Fresh Seafood - Togo

Togo

Highlights

Revenue in the Fresh Seafood market amounts to US$37.13m in 2024. The market is expected to grow annually by 7.75% (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$4.01 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 1.07m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.1% 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 Togo has seen moderate growth due to factors like limited access to technology, low health awareness, and traditional food preferences. As a result, the market has faced subdued growth rates.

Customer preferences: As Togo's economy continues to grow, there has been a noticeable increase in consumer spending on fresh seafood. This trend can be attributed to the rising awareness of the health benefits of seafood, as well as the growing popularity of seafood in traditional Togolese cuisine. Additionally, as more Togolese consumers adopt a Westernized lifestyle, there is a growing demand for convenience and variety in their food choices, leading to a rise in consumption of fresh seafood.

Trends in the market: In Togo, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and demand for ethically and environmentally responsible products. As a result, industry stakeholders are investing in sustainable fishing practices and certifications. This trend is expected to continue, with potential implications for market growth and competitiveness. Additionally, there is a growing trend in Togo towards online seafood marketplaces, as consumers seek convenience and safety during the COVID-19 pandemic. This shift towards e-commerce is expected to have a lasting impact on the seafood market, as it offers opportunities for market expansion and diversification.

Local special circumstances: In Togo, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographic location along the Gulf of Guinea. This proximity to the sea allows for a wide variety of fresh seafood options, including fish, shellfish, and crustaceans. Additionally, Togo's cultural preference for seafood as a staple food has contributed to the growth of the market. Furthermore, government regulations have played a role in the market's dynamics, with strict guidelines for sustainable fishing practices and food safety standards. These unique local factors have led to a thriving and diverse fresh seafood market in Togo.

Underlying macroeconomic factors: The Fresh Seafood Market within the Fish & Seafood Market of The Food market is impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The rising disposable income and changing consumer preferences towards healthier and sustainable food options are driving the growth of the market. Additionally, favorable government policies and investments in the fishing industry are boosting the supply of fresh seafood. However, fluctuations in exchange rates, trade policies, and environmental concerns such as overfishing and pollution can hinder 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.