Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Egypt is experiencing minimal growth, influenced by factors such as fluctuating consumer demand, limited availability of resources, and increasing competition from other food markets. The market's sub-sectors, including Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, also play a role in shaping its growth. Despite these challenges, the market is still driven by the convenience and health benefits offered by digital technologies and online services.
Customer preferences: Consumers in Egypt are increasingly becoming health-conscious and are looking for options that align with their cultural and religious beliefs. As a result, there has been an increase in demand for halal-certified fish and seafood products. Additionally, with the rise in disposable income and changing dietary preferences, there is a growing demand for premium and imported fish and seafood. This trend is driven by the desire for healthier and more diverse food options, as well as the influence of Western eating habits among younger generations.
Trends in the market: In Egypt, the Fish & Seafood Market is experiencing a surge in demand for sustainable and ethically sourced seafood products. This trend is driven by increased consumer awareness about the impact of overfishing and the importance of sustainable fishing practices. As a result, there is a growing presence of certified sustainable seafood in the market. This trend is expected to continue, as consumers are becoming more conscious of their purchasing decisions and are willing to pay a premium for responsibly-sourced seafood products. This presents an opportunity for industry stakeholders to differentiate themselves by promoting ethical and sustainable practices. However, it also poses a challenge for smaller businesses that may struggle to meet the certification requirements. As a result, partnerships and collaborations with larger players in the market are likely to increase in order to meet the demand for sustainable seafood.
Local special circumstances: In Egypt, the Fish & Seafood Market is heavily influenced by the country's vast coastline and rich fishing tradition. The market is also shaped by cultural preferences, with seafood being a staple in traditional Egyptian cuisine. Additionally, government regulations play a significant role in the market, with strict guidelines for fishing and aquaculture practices. These factors contribute to a diverse range of locally sourced seafood products, such as Nile perch and Red Sea shrimp, and a growing demand for sustainable and ethical seafood options in the market.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Egypt is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's economy has been growing steadily, which has led to an increase in disposable income and consumer spending. This has positively impacted the seafood market, as consumers are now more willing to spend on premium seafood products. Additionally, government initiatives to boost the country's aquaculture industry and increase seafood exports have further fueled market growth. However, challenges such as inflation and currency fluctuations have also affected the market, highlighting the need for stable economic policies to sustain market growth. Furthermore, the rising health consciousness and growing demand for healthy protein sources are expected to drive 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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