Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in CIS is experiencing mild growth, driven by increasing adoption of digital technologies, growing health awareness among consumers, and the convenience of online health services. Factors such as changing consumer preferences and the emergence of new processing techniques are also impacting the market's growth rate.
Customer preferences: Consumers in the CIS and Fish & Seafood Market within The Food market are increasingly gravitating towards sustainable and ethically-sourced seafood options. This trend is driven by a growing awareness of the negative environmental impacts of overfishing and unsustainable fishing practices. Additionally, there is a rising demand for seafood products that are free from harmful chemicals and additives. This shift towards eco-friendly and healthier choices reflects a growing concern for the health of both individuals and the planet.
Trends in the market: In the CIS region, the Fish & Seafood market is experiencing a surge in demand for sustainably sourced products, driven by increasing consumer awareness and government regulations. In addition, there is a growing trend of using e-commerce platforms to purchase seafood products, allowing for easier access and traceability. These trends are expected to continue in the coming years, presenting opportunities for market players to differentiate themselves and cater to the changing consumer preferences. However, this may also pose challenges for smaller businesses to adapt and comply with sustainability standards, potentially leading to consolidation in the market.
Local special circumstances: In the CIS region, the Fish & Seafood Market is heavily influenced by the local demand for traditional seafood products, such as caviar and smoked fish. This demand is driven by cultural preferences and traditions, as well as the abundant access to fresh seafood from the region's extensive coastlines. Furthermore, the regulatory environment in CIS countries, specifically regarding fishing and aquaculture, plays a significant role in shaping the market. For example, strict regulations on sustainable fishing practices have led to the emergence of eco-friendly seafood options, catering to the growing demand for environmentally conscious products. These unique factors set the CIS Fish & Seafood Market apart from other global markets, driving its dynamics and growth.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stable fiscal policies are experiencing significant market growth compared to regions with economic challenges and unstable financial policies. Additionally, the increasing demand for healthy and sustainable food options, coupled with the rising awareness of the health benefits of consuming fish and seafood, is driving the market growth in many countries. Furthermore, the growing demand for premium and specialty seafood products, especially in developed countries, is also contributing to 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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