Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Ethiopia is witnessing steady growth due to rising demand for seafood, growing health consciousness, and the convenience of online fish markets. The average growth rate is influenced by factors such as increasing population, changing dietary preferences, and government initiatives to promote the fishing industry.
Customer preferences: Consumer preferences in the Fresh Fish Market of the Fish & Seafood Market within The Food market in Ethiopia are evolving, with a growing interest in sustainable and locally sourced seafood. This trend is driven by a cultural emphasis on supporting local businesses and a desire for fresher, healthier options. Additionally, there is a rising demand for processed fish products, as busy urban lifestyles make convenience a top priority for consumers. This shift towards processed fish is also influenced by demographic changes, such as the increasing number of working women who have less time for cooking. As a result, we can expect to see a rise in demand for packaged and ready-to-cook fish products in the coming years.
Trends in the market: In Ethiopia, the Fresh Fish Market is experiencing a rise in demand for sustainably-sourced seafood due to growing consumer awareness about the environmental impact of fishing practices. This trend is expected to continue as the government implements stricter regulations on fishing and encourages sustainable aquaculture. Additionally, there is a growing trend of online seafood marketplaces, enabling consumers to access a wider variety of fish species and providing opportunities for local fishermen to sell directly to consumers. These trends are significant for industry stakeholders, as they create new opportunities for growth and innovation in the market. However, there may be potential challenges in maintaining sustainable practices and ensuring fair prices for fishermen in the rapidly expanding online market.
Local special circumstances: In Ethiopia, the Fresh Fish Market is heavily influenced by the country's geographical location, with access to the Red Sea and the Indian Ocean. This enables a diverse range of fish species to be caught and sold in the market. Additionally, cultural practices and religious beliefs play a significant role in shaping the local fish market, with certain fish species being considered taboo or preferred for specific occasions. Furthermore, the government's regulations on fishing and trading also impact the dynamics of the market, particularly in terms of sustainability and quality control.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Ethiopia is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's economic performance, such as GDP growth and inflation rates, can impact consumer spending on fish and seafood products. Additionally, government policies on trade and tariffs can affect the import and export of fish products, while investments in infrastructure and technology can improve the efficiency of the supply chain and boost market growth. Furthermore, the increasing demand for healthy and sustainable food options amid rising health concerns is driving the growth of the fresh fish market in Ethiopia.
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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