Fresh Seafood - Guinea

Guinea

Highlights

Revenue in the Fresh Seafood market amounts to US$139.90m in 2024. The market is expected to grow annually by 10.55% (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$9.63 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 2.48m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 4.4% 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 Guinea is experiencing subdued growth due to factors such as limited access to technology, low health awareness, and lack of convenience in purchasing seafood. Despite this, the market is still growing, driven by the increasing demand for fresh and high-quality seafood products.

Customer preferences: In recent years, there has been a growing demand for sustainably sourced and ethically produced seafood, driven by consumer awareness of the environmental and social impact of fishing practices. This has led to an increase in certifications and labeling initiatives, as well as a rise in popularity of locally sourced seafood. In addition, health-conscious consumers are also seeking out seafood that is free from additives and chemicals, leading to a rise in demand for organic and wild-caught options.

Trends in the market: In Guinea, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in consumer demand for sustainable and locally sourced seafood. This trend is driven by a growing awareness of the environmental impact of traditional fishing practices and the health benefits of consuming fresh, local seafood. As a result, industry stakeholders are investing in sustainable fishing methods and promoting the benefits of locally caught seafood. This trend is expected to continue, with potential implications including increased market competition and a shift towards more sustainable seafood production methods.

Local special circumstances: In 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 seafood culture. The market is driven by the abundance of local seafood species, such as shrimp, lobster, and tuna, which are highly valued for their freshness and quality. Additionally, strict regulations on sustainable fishing practices and the use of traditional fishing methods have contributed to the unique and authentic offerings of the market. These factors have also led to a growing demand for locally sourced seafood products, providing economic opportunities for the local fishing communities.

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 relevant financial indicators. In countries where the economy is thriving and consumers have high purchasing power, the market experiences strong growth. Similarly, countries with stable and favorable fiscal policies that support the growth of the food industry see a rise in demand for seafood products. Additionally, factors such as trade agreements, import/export policies, and currency exchange rates also play a significant role in shaping the performance of the market. As global economic conditions continue to evolve, it is important for businesses to closely monitor and adapt to these macroeconomic factors to maintain a competitive edge in 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.