Fish & Seafood - Togo

Togo

Highlights

Revenue in the Fish & Seafood market amounts to US$155.70m in 2024. The market is expected to grow annually by 5.95% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$16.82 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 12.97m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 5.8% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 1.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Togo has been steadily growing, driven by factors such as increasing demand for fresh and processed options, rising health consciousness among consumers, and the convenience of online purchasing. However, the market's growth rate is minimal due to factors such as limited production and distribution capabilities, as well as challenges in meeting food safety and sustainability standards.

Customer preferences: The Fish & Seafood Market within The Food market is experiencing a growing demand for sustainably sourced products, as consumers become more environmentally conscious. This trend is also fueled by the increasing popularity of plant-based diets, which has led to a rise in demand for seafood alternatives. Additionally, there has been a shift towards convenience and ready-to-eat options, driven by busy lifestyles and the need for quick and easy meal solutions. As a result, there has been an emergence of new products and packaging formats that cater to these preferences.

Trends in the market: In Togo, the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood products. This trend is driven by growing consumer awareness and concern for the environment, as well as government initiatives promoting sustainable fishing practices. As a result, industry stakeholders are investing in certifications and labels to demonstrate their commitment to sustainability. This trend is expected to continue, with potential implications for suppliers who may need to adapt their sourcing practices, and for consumers who may have to pay a premium for sustainable seafood. Additionally, there may be opportunities for new players to enter the market with innovative and sustainable products.

Local special circumstances: In Togo, the Fish & Seafood Market is heavily influenced by the country's coastal location and traditional fishing practices. The market is also shaped by cultural preferences for fresh, locally caught seafood over frozen or imported options. Additionally, Togo's regulations on fishing and seafood processing play a role in market dynamics, with strict quotas and standards affecting supply and pricing. This unique combination of factors creates a distinct market for fish and seafood in Togo, with a focus on sustainable, high-quality products.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Togo is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Togo's economy heavily relies on agriculture, with fish and seafood being significant contributors. As such, any changes in the global economy or national economic health can greatly impact market performance. In recent years, Togo has seen steady economic growth and implemented fiscal policies to support its agriculture industry, creating a favorable environment for the Fish & Seafood Market. However, challenges such as limited access to finance and infrastructure remain, hindering the market's full potential. Additionally, the country's growing population and increasing demand for high-quality protein sources are driving the demand for fish and seafood, further shaping the market's growth trajectory.

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.