Fresh Seafood - Guatemala

Guatemala

Highlights

Revenue in the Fresh Seafood market amounts to US$345.80m in 2024. The market is expected to grow annually by 8.34% (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$18.84 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 14.70m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 6.7% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Guatemala has seen a slow growth rate due to factors like limited access to technology, low health awareness and traditional preferences. Despite this, the market is gaining momentum as consumers recognize the convenience and health benefits of consuming fresh seafood.

Customer preferences: 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 driven by increasing awareness of the environmental impacts of overfishing and a growing preference for ethical and environmentally friendly food choices. Additionally, there is a growing demand for transparency in the seafood supply chain, with consumers seeking information about the source and production methods of their seafood. As a result, retailers and restaurants are responding by offering more traceable and ethically sourced seafood options to meet the evolving preferences of consumers. This shift towards sustainable seafood consumption reflects a broader cultural shift towards conscious and ethical consumerism.

Trends in the market: In Guatemala, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. Consumers are increasingly aware of the environmental impact of overfishing and are seeking out suppliers who prioritize sustainable fishing practices. This trend is expected to continue, with industry stakeholders investing in sustainable sourcing and certification programs to meet consumer demand. Additionally, there is a growing interest in locally sourced seafood, as consumers prioritize supporting small-scale fishermen and reducing the carbon footprint of seafood transportation. These trends present opportunities for industry stakeholders to differentiate their products and appeal to environmentally conscious consumers.

Local special circumstances: In Guatemala, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal resources and strong fishing industry. The market is also shaped by cultural preferences for fresh and locally sourced seafood, resulting in a strong demand for traditional dishes and seafood markets. Additionally, the government's efforts to increase food safety regulations and support sustainable fishing practices have had a significant impact on market dynamics. These unique factors contribute to a vibrant and diverse seafood market in Guatemala.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Guatemala. The country's economic health, fiscal policies, and global economic trends all play a significant role in shaping the market's performance. Guatemala's strong agricultural sector, favorable business environment, and strategic location as a trade hub make it an attractive market for seafood exports. Additionally, the government's efforts to promote sustainable fishing practices and support the growth of the seafood industry have further boosted market growth. However, challenges such as limited infrastructure and access to financing remain barriers to market expansion. Nevertheless, the increasing demand for high-quality, fresh seafood and the rising disposable income of Guatemalan consumers are expected to drive market growth 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.