Processed Fish & Seafood - Equatorial Guinea

Revenue in the Processed Fish & Seafood market amounts to US$41.22m in 2024. The market is expected to grow annually by 5.98% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$32bn in 2024).
In relation to total population figures, per person revenues of US$23.49 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 3.68m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 6.7% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 1.8kg in 2024.

Definition:

The Processed Fish & Seafood market covers all types of fish and seafood that have either been smoked, dried, canned, salted or given chemical preservatives.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Canned, dried and smoked fish
Processed seafood
Surimi-based products
Fish sticks, Fish nuggets

Fresh and frozen fish
Fresh and frozen seafood
Ready-to-eat meals
Caviar and prepared and preserved shark fins
Out-of-home consumption

The Processed Fish & Seafood Market in Equatorial Guinea is experiencing minimal growth, influenced by factors such as limited demand due to low consumer awareness and high production costs. However, with the increasing adoption of digital technologies and rising health consciousness among consumers, there is potential for growth in the Canned, Dried & Smoked Fish and Fish Fingers & Portions sub-markets. Online health services could also provide convenience for consumers in this market.

Customer preferences: As the demand for convenience and health-conscious options continues to rise, consumers are increasingly turning to processed fish and seafood products. This trend is driven by a growing interest in quick and easy meal solutions, as well as a rise in health and wellness awareness. Additionally, with the rise of e-commerce and online grocery shopping, consumers are able to access a wider variety of processed fish and seafood products, further contributing to the market's growth.

Trends in the market: In Equatorial Guinea, the Processed Fish & Seafood Market is experiencing a shift towards sustainable and traceable seafood products. This trend is driven by the increasing demand from consumers for ethically-sourced and environmentally-friendly options. Industry players are responding by investing in responsible fishing practices and implementing transparency measures, such as blockchain technology, to track the journey of the seafood from ocean to plate. This trend is significant as it aligns with global efforts to promote sustainable fishing and protect marine resources. It also presents opportunities for industry stakeholders to differentiate their products and appeal to conscious consumers. However, this shift may also pose challenges for smaller players who may struggle to meet the higher standards and costs associated with sustainable practices.

Local special circumstances: In Equatorial Guinea, the Processed Fish & Seafood Market is heavily influenced by the country's abundant coastal resources and its cultural preference for seafood-based dishes. However, due to limited infrastructure and transportation challenges, the market is largely confined to local consumption. Additionally, government regulations on fishing and processing practices affect the availability and quality of processed fish and seafood products in the market. These unique factors contribute to the market's dynamics, creating a distinct market landscape compared to other countries.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is highly influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. In countries with a strong economy and stable fiscal policies, the market experiences faster growth due to increased consumer spending and investment. Additionally, favorable regulatory environments and government support for the seafood industry have a significant impact on market performance. Furthermore, the increasing demand for healthy and sustainable food options, particularly in developed countries, is driving the demand for processed fish and seafood products. This trend is expected to continue as global population growth and rising incomes lead to a higher demand for protein-rich 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.