Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in the EAEU is experiencing steady growth, with factors such as increasing demand for healthy food options, growing awareness about sustainable fishing practices, and advancements in processing and packaging technologies driving the market. The mild growth rate can be attributed to various factors, including fluctuating seafood prices, changing consumer preferences, and regulatory challenges.
Customer preferences: As the demand for healthy and sustainable food choices continues to grow, the Fish & Seafood Market within The Food market has seen a rise in consumer interest in sustainably sourced and ethically caught seafood. This trend is driven by increasing awareness of the environmental impacts of overfishing and the desire for transparency in food production. Additionally, there has been a shift towards locally sourced seafood, as consumers prioritize supporting local economies and reducing carbon footprint. This shift is also influenced by a growing interest in cultural and regional cuisines, leading to a greater demand for diverse and authentic seafood options.
Trends in the market: In the Eurasian Economic Union (EAEU), the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and organic fish and seafood products. This trend is driven by increasing consumer awareness and demand for ethically and environmentally responsible products. Additionally, there is a growing trend of e-commerce platforms and online marketplaces, allowing consumers to conveniently purchase fish and seafood products directly from producers. This could potentially lead to a more direct and transparent supply chain, benefitting both producers and consumers. However, the industry may also face challenges in meeting the demand for sustainable products, as well as adapting to the digitalization of the market.
Local special circumstances: In the EAEU, the Fish & Seafood Market presents unique opportunities due to the region's abundant coastline and rich fishing traditions. However, the market is also influenced by cultural preferences and regulatory standards of each member state. For example, Russia's strict food safety regulations have led to a booming demand for high-quality, certified seafood products. In Kazakhstan, the market is driven by a growing middle class and increasing health consciousness, leading to a rise in demand for sustainably sourced and organic seafood. These factors shape market dynamics and present distinct challenges and opportunities for businesses operating within the EAEU Fish & Seafood Market.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Countries with stable economies and favorable fiscal policies are experiencing higher market growth compared to regions with economic instability and unfavorable government regulations. Additionally, the rising demand for healthy and sustainable food options is driving the growth of the Fish & Seafood Market, as consumers become increasingly health-conscious and environmentally aware. Moreover, the development of advanced fishing and aquaculture technologies is further fueling the market, as it allows for increased production and improved quality of fish and 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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