Fresh Seafood - South Africa

South Africa

Highlights

Revenue in the Fresh Seafood market amounts to US$432.30m in 2024. The market is expected to grow annually by 8.07% (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$7.08 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 12.76m 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 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in South Africa has seen minimal growth due to factors such as limited access to coastal areas, high prices, and competition from other protein sources. Despite this, increasing demand for healthy and sustainable food options may drive future growth in the market.

Customer preferences: Consumers in South Africa are increasingly looking for convenient and affordable ways to incorporate fresh seafood into their diets. This has led to a rise in demand for online seafood delivery services, as well as an increase in the availability of local, sustainably-sourced seafood. Additionally, there has been a growing interest in plant-based seafood alternatives, driven by a rise in health-consciousness and a desire to reduce environmental impact. These trends reflect a shift towards more conscious and mindful consumption habits in the Fresh Seafood Market of the Fish & Seafood Market within The Food market.

Trends in the market: In South Africa, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is being driven by consumer awareness and demand for ethical and environmentally-friendly products. As a result, the market is seeing an increase in certified sustainable seafood options, as well as the implementation of stricter regulations and certifications to ensure sustainable practices. This trend is expected to continue, as consumers become more conscious of their impact on the environment and demand transparency from seafood providers. Industry stakeholders will need to adapt to this trend by investing in sustainable practices and certifications to remain competitive in the market.

Local special circumstances: In South Africa, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by geographical factors such as its long coastline and diverse marine ecosystem. This has resulted in a wide variety of locally sourced seafood options, including popular delicacies like snoek and kingklip. Additionally, the country's cultural diversity has led to a demand for different types of seafood, with traditional dishes from various ethnic groups driving market trends. Furthermore, strict regulations and sustainability initiatives have been implemented to protect local fisheries and promote responsible fishing practices, shaping the dynamics of the market.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in South Africa is significantly influenced by macroeconomic factors. The national economic health of South Africa plays a critical role in determining the performance of the market, as well as global economic trends and fiscal policies. Other relevant financial indicators, such as consumer spending, inflation rates, and exchange rates, also impact the market. Moreover, the overall economic stability of the country, as well as its trade relationships with other nations, have a significant influence on the growth and development of the Fresh Seafood Market in South Africa.

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.