Fish & Seafood - Guinea

Guinea

Highlights

Revenue in the Fish & Seafood market amounts to US$719.10m in 2024. The market is expected to grow annually by 12.36% (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$49.50 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 29.42m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 5.3% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 1.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Guinea is experiencing mild growth, driven by factors such as increasing demand for fresh and processed fish and seafood, as well as the convenience of online purchasing. Rising health awareness and government initiatives to promote sustainable fishing practices are also contributing to the market's growth.

Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably sourced fish and seafood. This trend is driven by concerns over the environmental impact of traditional fishing practices. Additionally, the rising popularity of plant-based diets has led to an increased demand for plant-based seafood alternatives. These shifting preferences are also influenced by the growing awareness of the health benefits of seafood, including its high protein and omega-3 content.

Trends in the market: In Guinea, the Fish & Seafood Market is experiencing an upward trend in demand for sustainable and ethically sourced seafood. This is driven by consumer awareness and concerns about overfishing and unsustainable fishing practices. As a result, there has been an increase in certifications for seafood products, such as Marine Stewardship Council certification, to meet this demand. This trend is expected to continue, with potential implications for industry stakeholders to adapt their sourcing and production methods to meet consumer demands for sustainable seafood.

Local special circumstances: In Guinea, the Fish & Seafood Market is heavily influenced by its coastal location, with abundant access to fresh seafood. Additionally, the cultural preference for seafood in local diets has resulted in a strong demand for fish and seafood products. However, regulatory challenges such as limited infrastructure and inadequate storage facilities pose a challenge for market growth. Unlike other markets, the Fish & Seafood Market in Guinea is also impacted by political instability, affecting supply and pricing.

Underlying macroeconomic factors: The growth of the Fish & Seafood Market within The Food market is also influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with stable economies and favorable trade policies are experiencing faster market growth compared to regions with economic instability and trade barriers. Additionally, the growing demand for healthy and sustainable food options is driving the growth of the fish and seafood market, as consumers become more conscious of their food choices and environmental impact. The increasing urbanization and disposable incomes in developing countries are also contributing to the growth of this market, as more people have access to a wider variety of food options.

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.