Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood Market in Latvia is experiencing negligible growth, influenced by factors such as consumer preference for fresh seafood, availability of locally sourced products, and increasing health consciousness. Despite the slow growth, sub-markets such as Canned, Dried & Smoked Fish and Fish Fingers & Portions continue to drive demand with their convenience and variety. Online platforms also play a significant role in the market's growth, providing easy access to a wide range of processed fish and seafood products.
Customer preferences: As consumers in Latvia become more health-conscious, there has been a noticeable increase in demand for processed fish and seafood products that are perceived as healthier alternatives to meat. Additionally, there has been a growing interest in sustainable and eco-friendly options, with consumers showing a preference for locally sourced and organic fish and seafood. This trend is driven by a greater awareness of environmental issues and a desire to support local producers.
Trends in the market: In Latvia, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced and organic products. This trend is driven by consumers' increasing awareness of the environmental impact and health benefits of sustainable and organic seafood. As a result, industry stakeholders are investing in sustainable and organic fishing practices to meet this demand. Additionally, there is a growing trend of online sales and home delivery services for processed fish and seafood, providing convenience for consumers and potential growth opportunities for industry players. This trend is expected to continue, with potential implications such as increased competition and the need for innovative marketing strategies to attract and retain customers.
Local special circumstances: In Latvia, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich fishing tradition and proximity to the Baltic Sea. The local consumer preference for sustainably sourced seafood, coupled with strict regulations on food safety and environmental sustainability, have shaped the market dynamics. Additionally, the rising demand for value-added processed seafood products, particularly in the European Union export market, has spurred innovation and growth in the industry.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global demand for seafood, national economic health, and government policies. Countries with strong economic growth and a high demand for seafood products are experiencing a rise in market performance. Additionally, favorable government policies and investments in seafood processing technology are further driving market growth. The increasing awareness of the health benefits of seafood consumption is also contributing to the market's growth, as consumers seek healthier and more sustainable food options.
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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