Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Australia is facing negligible growth, influenced by factors such as changing consumer preferences, increasing competition, and fluctuations in seafood prices. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood also play a significant role in shaping the overall market, with each facing its unique challenges and opportunities. Despite the slow growth, the market continues to be driven by factors such as technological advancements, health consciousness, and convenience for consumers.
Customer preferences: Consumers are becoming more conscious of their seafood choices and are seeking sustainable and ethically sourced options. This is driven by growing concerns about overfishing and the impact of industrial fishing on ocean ecosystems. Additionally, the rise in plant-based diets and flexitarianism has led to a demand for seafood alternatives, such as plant-based "fish" products. This trend towards ethical and sustainable seafood consumption is also influenced by the increasing awareness of animal welfare and environmental issues among consumers.
Trends in the market: In Australia, the Fish & Seafood Market is experiencing a surge in demand for sustainable and ethically sourced seafood products. This trend is driven by increasing consumer awareness and concern for the environment, as well as government initiatives promoting sustainable fishing practices. The trajectory of this trend is expected to continue, with consumers becoming more conscious of their seafood choices and seeking out certified sustainable products. This presents opportunities for industry stakeholders to differentiate their products and cater to this growing market segment. Additionally, stricter regulations and certifications for sustainable fishing practices may impact the supply and pricing of seafood products in the market.
Local special circumstances: In Australia, the Fish & Seafood Market is heavily influenced by the country's vast coastline and rich marine resources. The market is also shaped by the cultural significance of seafood in the Australian diet, with a strong preference for sustainably sourced and locally caught fish. Additionally, strict regulations and sustainable fishing practices enforced by the government play a key role in shaping the market dynamics. This has led to a growing demand for premium and high-quality seafood products, with a focus on traceability and ethical sourcing.
Underlying macroeconomic factors: The Fish & Seafood Market in Australia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market is driven by factors such as consumer demand, availability of raw materials, and government regulations. As Australia has a strong economy and a stable political climate, the market is expected to experience steady growth. Additionally, the increasing health consciousness among consumers and the growing trend of sustainable seafood consumption are also contributing to the growth of the market. The country's favorable regulatory environment and investment in sustainable fishing practices are further driving the market's growth.
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)
