Fresh Seafood - Namibia

Namibia

Highlights

Revenue in the Fresh Seafood market amounts to US$30.38m 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$11.48 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 1.03m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 5.3% 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 Namibia has seen steady growth due to factors such as increased demand for healthy food choices, growing consumer awareness about sustainable seafood, and the convenience of online ordering. However, the market's growth rate is currently subdued due to challenges such as limited access to fishing resources and supply chain disruptions caused by the COVID-19 pandemic.

Customer preferences: In Namibia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and environmentally friendly seafood options. This trend is driven by a growing awareness of the impact of overfishing and a desire for more ethical and responsible consumption. Additionally, consumers are increasingly seeking out locally sourced seafood, as well as options that are free from additives and preservatives. This shift towards conscious consumption is also influenced by a desire for healthier food choices and a closer connection to the source of their food.

Trends in the market: In Namibia, the Fresh Seafood Market is experiencing a rise in demand for sustainably-sourced seafood products. This trend is driven by increasing consumer awareness of environmental issues and a desire for ethically-sourced food. As a result, seafood suppliers and retailers are investing in sustainable sourcing methods and certifications to meet this demand. This trend is expected to continue as consumers become more conscious of the impact of their food choices. This has implications for industry stakeholders, who must adapt their sourcing and marketing strategies to cater to this growing trend.

Local special circumstances: In Namibia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's vast coastline and rich marine resources. The local fishing industry plays a significant role in the economy and provides a steady supply of fresh seafood to the market. Additionally, Namibia's cultural preference for seafood and strict regulatory standards for sustainable fishing practices contribute to the market's dynamics. These factors create a unique market environment that sets it apart from other seafood markets globally.

Underlying macroeconomic factors: 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 financial indicators. The demand for fresh seafood is largely influenced by consumer spending power, which is directly affected by economic conditions. Countries with stable economic growth and strong consumer confidence are more likely to experience higher demand for fresh seafood. Additionally, government policies and regulations that promote sustainable fishing practices and ensure food safety also play a crucial role in driving market growth. Moreover, with the increasing health consciousness among consumers, the demand for healthy and nutritious seafood options is expected to rise, further boosting the 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.