Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in G7 has seen slight growth due to factors such as consumer health consciousness, increasing adoption of digital technologies, and convenience of online services. This negligible growth is impacted by various factors, including fluctuations in fish supply and demand, changing consumer preferences, and competition within the seafood market.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainable and ethically sourced fresh fish in the Fish & Seafood Market within The Food market. This trend is driven by the desire for healthier and more ethical food choices, as well as a growing interest in supporting local fishermen and reducing the carbon footprint associated with imported seafood. Additionally, the popularity of alternative diets, such as pescatarianism and plant-based eating, has also contributed to the rise in demand for fresh fish.
Trends in the market: In the Fresh Fish Market of the Fish & Seafood Market within The Food market, there is a growing trend towards sustainable and traceable seafood. Consumers are increasingly concerned about the environmental impact of their food choices and are seeking out locally sourced and responsibly harvested fish. This trend is expected to continue, with industry stakeholders placing a greater emphasis on sustainable fishing practices and transparency in the supply chain. This could lead to opportunities for businesses to differentiate themselves by promoting their sustainability efforts and for consumers to make more informed purchasing decisions.
Local special circumstances: In coastal regions of the United States, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by local fishing traditions and regulations. For example, in Alaska, where salmon is a prized catch, strict quotas are put in place to ensure sustainable fishing practices. In Louisiana, the market is shaped by Cajun and Creole cuisine, leading to a high demand for fresh seafood such as crawfish and oysters. These unique factors contribute to the diversity and vibrancy of the Fresh Fish Market, making it a popular destination for seafood lovers.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, countries with strong economic growth and stable fiscal policies tend to have higher demand for fresh fish and seafood, as consumers have more disposable income to spend on premium products. On the other hand, regions with economic challenges and weak consumer spending are likely to experience slower market growth. Additionally, factors such as trade policies, currency exchange rates, and government subsidies can also impact the performance of the 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.
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)
