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Processed Fish & Seafood - Suriname

Suriname
  • Revenue in the Processed Fish & Seafood market amounts to US$4.50m in 2024. The market is expected to grow annually by 8.48% (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$7.16 are generated in 2024.
  • In the Processed Fish & Seafood market, volume is expected to amount to 234.20k kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 1.2% in 2025.0.
  • The average volume per person in the Processed Fish & Seafood market is expected to amount to 0.4kg 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.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

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

Out-Of-Scope

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

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Volume

Most recent update: Sep 2024

Source: Statista Market Insights

Most recent update: Sep 2024

Source: Statista Market Insights

Price

Most recent update: Sep 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Nov 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Sep 2024

Source: Statista Market Insights

Analyst Opinion

The Processed Fish & Seafood Market in Suriname has seen a steady growth rate, driven by factors such as increasing demand for convenience foods, rising health consciousness among consumers, and the adoption of digital technologies in food processing. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions have also contributed to the overall growth. However, challenges such as limited availability of raw materials and high production costs have impacted the market's growth rate.

Customer preferences:
Consumers in Suriname are developing a growing appetite for processed fish and seafood due to their convenience and longer shelf life. Additionally, with the increasing focus on healthy and sustainable food options, there has been a rise in demand for sustainably sourced and certified processed fish and seafood products. This trend is also influenced by the growing awareness of the negative environmental impacts of overfishing and the importance of preserving marine ecosystems. As a result, companies in the processed fish and seafood market are increasingly incorporating sustainable practices in their production processes to cater to this emerging consumer preference.

Trends in the market:
In Suriname, the Processed Fish & Seafood Market is experiencing a rise in demand for sustainably sourced and certified products, as consumers become more conscious of the environmental impact of their food choices. This trend is expected to continue, with companies investing in sustainable fishing practices and certifications to meet consumer demands. Additionally, there is a growing trend of using e-commerce platforms for the sale and distribution of processed fish and seafood products, providing convenience and expanding market reach. These trends have significant implications for industry stakeholders, as they must adapt to meet evolving consumer preferences and invest in technology to remain competitive in the market.

Local special circumstances:
In Suriname, the Processed Fish & Seafood Market is heavily influenced by the country's vast coastal regions and rich fishing resources. The local culture also plays a significant role, as seafood is a staple in Surinamese cuisine. Additionally, the government's efforts to promote sustainable fishing practices have resulted in a well-regulated market. This has led to a wide range of high-quality, locally sourced processed fish and seafood products, catering to both domestic and international demand. Such unique factors make the Surinamese market stand out from others in the Fish & Seafood Market within The Food market, contributing to its dynamic growth.

Underlying macroeconomic factors:
The Processed Fish & Seafood Market within The Food market in Suriname is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Suriname's economic growth has been hindered by its dependence on commodity exports, particularly gold and oil. However, the country has been implementing economic reforms to diversify its economy and attract foreign investment. This, coupled with the government's efforts to improve infrastructure and regulatory frameworks, is expected to positively impact the Processed Fish & Seafood Market in Suriname. Furthermore, the rising demand for processed fish and seafood products, driven by increasing health consciousness and changing dietary habits, is expected to further boost the market in the country.

Methodology

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.

Key Market Indicators

Notes: Based on data from IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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