Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in BRICS is experiencing subdued growth, influenced by factors such as increasing adoption of sustainable practices, growing health consciousness among consumers, and the convenience offered by online seafood delivery services. Despite these drivers, the market's growth rate remains subdued due to challenges faced by the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood.
Customer preferences: With the growing awareness of the health benefits of a seafood-rich diet, there has been a surge in demand for sustainable and ethically-sourced fish and seafood products. Consumers are also increasingly seeking out plant-based alternatives to traditional seafood options, driven by concerns over environmental sustainability and animal welfare. This trend is further amplified by the rising popularity of flexitarian and vegan diets, indicating a shift towards more conscious and ethical consumption patterns.
Trends in the market: In the BRICS countries, the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable and responsible sourcing practices. This includes efforts to reduce overfishing and improve traceability in the supply chain. In addition, there is a growing demand for plant-based seafood alternatives, driven by concerns over environmental impact and animal welfare. These trends are significant as they reflect a shift towards more ethical and environmentally conscious consumption. Potential implications for industry stakeholders include the need to adapt to changing consumer preferences and invest in sustainable sourcing practices to remain competitive in the market.
Local special circumstances: In Brazil, the Fish & Seafood market has seen a surge in demand due to its rich coastal resources and the country's preference for seafood in its cuisine. The market is also heavily influenced by the country's strict regulations on sustainable fishing practices, driving the growth of organic and ethically-sourced seafood products. Additionally, the rising health consciousness among consumers has led to a growing demand for high-quality and premium seafood, further shaping the dynamics of the market in Brazil.
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 are experiencing faster market growth compared to regions with economic instability. Additionally, factors such as population growth, changing consumer preferences, and government initiatives to promote sustainable fishing practices are driving the demand for fish and seafood products. Moreover, the increasing global population and rising disposable incomes are also contributing to the growth of the market, as consumers are willing to spend more on high-quality and sustainable 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.
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