Processed Fish & Seafood - South America

Revenue in the Processed Fish & Seafood market amounts to US$10.15bn in 2024. The market is expected to grow annually by 7.43% (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$24.57 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 1.34bn kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 5.7% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 2.8kg 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 South America has been witnessing moderate growth, driven by factors such as increasing consumer health consciousness, growing demand for convenience, and adoption of digital technologies. However, the market's growth rate is restrained due to challenges such as environmental concerns and fluctuating fish supplies.

Customer preferences: Consumers in South America are becoming more health-conscious, leading to a growing demand for processed fish and seafood products that are perceived as healthier alternatives to red meat. Additionally, the increasing influence of Western dietary patterns and busier lifestyles have resulted in a greater preference for convenient and ready-to-eat processed fish and seafood options. This trend is expected to continue as the region experiences demographic shifts towards urbanization and a rise in disposable incomes.

Trends in the market: In South America, the Processed Fish & Seafood Market is experiencing a shift towards sustainable and traceable sourcing, with consumers demanding more transparency and ethical practices from fish and seafood producers. This trend is expected to continue as consumers become more conscious of the environmental impact of their food choices. This presents opportunities for industry stakeholders to differentiate their products and cater to the growing demand for sustainable options. Additionally, the rise of e-commerce in the region is opening up new distribution channels for processed fish and seafood products, providing convenience and accessibility for consumers.

Local special circumstances: In South America, the Processed Fish & Seafood Market within The Food market is influenced by the continent's vast coastline and rich marine resources. This has led to a thriving fishing industry, with a large portion of the population relying on fish and seafood as a staple food. Additionally, regulatory measures implemented by governments to ensure sustainable fishing practices have also had an impact on market dynamics. In countries like Chile and Peru, where the fishing industry is a major contributor to the economy, strict regulations have helped maintain a steady supply of high-quality fish and seafood products, driving the growth of the processed fish and seafood market.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors in South America. The overall economic health of the region, global economic trends, fiscal policies, and other financial indicators play a significant role in shaping the performance of the market. Countries with stable economic conditions and favorable regulatory environments tend to experience faster market growth, driven by increased investment and technological advancements. The rising prevalence of chronic diseases and the aging population in the region also contribute to the demand for processed fish & seafood, as consumers seek healthier and convenient food options. Additionally, government initiatives promoting sustainable fishing practices and the growth of aquaculture in the region are also expected to drive market growth in the coming years.

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.