Processed Fish & Seafood - Gabon | Statista Market Forecast

The Fish & Seafood market in Gabon has seen modest growth due to factors such as increasing demand for processed fish & seafood, health consciousness among consumers, and the convenience of online purchasing. However, challenges such as limited infrastructure and high production costs may be impacting the market's minimal growth rate.

Customer preferences: As Gabon continues to modernize, there has been a notable increase in demand for processed fish and seafood products. This can be attributed to changing consumer preferences, as more individuals seek convenient and ready-to-eat food options. This trend is also influenced by the growing middle class and working population, who often have busy lifestyles and limited time to cook. As a result, there has been a rise in the consumption of processed fish and seafood products, particularly among young adults and urban dwellers.

Trends in the market: In Gabon's Processed Fish & Seafood Market, there is a growing demand for sustainably sourced products as consumers become more conscious of their impact on the environment. This trend is expected to continue, with the government implementing policies to promote sustainable fishing practices. Additionally, there is a rise in the use of innovative packaging solutions, such as vacuum-sealed bags and modified atmosphere packaging, to extend the shelf life of products and reduce food waste. These trends present opportunities for industry players to differentiate their products and cater to the evolving consumer preferences. However, they also pose challenges in terms of cost and operational changes, which may require investments in technology and infrastructure. Overall, the focus on sustainability and innovative packaging is likely to shape the future of Gabon's Processed Fish & Seafood Market and impact stakeholders across the value chain.

Local special circumstances: In Gabon, the Processed Fish & Seafood Market is heavily influenced by its unique geographical location along the Atlantic coast. The country's rich marine resources and traditional fishing practices have shaped its seafood market, with a large variety of locally caught fish and seafood available. Additionally, Gabon's cultural preference for fresh and whole seafood has limited the demand for processed options. However, recent regulatory changes promoting food safety and hygiene standards have led to an increase in imported processed fish and seafood products. This has created a competitive landscape in the market, with both traditional and modern players catering to the diverse consumer preferences.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and favorable fiscal policies are experiencing higher market growth compared to regions with economic instability and restrictive fiscal policies. Additionally, the rising demand for healthy and convenient food options is driving the growth of the processed fish & seafood market, as consumers are increasingly seeking nutritious and convenient meal solutions. Moreover, the growing global population and increasing disposable income are also contributing to the growth of the market, as more people are able to afford higher-priced seafood products.

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.