Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Australia & Oceania has been experiencing negligible growth, influenced by factors such as increasing consumer demand for fresh and healthy food choices, as well as advancements in digital technologies for efficient processing and distribution. This market is driven by the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, with the convenience of online purchasing and rising health consciousness among consumers contributing to its growth.
Customer preferences: Consumers in Australia & Oceania are becoming more health-conscious and environmentally aware, leading to a rise in demand for sustainably sourced fish and seafood. This trend is driven by a growing preference for ethically and eco-friendly produced food, as well as concerns over overfishing and the depletion of marine resources. As a result, there is a growing market for seafood certifications and labels that ensure sustainable fishing practices. Additionally, the popularity of plant-based diets and alternative protein sources is also impacting the fish and seafood market, with consumers looking for healthier and more environmentally friendly options.
Trends in the market: In Australia & Oceania, the Fish & Seafood Market is experiencing a surge in demand for sustainable and ethically sourced products. This trend is driven by consumer awareness and increasing concerns about overfishing and environmental impact. As a result, seafood companies are investing in sustainable practices and certifications to meet this demand. Additionally, there is a growing interest in alternative seafood options, such as plant-based seafood and seaweed-based products. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in sustainable practices to remain competitive in the market.
Local special circumstances: In Australia & Oceania, the Fish & Seafood Market is heavily influenced by the region's vast coastlines and island territories. The abundance of seafood varieties, including popular ones like tuna and salmon, has resulted in a strong export market. Additionally, the region's cultural and culinary traditions heavily feature seafood, with dishes like fish and chips being a popular staple. The relatively strict regulations on fishing practices and sustainability also contribute to the market's dynamics, with consumers increasingly seeking out ethically and sustainably sourced seafood options.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Australia & Oceania is impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The region's strong economic growth and stable political climate have contributed to the steady demand for fish and seafood products. Additionally, the increasing health consciousness among consumers and the growing trend of sustainable seafood practices have positively influenced the market. However, challenges such as fluctuating exchange rates and high production costs due to strict regulations on fishing and aquaculture activities have hindered market 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.
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