Market Insights Consumer Food Fish & Seafood

Fresh Seafood - South America

South America

Revenue in the Fresh Seafood market amounts to €7.14bn in 2024. The market is expected to grow annually by 8.04% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€11,140m in 2024).
In relation to total population figures, per person revenues of €17.29 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 298.80m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 6.7% in 2025.
The average volume per person in the Fresh Seafood market is expected to amount to 0.6kg in 2024.

Key regions: South Korea, Canada, China, Japan, United States

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Analyst Opinion

The Fresh Seafood Market in South America is experiencing subdued growth due to factors such as limited supply, increased competition, and changing consumer preferences. Despite this, the market is still driven by a growing demand for fresh and sustainable seafood as well as the convenience of online ordering.

Customer preferences: As consumers in South America become more health-conscious, there has been a noticeable increase in demand for sustainably sourced and locally caught seafood. In addition, with the rise of social media and food blogs, consumers are also seeking unique and visually appealing seafood dishes to share online. This has led to a growing interest in fusion cuisine and creative seafood preparations, catering to a diverse range of tastes and preferences. Furthermore, the growing influence of global cuisine and travel has also sparked an interest in trying new and exotic seafood varieties, driving the demand for imported fresh seafood.

Trends in the market: In South America, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing growth in the demand for sustainably sourced seafood. Consumers are increasingly conscious of the environmental impact of their food choices, and are seeking out responsibly caught or farmed seafood. This trend is expected to continue, with companies investing in sustainable practices to meet consumer demand. This shift towards sustainability not only benefits the environment, but also presents opportunities for industry stakeholders to differentiate themselves and attract environmentally conscious consumers. Additionally, there is a growing trend of home delivery and online ordering for fresh seafood, as consumers prioritize convenience and safety in the wake of the COVID-19 pandemic. This presents potential opportunities for businesses to expand their online presence and tap into the growing e-commerce market in South America.

Local special circumstances: In South America, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's vast coastlines and rich marine resources. This has led to a strong fishing industry and a wide variety of fresh seafood options. Additionally, the cultural preference for seafood in countries like Peru and Chile has further fueled the market's growth. Moreover, government regulations promoting sustainable fishing practices have also played a significant role in shaping the market dynamics.

Underlying macroeconomic factors: The Fresh Seafood Market within the Fish & Seafood Market is heavily influenced by macroeconomic factors in South America. With a growing middle class and increasing disposable income, there is a rising demand for high-quality, fresh seafood products. Additionally, favorable trade agreements and policies have resulted in an increase in seafood exports from South American countries, further driving market growth. However, challenges such as fluctuating exchange rates and political instability can impact market performance. Furthermore, rising concerns about sustainability and environmental impact are pushing for stricter regulations and sustainable practices in the seafood industry, which can affect market dynamics.

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.