Fish & Seafood - Jamaica

Jamaica

Highlights

Revenue in the Fish & Seafood market amounts to US$313.50m in 2024. The market is expected to grow annually by 5.88% (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$111.00 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 16.42m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.4% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 5.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood Market in Jamaica is experiencing minimal growth. Factors such as fluctuating seafood prices, import regulations, and consumer preferences for locally sourced products are impacting this growth rate. Additionally, the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood are affected by different factors, such as sustainability concerns and technological advancements in processing methods. However, with increasing health awareness and the convenience of online purchasing, the market is expected to see gradual growth in the coming years.

Customer preferences: The Fish & Seafood Market within The Food market market in Jamaica has seen a significant increase in demand for sustainably sourced and locally caught fish and seafood. This trend is driven by consumers' growing awareness of the environmental impact of global fishing practices and their desire to support local fishermen. In addition, there has been a rise in preference for healthier options, such as wild-caught fish, as consumers become more health-conscious. This shift towards sustainable and healthier choices reflects a larger trend towards ethical and conscious consumption within the Jamaican market, as consumers prioritize environmental and personal well-being.

Trends in the market: In Jamaica, the Fish & Seafood Market is experiencing a shift towards sustainable and locally-sourced fish and seafood products. This trend is driven by increasing consumer demand for environmentally-friendly options and support for local fishermen. As a result, industry stakeholders are investing in sustainable fishing practices and promoting the use of locally-caught seafood. This trend is expected to continue, as consumers become more conscious of the environmental impact of their food choices and seek out sustainable options. Additionally, this trend presents opportunities for businesses to differentiate themselves and appeal to environmentally-conscious consumers. However, it also poses challenges for traditional importers and distributors in the market, who may need to adapt their business models to stay competitive.

Local special circumstances: In Jamaica, the Fish & Seafood Market is heavily influenced by the country's coastal location and strong fishing culture. The warm, tropical climate allows for a diverse range of seafood to thrive, attracting tourists and locals alike. Additionally, the country's strict regulations on sustainable fishing practices ensure the market's long-term viability. This has led to a thriving industry that caters to both domestic and international demand for fresh, high-quality seafood. Moreover, Jamaica's rich cultural heritage plays a significant role in shaping the market, with traditional cooking methods and recipes passed down through generations, further differentiating it from other markets.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global trade policies, consumer spending patterns, and government regulations. Countries with strong economic growth and stable political climates are experiencing higher demand for fish and seafood products, as consumers have more disposable income to spend on premium food items. Additionally, the increasing awareness of the health benefits of fish and seafood consumption is driving market growth, as consumers are willing to pay a premium for healthier options. However, challenges such as overfishing and environmental concerns may impact the availability and pricing of fish and seafood products in certain regions, affecting market performance.

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.