Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Algeria is facing subdued growth, influenced by factors such as limited infrastructure and low consumer awareness. Despite this, the market is expected to experience growth due to increasing demand for healthy and convenient food options, as well as the growing popularity of online shopping for seafood products. The Fresh Fish, Fresh Seafood, and Processed Fish & Seafood sub-markets are all contributing to the overall growth of the market, as consumers seek out a variety of options. However, challenges such as limited access to technology and infrastructure may continue to impact the growth rate in the near future.
Customer preferences: As Algerian consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably sourced and organic fish and seafood products. Additionally, with the rise in popularity of online shopping and delivery services, there has been a shift towards purchasing fish and seafood products through e-commerce platforms. Furthermore, the trend of incorporating seafood into traditional Algerian cuisine has led to an increase in the consumption of fish and seafood in the country. This has also been driven by the growing middle class and their desire for a more diverse and healthy diet.
Trends in the market: In Algeria, the Fish & Seafood market is experiencing a surge in demand for sustainable and traceable seafood products. This trend is driven by consumer awareness and demand for ethically-sourced products. As a result, seafood suppliers are increasingly adopting sustainable practices and obtaining certifications to cater to this demand. This trajectory is significant as it not only meets consumer expectations but also contributes to the overall sustainability goals of the industry. However, this trend also presents challenges for smaller suppliers who may struggle to meet certification requirements and compete with larger players. Industry stakeholders need to adapt to these shifts and invest in sustainable practices to stay competitive in the market.
Local special circumstances: In Algeria, the Fish & Seafood Market is heavily influenced by the country's rich coastal resources and traditional fishing practices. This has led to a market dominated by small-scale, family-run businesses, with limited government regulation. However, recent efforts to modernize the sector and increase exports have been hindered by political and economic instability. This unique combination of factors has resulted in a highly volatile market, with prices and supply fluctuating significantly. Additionally, cultural preferences and religious beliefs play a significant role in shaping the types of seafood consumed in Algeria, with a strong preference for sustainably sourced and halal-certified products.
Underlying macroeconomic factors: The Fish & Seafood Market in Algeria is heavily influenced by macroeconomic factors, such as the country's economic growth, fiscal policies, and global economic trends. Algeria's economy has been steadily growing over the years, with a focus on diversification and modernization. This has led to an increase in disposable income and a rise in demand for higher quality food products, including fish and seafood. Additionally, the government has implemented policies to support and promote the development of the fishing industry, leading to increased investments in infrastructure and technology. These factors, along with a growing population and changing consumer preferences, have contributed to the growth of the Fish & Seafood Market in Algeria.
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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