Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in The Food market of Ethiopia is experiencing rapid growth due to factors such as increasing demand for fresh and processed products, growing health consciousness among consumers, and the convenience of online services. This considerable growth rate is driven by the country's abundant fishery resources and government initiatives to promote the sector.
Customer preferences: One notable trend in the Fish & Seafood Market within The Food market in Ethiopia is the growing demand for sustainable and ethically-sourced seafood products. As consumers become more aware of the impact of overfishing and unsustainable fishing practices, they are increasingly seeking out products that are sourced from responsibly managed fisheries. This trend is driven by a growing concern for the environment and a desire to support ethical and sustainable practices in the food industry. As a result, companies are now offering more certified sustainable seafood options, and consumers are willing to pay a premium for these products. Additionally, there is a growing interest in traceability and transparency in the seafood supply chain, with consumers wanting to know exactly where their seafood comes from and how it was caught or farmed. This trend is expected to continue as consumers become more conscious of their food choices and their impact on the environment.
Trends in the market: In Ethiopia, the Fish & Seafood Market is experiencing a shift towards sustainable and ethical fishing practices. This trend is driven by increasing consumer demand for responsibly sourced seafood products. Additionally, there is a growing interest in aquaculture to meet the rising demand for fish and seafood. These trends are significant as they promote environmental conservation and support local fishing communities. Industry stakeholders should consider investing in sustainable practices and promoting transparency in their supply chains to meet consumer expectations and stay competitive in the market.
Local special circumstances: In Ethiopia, the Fish & Seafood Market is heavily influenced by the country's landlocked geography and its diverse cultural traditions. Due to limited access to the sea, the market relies heavily on locally sourced freshwater fish, which is a staple in Ethiopian cuisine. Additionally, cultural beliefs and religious practices play a significant role in determining the types of fish and seafood consumed, with many Ethiopians avoiding pork and other non-halal options. These unique factors continue to shape the dynamics of the Fish & Seafood Market in Ethiopia in contrast to other markets.
Underlying macroeconomic factors: The Fish & Seafood Market in Ethiopia is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. With the Ethiopian economy experiencing steady growth and the country's focus on increasing food exports, the Fish & Seafood Market is expected to see positive growth. Additionally, government initiatives to improve infrastructure and increase foreign investment in the food sector are also expected to boost the market. However, challenges such as limited access to credit and high production costs may hinder market 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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