Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Central & Western Europe has been experiencing modest growth due to factors such as increasing consumer health consciousness and the convenience of online services. However, the market's growth rate is being impacted by challenges such as declining fish populations and changing consumer preferences for alternative protein sources.
Customer preferences: The increasing awareness of sustainable and ethical consumption is driving a shift towards locally-sourced and responsibly-caught fish and seafood. This trend is also influenced by the growing popularity of plant-based diets, as consumers seek alternatives to traditional animal-based protein sources. Additionally, the demand for unique and exotic seafood varieties is rising, reflecting a desire for new and diverse culinary experiences.
Trends in the market: In Central & Western Europe, the Fish & Seafood market is experiencing a rise in demand for sustainable and ethically sourced products. This trend is driven by consumer awareness and concerns about overfishing and environmental impacts. As a result, there is a growing market for certified and traceable seafood products. This trend is expected to continue, as consumers are increasingly seeking transparency and accountability from the industry. This has implications for industry stakeholders, who will need to adapt their sourcing and production methods to meet this demand and remain competitive in the market. Additionally, there is a growing trend towards plant-based seafood alternatives, which could disrupt the traditional seafood market in the region.
Local special circumstances: In Central & Western Europe, the Fish & Seafood Market is heavily influenced by the region's long-standing traditions of fishing and coastal living. These factors, coupled with strict regulations on sustainable fishing practices, have resulted in a market that values quality and sustainability above all else. Additionally, the region's diverse cultural backgrounds have led to a variety of unique seafood dishes and preparation methods, making it a hub for culinary tourism. Furthermore, the increasing demand for healthier and environmentally-friendly food options has also driven the growth of the Fish & Seafood Market in this region.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Central and Western Europe. The region's stable economic growth, coupled with increasing consumer awareness and demand for healthy and sustainable food options, is driving the growth of the market. Government initiatives promoting sustainable fishing practices and investments in aquaculture are also contributing to the market's growth. Additionally, the rising disposable income of consumers in the region is fueling the demand for premium and value-added seafood products, further boosting 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.
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