Fresh Seafood - Guyana

Guyana

Highlights

Revenue in the Fresh Seafood market amounts to US$8.08m in 2024. The market is expected to grow annually by 8.05% (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$9.86 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 274.90k kg by 2029. The Fresh Seafood market is expected to show a volume growth of 4.6% 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 Guyana has shown a minimal growth rate due to factors such as limited availability of fresh seafood, low consumer awareness, and lack of infrastructure for efficient distribution. However, with increasing demand for healthy and sustainable food options, the market is expected to see a gradual but steady growth in the coming years.

Customer preferences: As consumers in Guyana become more health-conscious, there has been a noticeable shift towards incorporating fresh seafood into their diets. This trend is driven by a growing awareness of the health benefits of seafood, such as its high levels of omega-3 fatty acids and essential nutrients. Additionally, there has been a rise in demand for sustainably-sourced seafood, as consumers prioritize ethical and environmentally-friendly food choices. This has led to the emergence of more seafood markets and restaurants offering locally-sourced and responsibly-caught seafood options.

Trends in the market: In Guyana, there is a noticeable increase in demand for fresh seafood, as consumers are becoming more health-conscious and aware of the benefits of incorporating seafood into their diets. This trend is expected to continue as the country's economy grows and consumers have more disposable income. Additionally, there is a growing trend towards sustainable and ethically-sourced seafood, as consumers are becoming more environmentally conscious. This presents an opportunity for industry stakeholders to differentiate themselves by offering traceable and sustainable seafood options. However, this trend also poses challenges for small-scale fishermen and local seafood businesses, as meeting these sustainability standards can be costly. Nonetheless, with the rise in online shopping and delivery services, there is potential for the fresh seafood market to expand beyond traditional brick-and-mortar stores. This presents an opportunity for industry stakeholders to adapt and innovate in order to meet the changing consumer preferences and stay competitive in the market.

Local special circumstances: In Guyana, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal landscape and diverse cultural heritage. The abundance of fresh seafood from the Atlantic Ocean, combined with traditional cooking methods and flavors from indigenous and Indian influences, creates a unique offering in the market. Additionally, the government's efforts to promote sustainable fishing practices and regulate the seafood industry have led to a strong consumer demand for locally sourced and responsibly harvested seafood. This has also opened up opportunities for small-scale fishermen and women to enter the market and cater to the growing trend of conscious consumption.

Underlying macroeconomic factors: The performance of the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and favorable fiscal policies are likely to have a thriving seafood market. Additionally, the growth of the global seafood market is also influenced by factors such as increasing population, rising disposable income, and changing dietary preferences towards healthier and sustainable food options. However, fluctuations in exchange rates, trade policies, and environmental concerns can also significantly impact the market's 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.