Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Bhutan has seen slow growth due to limited availability of fresh options and limited consumer awareness. However, the market is expected to grow as the country's economy develops and consumers become more health-conscious. Rising demand for processed fish & seafood and government initiatives to promote this industry are also expected to drive growth.
Customer preferences: Consumers in Bhutan are increasingly turning towards healthier and sustainable food options, leading to a rise in demand for locally sourced fish and seafood products. This trend is driven by the country's cultural emphasis on organic and natural foods, as well as the growing awareness of the environmental impact of imported goods. Additionally, with a growing middle-class population and changing dietary preferences, there is a shift towards more diverse and exotic seafood options, such as sushi and other international dishes. As a result, there is a growing market for premium and high-quality fish and seafood products in Bhutan.
Trends in the market: In Bhutan, the Fish & Seafood Market is experiencing a surge in demand for sustainably sourced seafood products. This trend is driven by increasing consumer consciousness of ethical and environmental concerns. As a result, industry stakeholders are investing in sustainable fishing practices and certification programs. Additionally, there is a growing trend of online seafood marketplaces, providing easy access to a wider range of products for consumers. This trajectory towards sustainable and convenient seafood options has significant implications for the industry, including potential growth opportunities and the need for transparency and accountability in sourcing practices.
Local special circumstances: In Bhutan, the Fish & Seafood Market is heavily influenced by the country's small size and landlocked geography, leading to a high reliance on imported seafood. Additionally, Bhutan's cultural and religious beliefs play a significant role in the types of seafood consumed, with a focus on sustainable and ethical fishing practices. The market is also regulated by strict laws and policies, such as the ban on commercial fishing, which has resulted in a limited supply of seafood. These factors have created a unique market dynamic, with a strong emphasis on locally sourced, high-quality seafood products.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for fish and seafood products, leading to a larger market size. Moreover, countries with a favorable regulatory environment and strong investment in the fishing and seafood industry are experiencing faster market growth compared to regions with regulatory challenges and limited investment. Additionally, the increasing demand for healthier food options and the growing population worldwide are fueling the demand for fish and seafood products, driving 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.
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)
