Key regions: Russia, South Korea, Canada, United States, Philippines
The fresh fish market in Brunei Darussalam has seen minimal growth due to factors such as limited access to technology, low health awareness among consumers, and traditional preference for purchasing seafood in person. This stagnant growth rate is impacted by the country's small population and reliance on traditional market methods.
Customer preferences: Consumers in Brunei Darussalam are showing a growing preference for sustainably sourced and locally caught fish, with a focus on supporting small-scale, independent fishermen. This trend is driven by a desire for fresher and healthier options, as well as a growing awareness of the environmental impact of imported seafood. Additionally, there is a growing demand for value-added products such as pre-marinated fish to cater to busy lifestyles and changing dietary preferences.
Trends in the market: In Brunei Darussalam, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a surge in online ordering and delivery services. This trend is driven by the increasing demand for convenience and safety amid the COVID-19 pandemic. Additionally, there is a growing interest in sustainable and locally sourced seafood products, leading to the rise of e-commerce platforms that connect consumers directly with small-scale fishermen. These developments have significant implications for industry stakeholders, as they need to adapt to the changing consumer preferences and invest in technology to maintain a competitive edge in the market.
Local special circumstances: In Brunei Darussalam, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location and cultural practices. Being a coastal nation, Brunei has a strong fishing industry, with a significant portion of the population relying on fish as a major source of protein. As a result, the Fresh Fish Market is a major part of the country's food market, with a wide variety of fresh seafood available. Additionally, Bruneian cuisine heavily features seafood, with dishes like Ambuyat (a traditional dish made from sago starch) and Gulai Ikan (a fish curry) being popular among locals. The country's strict halal regulations also play a significant role in shaping the market, as all seafood sold in Brunei must be certified halal. These unique factors contribute to the distinct dynamics of the Fresh Fish Market in Brunei Darussalam.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Brunei Darussalam is influenced by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other financial indicators. The growth of the market is significantly impacted by the country's economic stability and growth. A strong and stable economy encourages consumer spending on non-essential items such as seafood, leading to an increase in demand for fresh fish. Additionally, favorable government policies and investments in the fishing industry can boost production and supply of fresh fish, further driving market growth. However, factors such as inflation, currency fluctuations, and trade policies can also affect market performance. Overall, the market is heavily influenced by the country's macroeconomic environment and its impact on consumer behavior and industry operations.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
