Fresh Seafood - Jamaica

Jamaica

Highlights

Revenue in the Fresh Seafood market amounts to US$55.96m in 2024. The market is expected to grow annually by 6.24% (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$19.81 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 1.84m 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 0.6kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Jamaica has seen slow growth due to factors such as limited access to technology and lower health awareness. Despite this, convenience and increasing demand for fresh seafood continue to drive the market forward.

Customer preferences: Consumers in Jamaica are showing a growing preference for locally-sourced and sustainably-caught seafood, with an emphasis on freshness and quality. This trend is fueled by a cultural appreciation for traditional fishing methods and a desire for healthier, natural food choices. Additionally, as the country's tourism industry continues to grow, there is an increasing demand for diverse seafood options to cater to international visitors. This has led to a rise in the availability and variety of fresh seafood in local markets, as well as a push towards responsible and ethical fishing practices.

Trends in the market: In Jamaica, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing an increase in demand for sustainably sourced seafood products. This trend is driven by consumer awareness and concerns about overfishing and environmental impact. As a result, seafood suppliers and restaurants are incorporating sustainable seafood options into their menus and offerings. This trajectory is significant as it promotes responsible fishing practices and supports the conservation of marine ecosystems. Industry stakeholders should continue to focus on sourcing sustainable seafood and promoting awareness to meet this growing demand.

Local special circumstances: In Jamaica, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's tropical location and rich fishing culture. The market is driven by the availability of fresh, locally caught seafood, such as red snapper and lobster, which are staples in Jamaican cuisine. Additionally, the country's strict fishing regulations and sustainable fishing practices contribute to the market's unique dynamics. These factors also play a role in the popularity of seafood in Jamaican cuisine and the market's strong emphasis on freshness and quality.

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 financial indicators. For instance, countries with stable economies and supportive fiscal policies are experiencing higher demand for fresh seafood, as consumers have more disposable income to spend on premium seafood products. Additionally, the increasing awareness about the health benefits of consuming fresh seafood, coupled with the growing trend of sustainable and ethical food choices, is driving the market growth in many countries. Furthermore, the presence of efficient and modern infrastructure, such as transportation and storage facilities, is crucial for the successful functioning of the fresh seafood market. As a result, countries with well-developed infrastructure are likely to witness higher market growth compared to regions with inadequate infrastructure.

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.