Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Brazil is facing subdued growth, impacted by factors such as economic instability, changing consumer preferences, and competition from other protein sources. Despite this, the market continues to see growth, driven by the convenience and health benefits of fresh seafood.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably-sourced and locally-caught fresh fish in Brazil. This trend is influenced by cultural norms and a desire for fresher, healthier food options. Additionally, an increase in disposable income among younger demographics has led to a rise in demand for premium, specialty fish products. As a result, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a shift towards sustainable and high-quality fish options.
Trends in the market: In Brazil, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. Consumers are increasingly conscious of the environmental impact of their food choices and are seeking out suppliers who prioritize sustainable practices. This trend is expected to continue, with a growing number of seafood companies implementing eco-friendly initiatives such as responsible sourcing and packaging. As a result, industry stakeholders are focusing on developing and promoting sustainable seafood options to meet this demand and stay ahead of the competition. Furthermore, this trend has potential implications for the overall sustainability of the seafood industry and the health of our oceans. As consumers continue to prioritize sustainable options, it is likely that companies who do not prioritize sustainability may face backlash and loss of market share. Therefore, it is imperative for industry stakeholders to adapt to this trend and invest in sustainable practices to secure a competitive advantage in the market.
Local special circumstances: In Brazil, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's vast coastline and rich marine resources. This has led to a strong fishing tradition and a wide variety of seafood options available in the market. Additionally, Brazil's diverse cultural influences, such as Portuguese, African, and indigenous communities, have resulted in unique seafood dishes and preparations, making it a popular destination for food enthusiasts. Furthermore, government regulations and initiatives promoting sustainable fishing practices have also impacted the market, with consumers showing a preference for eco-friendly and ethically sourced seafood products.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Brazil is strongly influenced by macroeconomic factors such as economic stability, government policies, and consumer purchasing power. The country's growing middle class and rising disposable income have led to an increased demand for high-quality, fresh seafood. Additionally, Brazil's efforts to improve infrastructure and promote international trade have made it a competitive player in the global fish and seafood market. However, challenges such as environmental regulations and fluctuating exchange rates can have a significant impact on the market's growth. Despite these challenges, the market is expected to continue its growth trend due to increasing awareness of the health benefits of consuming fresh fish and the rising popularity of seafood in Brazilian cuisine.
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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