Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Colombia is experiencing subdued growth due to various factors such as economic downturn, limited consumer spending, and competition from other protein sources. Despite these challenges, the market is still driven by increasing demand for fresh and sustainable seafood options.
Customer preferences: As consumers become more health-conscious, there has been a noticeable increase in demand for sustainably-sourced and organic fresh fish in Colombia. This trend is driven by a growing awareness of the negative impact of overfishing on the environment and the desire for healthier and more ethical food choices. Additionally, there is a growing preference for ready-to-cook and pre-packaged fish products, reflecting the busy lifestyles of urban consumers. This shift towards sustainable and convenient options is also influenced by the increasing number of working women and small households in the country.
Trends in the market: In Colombia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably and locally sourced fish. This trend is driven by a growing consumer awareness of the environmental impact of seafood production and a desire for fresher and healthier options. As a result, suppliers are implementing sustainable fishing practices and strengthening their relationships with local fishermen. This shift towards sustainability is significant for stakeholders as it reflects a changing consumer preference and could lead to increased market share for those who prioritize ethical sourcing. Additionally, it could have implications for the overall health of the ocean and the livelihoods of local fishing communities.
Local special circumstances: In Colombia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal resources and diverse culinary traditions. The demand for fresh seafood is high due to the cultural preference for freshly caught fish. Additionally, the government's regulations on sustainable fishing practices have shaped the market, with consumers becoming increasingly conscious of the environmental impact of their seafood choices. This has led to the rise of certified sustainable seafood options and eco-friendly fishing methods in the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Colombia is heavily influenced by macroeconomic factors such as economic stability, government policies, and global trade dynamics. The country's strong economic growth and stable political climate have fostered a favorable business environment for the seafood market. Additionally, Colombia's strategic location and trade agreements with major importing countries have allowed for the expansion of the fish and seafood market, making it a key player in the global seafood trade. Moreover, the increasing demand for healthy and sustainable food options, coupled with the rising awareness of the health benefits of seafood, has further propelled the growth of the market in Colombia.
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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