Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market within The Food market Worldwide is experiencing minimal growth, influenced by factors such as increasing consumer health awareness and convenience of online services. However, the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood may have varying growth rates due to factors such as sustainability concerns and changing consumer preferences.
Customer preferences: With the growing focus on sustainable and ethical food consumption, consumers are becoming more conscious of the environmental impact of their food choices. This has led to a rise in demand for sustainably sourced fish and seafood, as well as for plant-based alternatives. Additionally, the trend towards clean eating and healthier lifestyles has sparked interest in wild-caught and organic options. As consumers become more informed about the impact of their food choices, they are seeking out products that align with their values and promote sustainable practices.
Trends in the market: In the worldwide Fish & Seafood Market, there is a notable increase in demand for sustainably sourced seafood, driven by growing consumer awareness and concerns about overfishing and environmental impact. This trend is expected to continue, with major industry players investing in sustainable fishing practices and certifications. Additionally, there is a surge in demand for plant-based seafood alternatives, as consumers seek healthier and more environmentally-friendly options. This trend presents opportunities for innovative companies to develop and market plant-based seafood products. These developments have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in sustainable practices to remain competitive in the global market.
Local special circumstances: In countries like Japan and South Korea, the Fish & Seafood Market within The Food market is heavily influenced by cultural factors. In these countries, seafood is a staple part of the local cuisine and is deeply ingrained in the culture. This has led to a high demand for fresh and high-quality seafood, resulting in a strong market for premium fish and seafood products. Additionally, strict regulations on fishing and aquaculture practices have led to a reputation of safety and sustainability, further driving consumer demand for these products. In contrast, in countries like Thailand and Vietnam, where seafood is also a major part of the diet, the market is largely driven by export demand, leading to a focus on mass production and lower prices.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. For instance, countries with stable economies and favorable trade policies tend to experience higher demand for fish and seafood products due to increased purchasing power. On the other hand, countries with economic instability and trade barriers may face challenges in accessing and exporting fish and seafood products, impacting the market performance. Additionally, the increasing focus on sustainable fishing practices and regulations on fishing quotas also play a significant role in shaping the market landscape for fish and seafood products.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
