Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in the ASEAN region is experiencing minimal growth due to factors such as low consumer awareness and limited online services. Despite this, the market is still expected to grow steadily, driven by the increasing demand for fresh and healthy seafood options.
Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a growing demand for sustainably-sourced and organic fresh fish in the Fish & Seafood Market within The Food market. This trend is driven by a desire for healthier and ethically-produced food options. Additionally, there has been a rise in popularity for alternative seafood options such as plant-based seafood, as consumers look for more sustainable and animal-friendly choices.
Trends in the market: In ASEAN, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically sourced seafood. This trend is driven by increasing consumer awareness and concern for the environment, as well as stricter regulations on fishing practices. As a result, there is a growing market for certified sustainable seafood, with major retailers and foodservice companies committing to sourcing only from sustainable sources. This trend is expected to continue, with potential implications for industry stakeholders such as increased pressure for sustainable practices and potential market opportunities for those in the sustainable seafood supply chain.
Local special circumstances: In Southeast Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's abundant natural resources and strong fishing traditions. The diverse cultural practices and preferences of each country also contribute to the unique dynamics of the market. Additionally, the varying regulatory policies and seafood sustainability efforts play a crucial role in shaping the market landscape. For example, Thailand's government has implemented strict regulations to combat illegal fishing practices, while Vietnam's focus on aquaculture has led to a dominance of farmed seafood in its market.
Underlying macroeconomic factors: The Fresh Fish Market of 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 are likely to see an increase in demand for fresh fish and seafood, as consumers have more disposable income to spend on premium food products. Additionally, favorable fiscal policies such as subsidies or tax incentives for the fishing industry can also drive market growth. On the other hand, economic downturns or unstable economic conditions can lead to a decrease in demand for fresh fish and seafood. Furthermore, regulatory support and investment in sustainable fishing practices can also play a significant role in market performance, as consumers are becoming more conscious of the environmental impact of their food choices.
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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