Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Ghana has been experiencing modest growth due to factors such as increasing consumer health awareness and convenience of online services. However, the market's growth rate is subdued, likely impacted by challenges in the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood. These challenges may include supply chain issues, limited access to technology, and a lack of infrastructure.
Customer preferences: As consumers in Ghana become more health-conscious, there has been a notable increase in demand for sustainably-sourced and organic fish and seafood products. This trend is driven by cultural and religious beliefs, as well as a growing awareness of the health benefits of consuming seafood. Additionally, there is a growing preference for convenient and ready-to-eat seafood options, reflecting the busy lifestyles of modern Ghanaian consumers. This has led to an influx of innovative and convenient seafood products in the market, such as pre-marinated and pre-cooked seafood.
Trends in the market: In Ghana, the Fish & Seafood Market is experiencing a shift towards sustainable fishing practices, with a focus on reducing overfishing and promoting responsible sourcing. This trend is driven by consumer demand for ethically and environmentally responsible seafood options. Furthermore, there is a growing interest in locally-sourced seafood, as consumers prioritize supporting local fishermen and businesses. This trend is expected to continue, with potential implications for industry stakeholders including increased competition for sustainable seafood options and a need for increased transparency in sourcing and production methods.
Local special circumstances: In Ghana, the Fish & Seafood Market is heavily influenced by the country's coastal location and rich fishing traditions. The local culture places a strong emphasis on fresh seafood, leading to a high demand for locally caught fish and shellfish. However, strict government regulations on fishing practices and export restrictions have also shaped the market dynamics. These factors have resulted in a unique market where consumers prioritize freshness and sustainability, and suppliers must navigate complex regulations to meet demand.
Underlying macroeconomic factors: The Fish & Seafood Market in Ghana is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's GDP growth rate, inflation rate, and foreign exchange rates all play a crucial role in determining the performance of the Fish & Seafood Market. Additionally, government policies and regulations, as well as investments in the fishing industry, can significantly affect the market's growth and stability. Moreover, the increasing demand for fish and seafood due to population growth and changing dietary preferences is also a major driver of market growth in Ghana.
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.
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