Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish market in Chad is experiencing minimal growth, influenced by factors such as low consumer awareness and limited access to digital technologies. Despite being a part of the thriving Food Market, this market struggles to keep up with the digital trend.
Customer preferences: As consumers become more health-conscious, there has been a growing demand for sustainably sourced and traceable seafood in the Fresh Fish Market of the Fish & Seafood Market within The Food market. This trend is driven by a greater emphasis on environmental awareness and ethical consumption. As a result, there has been a rise in popularity of certifications such as MSC and ASC, indicating that consumers are willing to pay a premium for responsibly sourced seafood. This trend is further amplified by the increasing influence of millennial and Gen Z consumers, who prioritize sustainability and transparency in their purchasing decisions.
Trends in the market: In Chad, there is a growing trend in the Fresh Fish Market of the Fish & Seafood Market within The Food market towards sustainable and environmentally-friendly fishing practices. This trend is driven by consumer demand for ethically-sourced seafood and government regulations promoting sustainable fishing. This trajectory is significant as it promotes the preservation of marine ecosystems and ensures the long-term viability of the fish and seafood industry. For industry stakeholders, embracing sustainable practices can lead to increased consumer trust and market competitiveness. However, implementing these practices may also require significant investments and changes in traditional fishing methods.
Local special circumstances: In Chad, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily reliant on traditional fishing practices and small-scale fishers. This is due to the country's landlocked location and limited access to large bodies of water. Additionally, the consumption of fresh fish is deeply ingrained in the country's cuisine and culture, making it a staple food. However, strict regulations on fishing methods and quotas have been implemented to ensure sustainable fishing practices, leading to a unique market dynamic.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The availability and affordability of fresh fish in Chad is largely dependent on the economic stability of the country. For instance, a strong national economy with favorable fiscal policies and investments in infrastructure can lead to increased production and distribution of fresh fish, making it more accessible to the population. On the other hand, economic downturns and unstable fiscal policies can lead to a decrease in production and an increase in prices, making fresh fish less accessible to consumers. Additionally, global economic trends such as trade agreements and tariffs can also affect the availability and cost of fresh fish in the country. Therefore, it is crucial to consider the macroeconomic factors when analyzing the performance of the Fresh Fish Market in Chad.
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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