Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in the Baltics region is experiencing minimal growth, influenced by factors such as changing consumer preferences and increasing competition. Despite the convenience of online services, traditional markets still hold a significant share due to the importance of fresh seafood in local cuisine.
Customer preferences: The Baltics have a rich history of fishing and seafood consumption, and this cultural tradition continues to influence consumer preferences in the Fresh Fish Market. With a growing focus on sustainability and ethical sourcing, there has been a rise in demand for locally caught and responsibly harvested seafood. Furthermore, health-conscious consumers are increasingly seeking out fresh, non-processed fish options, as part of a balanced and nutritious diet. This trend is further fueled by the growing number of health-conscious individuals and a shift towards clean eating and natural, unprocessed foods.
Trends in the market: In the Baltics, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness of the environmental impact of fishing practices. As a result, there is a growing preference for locally caught, seasonal fish. This trend is expected to continue, with industry stakeholders investing in sustainable fishing methods and traceability measures. This shift towards sustainability has the potential to benefit both the environment and the industry, as consumers are willing to pay a premium for responsibly sourced seafood.
Local special circumstances: In the Baltics, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich seafood culture and its close proximity to the Baltic Sea. This has led to a strong demand for locally caught and fresh seafood, with a focus on sustainability and eco-friendly practices. Additionally, the strict regulations on fishing and food safety in the Baltics ensure high-quality products, making it a popular market for international buyers looking for premium seafood products.
Underlying macroeconomic factors: The growth of the Fresh Fish Market in the Baltics is influenced by macroeconomic factors such as consumer demand, trade policies, and economic stability. Countries with strong seafood consumption cultures and favorable trade agreements are experiencing higher market growth compared to regions with trade restrictions and economic uncertainty. Furthermore, the increasing focus on sustainability and traceability in the seafood industry is driving the demand for fresh, locally sourced fish in the Baltics. This trend is expected to continue as consumers prioritize quality and environmental responsibility in their purchasing decisions.
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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