Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Benin has seen a slow growth rate due to factors such as limited access to technology, lack of consumer awareness, and reliance on traditional fish markets. However, initiatives to promote digitalization and educate consumers about the benefits of online fish markets may lead to significant growth in the future.
Customer preferences: As the demand for healthy and sustainable food options continues to rise, consumers in the Fresh Fish Market of the Fish & Seafood Market within The Food market are increasingly seeking out locally sourced and ethically harvested seafood. This trend is driven by a growing awareness of the environmental impact of traditional fishing practices and a desire for transparency and traceability in the food supply chain. Additionally, there is a growing preference for fresh, minimally processed fish over frozen or canned options, as consumers prioritize a more natural and nutrient-dense diet.
Trends in the market: In Benin's Fresh Fish Market, there is a growing trend towards sustainable fishing practices and traceability in the supply chain. This trend is driven by consumer demand for ethically sourced seafood, as well as government initiatives promoting sustainable fishing methods. This trajectory is significant as it addresses environmental concerns and improves the overall quality and safety of seafood products. For industry stakeholders, this trend presents opportunities for differentiation and market growth, but also requires investment in technology and infrastructure to meet consumer expectations.
Local special circumstances: In Benin, the Fresh Fish Market of the Fish & Seafood Market is heavily influenced by its geographical location along the Atlantic coast, allowing for easy access to a variety of fresh seafood. Additionally, the country's rich cultural heritage, particularly its strong ties to fishing and seafood consumption, has resulted in a thriving market for locally caught fish. The government's regulations on sustainable fishing practices have also played a significant role in shaping the market dynamics by promoting responsible and environmentally friendly methods of fishing. As a result, the Fresh Fish Market in Benin offers a unique array of seafood options that attract both locals and tourists alike.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Benin is heavily influenced by macroeconomic factors. Global economic trends and national economic health play a significant role in the market's performance. Fiscal policies, such as trade agreements and tariffs, also impact the market. Other financial indicators, such as currency exchange rates and inflation, can affect consumer purchasing power and ultimately drive market demand. Furthermore, the overall economic stability and growth of Benin's economy will impact the country's demand for fresh fish and seafood, as well as the availability of resources for the local market.
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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Mon - Fri, 9am - 6pm (EST)
