Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in BRICS is experiencing subdued growth due to factors such as limited access to technology, low consumer health awareness, and lack of convenience in purchasing seafood. Despite these challenges, the market is still expected to see steady growth in the coming years.
Customer preferences: With the rise of health and wellness trends, consumers in the Fresh Fish Market are increasingly interested in sustainable and responsibly sourced seafood options. This has led to a surge in demand for traceable and eco-friendly seafood products. Additionally, there is a growing preference for locally sourced fish, as consumers become more conscious of their carbon footprint and support for local communities. This shift towards sustainable and locally sourced seafood is also fueled by cultural values and a desire for healthier and more ethical food choices, reflecting a larger trend towards mindful consumption.
Trends in the market: In the BRICS countries, there is a growing demand for sustainably sourced seafood, leading to an increase in certifications and labels highlighting responsible fishing practices. This trend is significant as it addresses concerns about overfishing and environmental impact. It also presents an opportunity for industry stakeholders to differentiate their products and appeal to conscious consumers. Additionally, the use of advanced technologies such as blockchain and IoT for tracking and tracing seafood is gaining momentum, adding a layer of transparency to the supply chain. As consumers become more health-conscious, there is also a trend towards offering a wider variety of fresh and locally sourced fish in the market, catering to the growing demand for nutritious and sustainable food options.
Local special circumstances: In Brazil, the Fresh Fish Market within the Fish & Seafood Market has been driven by a combination of geographical and cultural factors. With a long coastline and abundant water resources, Brazil has a strong fishing tradition and a diverse range of fresh fish and seafood. This has led to a thriving local market, with a variety of species and fresh catches available. Additionally, the Brazilian culture places a strong emphasis on fresh and locally sourced food, making the fresh fish market a popular choice for consumers. Furthermore, the country's regulatory framework, which prioritizes sustainable fishing practices, has also played a significant role in shaping the market. This has led to a growing demand for sustainably sourced fish and seafood, driving the growth of the fresh fish market in Brazil.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. In countries with stable economies and favorable fiscal policies, the market experiences steady growth. On the other hand, regions with economic instability and poor fiscal policies may see slower market growth. Additionally, factors such as trade agreements, tariffs, and currency exchange rates can also impact the market performance. As the demand for fresh fish continues to increase globally, countries with strong economic standings and favorable policies are likely to see a higher demand for fresh fish products, leading to market growth.
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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