Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish market in Gambia is experiencing minimal growth due to various factors such as limited access to technology, low health awareness among consumers, and lack of convenience in online fish sales. Despite this, the market is slowly expanding as more consumers prioritize healthier and sustainable food options.
Customer preferences: Consumer preferences in the Fresh Fish Market of the Fish & Seafood Market within The Food market are shifting towards sustainably and ethically sourced seafood. With increasing awareness about overfishing and environmental concerns, consumers are seeking responsibly caught and sourced fish. This trend is driven by a growing interest in sustainable living and ethical consumption, particularly among younger generations. As a result, retailers and suppliers are responding by offering certified sustainable seafood options and promoting transparent sourcing practices to meet consumer demand.
Trends in the market: In Gambia, the Fresh Fish Market is experiencing a surge in demand for sustainable and locally sourced seafood. This trend is driven by consumer preferences for environmentally-friendly and ethically-sourced products. To meet this demand, market players are implementing sustainable fishing practices and promoting transparency in their supply chains. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need for innovative marketing strategies. In addition, there is a growing trend of online ordering and delivery services for fresh fish, providing convenience for consumers and potential growth opportunities for businesses in the market.
Local special circumstances: In Gambia, the Fresh Fish Market is heavily influenced by the country's location along the Atlantic coast and the traditional fishing practices of the local communities. The market is also shaped by cultural preferences for fresh seafood and the regulatory framework supporting sustainable fishing practices. These factors contribute to the unique supply and demand dynamics of the market, with a reliance on small-scale fishing operations and a strong emphasis on quality and freshness. Additionally, the growing tourism industry in Gambia has led to the development of fish markets catering to international tourists, further diversifying the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Gambia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's economic growth and stability, as well as its government's fiscal policies and regulations, play a significant role in determining market performance. Additionally, factors such as consumer spending power, inflation rates, and exchange rates can also impact the demand for fresh fish and seafood in the market. The overall economic climate of Gambia, along with global economic trends, can greatly influence the growth and profitability of the 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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