Key regions: United Kingdom, United States, India, Canada, China
The Food market in Europe is seeing a steady growth in the Fish & Seafood sector, driven by factors such as increasing consumer health consciousness, growing demand for online services, and the availability of variety in Fresh and Processed options. However, the minimal growth rate may be impacted by challenges such as strict regulations and sustainability concerns.
Customer preferences: Consumers in Europe are becoming more health-conscious and are increasingly looking for sustainable and ethically-sourced seafood options. This trend is driven by growing concerns about overfishing and environmental sustainability. Additionally, there is a rising demand for plant-based alternatives to traditional seafood, as consumers seek to reduce their meat consumption for health and ethical reasons. This shift in consumer preferences is also influenced by the growing number of flexitarians and vegetarians in Europe, as well as the cultural tradition of incorporating seafood in their diets. These factors are contributing to the growth of the sustainable seafood market in Europe.
Trends in the market: In Europe, the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and ethical practices. Consumers are becoming more conscious of the environmental impact of their seafood choices and are demanding transparency and traceability from industry players. This trend is expected to continue, with governments and NGOs pushing for stricter regulations and certifications. As a result, companies that prioritize sustainability and transparency are likely to gain a competitive advantage. This trend also presents opportunities for innovation and collaboration, as stakeholders work towards a more sustainable and responsible seafood industry.
Local special circumstances: In Europe, the Fish & Seafood Market is heavily influenced by local cultural preferences and regulations. In countries like Spain and Portugal, seafood is an integral part of the traditional cuisine, leading to a higher demand for fresh and locally sourced fish. In Northern Europe, strict regulations on sustainable fishing practices have resulted in a growing market for certified sustainable seafood. Additionally, the growing trend of plant-based diets in Western Europe has also impacted the market, with a rise in demand for alternative seafood options such as plant-based seafood substitutes.
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 relevant financial indicators. Countries with strong economic growth and favorable regulatory environments for the fish and seafood industry are experiencing higher market growth compared to regions with economic challenges and regulatory barriers. Additionally, the increasing global demand for healthy, protein-rich diets and the growing population are driving the demand for fish and seafood products, creating a positive outlook for the market.
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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