Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Asia is seeing minimal growth due to factors such as changing consumer preferences, fluctuating fish stocks, and increasing competition from other food markets. These challenges are impacting the market's growth rate, making it a challenging environment for fish and seafood businesses in the region.
Customer preferences: Consumers in Asia are showing a growing preference for sustainably-sourced seafood, as environmental concerns and health consciousness continue to rise. This has led to a surge in demand for locally caught fresh fish, with an emphasis on traceability and ethical fishing practices. Additionally, with the rising popularity of home-cooked meals, there has been an increase in demand for ready-to-cook and pre-packaged fresh fish products. This trend is also driven by the desire for convenience and safety, as well as the growing influence of Western food culture in the region.
Trends in the market: In Asia, the Fresh Fish Market within the Fish & Seafood Market is experiencing a surge in demand for sustainable and traceable seafood. This trend is driven by consumers' increasing awareness of environmental and health concerns. To meet this demand, many companies are implementing traceability systems and promoting sustainable fishing practices. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competitiveness and a need for transparency in the supply chain. Additionally, there is a growing trend towards e-commerce and online delivery of fresh fish, as consumers seek convenience and safety in their seafood purchases. This trajectory towards digitization and sustainability in the Fresh Fish Market could lead to a more efficient and transparent industry in the future.
Local special circumstances: In Asia, the Fresh Fish Market is heavily influenced by the region's large coastal areas and rich fishing culture. The demand for fresh seafood is also driven by the cultural tradition of consuming seafood as a staple food. Additionally, varying regulations and sustainability practices across different countries impact the availability and pricing of fish in the market. For instance, Japan's strict regulations on fishing have led to a high demand for imported fish, while China's growing middle class has increased demand for premium seafood.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth and stable fiscal policies are experiencing higher demand for fresh fish products, as consumers have more disposable income to spend on premium seafood. Additionally, favorable trade agreements and government support for the fishing industry can also impact market performance. However, regions with economic instability and weak fiscal policies may see a decline in market growth due to reduced consumer spending and trade barriers. Furthermore, the increasing demand for sustainable and ethically-sourced seafood is also shaping the market, as consumers are becoming more environmentally conscious and willing to pay a premium for responsibly-sourced fish products.
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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