Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Bhutan is experiencing subdued growth due to factors such as limited access to technology and lack of awareness about online services. However, rising health consciousness and convenience offered by online services are driving the market's slow growth.
Customer preferences: In Bhutan, consumer preferences for fresh fish have been influenced by the country's Buddhist culture, which promotes a primarily plant-based diet. However, with a growing awareness of the health benefits of incorporating seafood into their meals, there has been an increase in demand for fresh fish in the local market. This trend is also driven by the changing demographics, with a younger and more health-conscious population seeking out high-quality and sustainably sourced fish. Additionally, the popularity of seafood in Bhutan is also linked to the country's growing tourism industry, with visitors seeking authentic and diverse culinary experiences.
Trends in the market: In Bhutan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a growing trend of sustainability and eco-friendly practices. Consumers are increasingly seeking out locally sourced and responsibly caught fish, and businesses are responding by implementing measures such as using biodegradable packaging and reducing plastic waste. This trend is significant as it aligns with the country's commitment to environmental preservation and has the potential to attract more environmentally conscious tourists. Industry stakeholders must continue to prioritize sustainability to meet consumer demand and remain competitive in the market.
Local special circumstances: In Bhutan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's unique geographical location in the Himalayan region. The landlocked nation relies heavily on imported seafood, resulting in a limited supply and high demand for fresh local fish. Additionally, Bhutan's cultural values and Buddhist beliefs place a strong emphasis on sustainable fishing practices, leading to strict regulations on the fishing industry. This has created a niche market for ethically sourced and environmentally friendly seafood, which has become increasingly popular among conscious consumers. These factors contribute to the dynamics of the Fresh Fish Market in Bhutan, making it a distinctive market compared to others in the region.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors in Bhutan. The country's strong economic growth, stable political environment, and favorable investment climate have led to a thriving fish and seafood market. Additionally, the government's focus on promoting sustainable fishing practices and the increasing demand for high-quality, locally sourced seafood have further boosted market growth. Furthermore, global economic trends, such as the growing popularity of healthy and sustainable food choices, have also positively influenced the Fresh Fish Market in Bhutan. Overall, the favorable economic climate and increasing demand for fresh fish and seafood products have created a conducive environment for market growth in Bhutan.
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 - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
