and diverse seafood market in Ghana, catering to both local and international demand.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Ghana. The country's economic health and policies, as well as global economic trends, have a significant impact on the market's performance. For instance, a stable economy and favorable fiscal policies can stimulate demand for seafood products, while a weak economy can lead to reduced consumer spending and negatively affect market growth. Additionally, government initiatives to improve infrastructure and support the fishing industry can also drive market growth. On the other hand, economic instability and trade barriers can hinder market growth in the country. Moreover, the increasing health consciousness among consumers and the growing middle class in Ghana are expected to drive demand for high-quality and sustainable seafood products, creating opportunities for market growth.

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.