Processed Fish & Seafood - Africa

The Processed Fish & Seafood Market in Africa is seeing moderate growth, driven by factors like increasing demand for convenient and healthier food options, rising health awareness, and technological advancements in food processing. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions are also contributing to this growth. However, challenges such as limited access to technology and infrastructure in some regions may be impacting the overall market's mild growth rate.

Customer preferences: As consumers become more health-conscious, there is a growing trend towards sustainably sourced and healthier options in the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market. This has led to an increase in demand for products that are certified as organic, free from antibiotics, and environmentally friendly. Additionally, there is a shift towards plant-based and vegan alternatives, driven by the rising popularity of flexitarian and vegetarian diets among younger generations.

Trends in the market: In Africa, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically sourced seafood products. This trend is driven by a growing awareness of the environmental impact of overfishing and the importance of supporting local fishing communities. As a result, seafood companies are investing in sustainable fishing practices and certifications, while also expanding their reach to meet the demand for ethical seafood. This trend is expected to continue, as consumers place a greater emphasis on sustainability and transparency in their food choices. Industry stakeholders will need to adapt to this trend by incorporating sustainable practices into their operations and marketing strategies. Failure to do so could lead to a loss of consumer trust and market share.

Local special circumstances: In Africa, the Processed Fish & Seafood Market is heavily influenced by the region's unique geographical and cultural factors. With a large coastline and abundant marine resources, seafood plays a significant role in the African diet and economy. However, regulatory challenges and lack of infrastructure hinder the growth of the market. Additionally, cultural preferences for certain types of fish and methods of processing also impact the market dynamics. These factors create a complex and diverse market landscape, making it crucial for businesses to understand and adapt to the local context in order to succeed in the Processed Fish & Seafood Market in Africa.

Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors, including global economic trends and national economic health. Countries with strong economic growth and stable fiscal policies tend to have higher demand for processed fish and seafood products. Additionally, favorable trade agreements and investment in the fishing industry can also influence market performance. The increasing awareness of the health benefits of consuming fish and seafood, coupled with the growing population and rising disposable incomes in many African countries, are also significant drivers of market growth. Furthermore, the demand for processed fish and seafood is expected to increase due to the rising prevalence of chronic diseases and the aging population, which creates a higher demand for healthy and convenient 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.