Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market of the Fish & Seafood Market in Canada is experiencing slow growth, influenced by factors such as changing consumer preferences, fluctuating fish prices, and strict regulations on fishing practices. Despite the negligible growth, the convenience of online purchasing and increasing health consciousness are expected to drive the market forward.
Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably-sourced and organic fish in the Fresh Fish Market of the Fish & Seafood Market within The Food market. In addition, there is a rising interest in alternative seafood options, such as plant-based or lab-grown fish, driven by environmental concerns. Furthermore, the increasing use of e-commerce and home meal delivery services has led to a shift towards convenient and contactless seafood purchasing options.
Trends in the market: In Canada, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood. This trend is driven by consumer awareness and concerns about overfishing and environmental impacts. As a result, seafood companies are implementing sustainable practices and certifications to meet this demand. Additionally, there is a growing trend of online seafood marketplaces, providing consumers with convenient access to a variety of fresh seafood. This trend is expected to continue and potentially lead to partnerships between traditional brick-and-mortar seafood markets and e-commerce platforms.
Local special circumstances: In Canada, the Fresh Fish market is heavily influenced by the country's vast coastline and abundance of freshwater lakes and rivers. This allows for a diverse selection of locally-sourced fish and seafood, as well as a strong focus on sustainable fishing practices. Additionally, Canada's multicultural population contributes to a demand for a variety of international seafood options. The government also plays a significant role in regulating the industry, ensuring the safety and quality of seafood products for consumers.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Canada is influenced by various macroeconomic factors. These include the overall economic health of the country, global economic trends, fiscal policies, and other financial indicators. Canada's stable economy and growing GDP contribute to the growth of the Fresh Fish Market. Additionally, the country's favorable regulatory environment and investments in sustainable fishing practices have led to an increase in the availability and quality of fresh fish. The rising demand for healthy and sustainable food options, particularly among the growing population of health-conscious consumers, also drives the market growth. Furthermore, the growth of the global seafood market and increasing trade agreements for seafood imports and exports also impact the Canadian Fresh Fish 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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