Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Brunei Darussalam has witnessed minimal growth, influenced by factors such as increasing demand for fresh and processed fish & seafood, and the convenience of online purchasing. However, the market is also hindered by challenges such as limited production and distribution capabilities, and rising competition from imported products. Overall, the market is expected to see a slow but steady growth in the coming years.
Customer preferences: The rising health consciousness among consumers in Brunei Darussalam has led to a growing demand for sustainably sourced seafood and fish products. This trend is driven by cultural values that prioritize fresh and healthy food choices. Furthermore, the increasing popularity of online grocery shopping and home delivery services has made it easier for consumers to access a wider variety of seafood and fish options, catering to their diverse preferences and lifestyles.
Trends in the market: In Brunei Darussalam, the Fish & Seafood Market within The Food market is experiencing a shift towards sustainability and ethical sourcing. Consumers are increasingly demanding transparency in the supply chain, and companies are responding by implementing sustainable fishing practices and promoting ethical sourcing. This trend is expected to continue, with potential implications for industry stakeholders such as increased costs for implementing sustainable practices and potential market share gains for companies that prioritize sustainability. Additionally, there is a growing trend of incorporating technology in the seafood industry, such as using blockchain to track seafood origins and improve traceability. This can provide more transparency for consumers and potentially increase consumer trust in the seafood market.
Local special circumstances: In Brunei Darussalam, the Fish & Seafood Market is heavily influenced by the country's strong coastal location and rich maritime culture. As a result, the market is dominated by locally sourced and traditional seafood products, such as prawns, crabs, and fish. Additionally, the Bruneian government has strict regulations in place to ensure sustainable fishing practices, which has helped to maintain the quality and availability of seafood in the market. This unique combination of geography and regulation sets the Fish & Seafood Market in Brunei apart from other markets, making it a prime location for seafood lovers and sustainable seafood sourcing.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Brunei Darussalam is also affected by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's strong economic growth and stable political climate have led to increased consumer spending and demand for high-quality seafood products. Additionally, government initiatives to promote sustainable fishing practices and investments in aquaculture have boosted the supply of local seafood. However, challenges such as fluctuating global seafood prices and limited domestic production may hinder market growth in the future.
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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