Fish & Seafood - Guatemala

Guatemala

Highlights

Revenue in the Fish & Seafood market amounts to US$1.79bn in 2024. The market is expected to grow annually by 7.01% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$97.40 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 110.50m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 5.6% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 5.3kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Guatemala is experiencing subdued growth due to factors such as limited consumer awareness, lack of technological advancements, and challenges in supply chain management. However, the market is expected to grow as more consumers become health-conscious, and demand for fresh and processed fish and seafood increases.

Customer preferences: As consumers in Guatemala become more health-conscious, there is a growing demand for sustainable and ethically-sourced fish and seafood products. With a focus on environmentally-friendly practices, consumers are seeking out products that are certified as being responsibly caught or farmed. This trend is also influenced by the increasing awareness of the impact of overfishing on marine ecosystems and the desire for more sustainable food options. Additionally, the rise of e-commerce has made it easier for consumers to access and purchase a wider variety of fish and seafood products, including those from different regions and countries.

Trends in the market: In Guatemala, the Fish & Seafood Market within The Food market is experiencing a growing demand for sustainably sourced and traceable seafood products. This trend is driven by increasing consumer awareness and concern for environmental issues, as well as stricter regulations and certifications in the global seafood industry. As a result, industry stakeholders are investing in sustainable fishing practices and supply chain transparency, while also facing potential challenges in meeting these standards and maintaining profitability. Additionally, there is a rising trend of e-commerce platforms and online ordering for seafood products, presenting both opportunities and challenges for local fishers and seafood businesses.

Local special circumstances: In Guatemala, the Fish & Seafood Market is heavily influenced by the country's abundant coastline, which allows for a wide variety of fresh and locally sourced seafood. Additionally, the country's rich cultural heritage and strong ties to traditional fishing practices have led to a strong demand for sustainably caught seafood. This has resulted in a market dominated by small-scale, family-owned businesses that prioritize quality and sustainability. Furthermore, Guatemala's government has implemented strict regulations to ensure the safety and quality of seafood products, providing consumers with peace of mind and further boosting the market's growth.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Guatemala is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market is impacted by the overall economic health of the country, as well as international trade policies and agreements. Additionally, changes in consumer preferences and purchasing power can also affect the demand for fish and seafood products. Furthermore, government regulations and policies related to fishing and aquaculture can have a significant impact on the supply and pricing of these products in the market. The market is also influenced by factors such as technological advancements in fishing methods, processing, and storage, as well as investments in infrastructure and transportation. As the demand for sustainable and healthy food options continues to rise, the Fish & Seafood Market in Guatemala is expected to experience steady growth in the coming years.

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.