Fresh Seafood - Madagascar

Madagascar

Highlights

Revenue in the Fresh Seafood market amounts to US$115.70m in 2024. The market is expected to grow annually by 10.32% (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$3.73 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 3.44m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 5.7% 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 Madagascar is experiencing subdued growth, impacted by factors like limited infrastructure and lack of consumer awareness. Despite this, the market is growing due to the increasing demand for healthy and sustainable food options.

Customer preferences: As consumers become more health-conscious, there has been a growing demand for sustainably sourced seafood and transparency in the supply chain. This trend is particularly evident in the Fresh Seafood Market of the Fish & Seafood Market within The Food market, where consumers are increasingly seeking information about the origin and production methods of their seafood. This shift is also influenced by the rise of ethical and environmentally friendly purchasing habits, as well as the growing popularity of plant-based and alternative protein options.

Trends in the market: In Madagascar, there is a growing trend of using sustainable and eco-friendly fishing methods in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. This trend is driven by consumer demand for sustainable and ethically-sourced seafood, as well as government regulations promoting responsible fishing practices. As a result, seafood producers are investing in sustainable fishing techniques and certifications, while retailers are promoting and labeling sustainable seafood options. This trend is expected to continue, with potential implications for industry stakeholders including increased market share for sustainable seafood producers and improved environmental sustainability for the region's fisheries.

Local special circumstances: In Madagascar, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's unique geographical location as an island nation. Due to limited transportation options, the market is largely focused on local consumption and export to neighboring countries. Additionally, strict fishing regulations and sustainable fishing practices are enforced, leading to a high-quality and eco-friendly seafood market. This differs from other markets where overfishing and lack of regulations have led to declining seafood populations.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as changing consumer preferences, government regulations, and international trade policies. Countries with strong economic growth and increasing disposable income are witnessing higher demand for high-quality, sustainably-sourced seafood products. On the other hand, countries with unstable economic conditions and stringent regulatory barriers face challenges in accessing and exporting seafood products. Additionally, the growing awareness about the health benefits of consuming seafood and the rise in health-conscious consumers are also driving 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.