Fresh Fish - Azerbaijan

Azerbaijan

Highlights

Revenue in the Fresh Fish market amounts to US$334.50m in 2024. The market is expected to grow annually by 9.50% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$31.97 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 15.64m kg by 2029. The Fresh Fish market is expected to show a volume growth of 5.0% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 1.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Azerbaijan is facing a subdued growth rate, impacted by factors such as limited access to technology, low health awareness, and lack of convenient online services. Despite this, the market is still growing due to rising demand for fresh seafood.

Customer preferences: Consumers in Azerbaijan are showing a growing interest in sustainable and locally-sourced seafood options in the Fresh Fish Market of the Fish & Seafood Market within The Food market. This trend is driven by a desire for fresher and healthier food choices, as well as a growing awareness of the environmental impact of imported seafood. As a result, there has been a rise in demand for seafood from local fisheries and aquaculture farms. Additionally, there is a growing preference for seafood with minimal processing and additives, as consumers prioritize natural and wholesome products.

Trends in the market: In Azerbaijan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is witnessing a rise in demand for sustainably sourced fish and seafood products. This trend is driven by increasing consumer awareness about the environmental impact of overfishing and the importance of sustainable fishing practices. As a result, industry stakeholders are focusing on implementing sustainable sourcing strategies and certifications, such as the Marine Stewardship Council (MSC), to meet consumer demand and maintain their competitive edge. This trend is expected to continue in the future, with potential implications including increased competition and the need for continuous innovation in sustainable sourcing methods.

Local special circumstances: In Azerbaijan, the Fresh Fish Market within the Fish & Seafood Market is heavily influenced by the country's geographical location and cultural traditions. With access to the Caspian Sea, the market offers a wide variety of locally caught fish and seafood. Traditional dishes, such as qutab and balyg kebab, are popular among locals and tourists alike, driving the demand for fresh fish. Additionally, regulations and government subsidies on fishing and aquaculture play a significant role in shaping the market, ensuring sustainability and quality of products. These unique factors differentiate the Fresh Fish Market in Azerbaijan from other markets, making it a vibrant and thriving industry.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Azerbaijan is heavily influenced by macroeconomic factors. The country's economic health, fiscal policies, and global economic trends all impact the performance of this market. As Azerbaijan's economy continues to grow, there is an increasing demand for fresh fish and seafood. The government's investment in infrastructure and efforts to improve the regulatory environment have also contributed to the market's growth. Additionally, the country's growing population and rising disposable income have led to an increase in consumer spending on high-quality food products, such as fresh fish and seafood. These factors are driving the growth of the Fresh Fish Market in Azerbaijan.

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.