Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood Market in Ghana is experiencing mild growth, influenced by factors such as increasing demand for processed fish and seafood due to rising health awareness and the convenience of online services. The sub-markets of canned, dried and smoked fish, and fish fingers and portions also play a role in this growth.
Customer preferences: As Ghana's economy continues to grow and urbanization increases, there is a growing demand for convenient and easy-to-prepare food options. This has led to a rise in the consumption of processed fish and seafood products, especially among busy urban consumers. Additionally, there is a growing trend towards healthier and more sustainable food choices, leading to an increased demand for sustainably sourced and certified processed fish and seafood products in the market.
Trends in the market: In Ghana, the Processed Fish & Seafood Market is experiencing a trend towards increased consumption of value-added seafood products, such as smoked and canned fish, due to changing consumer preferences and rising incomes. This trend is expected to continue as the country's economy grows and urbanization increases. In addition, there is a push towards sustainable and responsible fishing practices, which is driving the demand for certified and traceable seafood products. These trends have significant implications for industry stakeholders, including the need for innovation in product offerings, improved supply chain management, and investment in sustainable fishing practices.
Local special circumstances: In Ghana, the Processed Fish & Seafood Market is heavily influenced by the country's geographical location along the Atlantic Ocean, which provides access to a wide variety of fresh seafood. Additionally, Ghanaian cuisine heavily relies on fish and seafood, making the market a crucial part of the food industry. The market also faces regulatory challenges, such as strict import regulations and sustainability requirements, which can impact supply and demand. Cultural preferences, such as the popularity of smoked and salted fish, also play a significant role in shaping the market dynamics.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and strong investment in the fish and seafood industry are experiencing faster market growth compared to regions with economic instability and limited government support. Additionally, the increasing demand for healthy and convenient food options and the rising awareness of the health benefits of fish and seafood are driving the growth of the processed fish and seafood market. The market is also influenced by factors such as trade policies, consumer spending power, and changing consumer preferences, which further shape the market dynamics and 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.
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Mon - Fri, 9am - 6pm (EST)
