Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in the Fish & Seafood Market of The Food market in Africa is experiencing subdued growth due to factors such as limited infrastructure and high production costs. Despite this, the market is gradually growing as consumers become more health-conscious and seek convenient online services.
Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably sourced and ethically caught fresh fish in the Fish & Seafood Market. This trend is driven by a cultural shift towards sustainable living and a desire for transparency in food sourcing. Additionally, with a significant rise in health-conscious millennials and an increasing focus on healthy and balanced diets, there has been a surge in demand for organic and wild-caught fish, as well as a preference for locally sourced and traceable seafood options.
Trends in the market: In Africa, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood. Consumers are becoming more aware of the environmental impact of traditional fishing methods and are seeking out responsibly caught fish. This trend is expected to continue, with a focus on traceability and transparency in the supply chain. This has implications for industry stakeholders, who may need to adapt their practices to meet consumer demands and remain competitive in the market.
Local special circumstances: In Africa, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the continent's diverse geography and cultural traditions. For instance, in coastal regions, fish is a staple food and a major part of local diets, leading to a strong demand for fresh fish. Additionally, regulatory frameworks, such as fishing laws and trade agreements, play a significant role in shaping the market dynamics. In some countries, there is a push towards sustainable fishing practices, while in others, there may be government subsidies or restrictions on imports, impacting the availability and pricing of fish in the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Africa. The continent's economic growth, fiscal policies, and investments in infrastructure all play a significant role in the performance of the market. Favorable economic conditions, such as stable GDP growth and rising disposable incomes, drive consumer demand for fresh fish products. However, challenges such as high inflation rates and currency fluctuations can also impact market growth. Additionally, government regulations and policies on fishing and seafood trade play a crucial role in shaping the market landscape.
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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