Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in GCC has seen limited growth due to various factors such as fluctuating fish prices, changing consumer preferences, and increasing competition from other markets. However, there is still a steady demand for fresh seafood, driven by the region's love for seafood delicacies and the convenience of online purchasing options.
Customer preferences: Consumers in the Fresh Fish Market of the Fish & Seafood Market within The Food market are increasingly seeking sustainable and eco-friendly seafood options. This trend is driven by growing awareness of the environmental impact of traditional fishing practices. Additionally, there is a growing demand for locally sourced fish and seafood, as consumers prioritize supporting small-scale fishermen and reducing carbon emissions from long-distance transportation. This shift towards sustainability and local sourcing is also influenced by the rising popularity of clean eating and ethical consumerism.
Trends in the market: In the GCC, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a strong trend towards sustainable and environmentally-friendly practices. This is driven by increasing consumer awareness and demand for responsibly sourced seafood products. This trend is expected to continue, with industry stakeholders investing in sustainable fishing methods and certifications. Additionally, there is a growing trend towards e-commerce and online platforms for purchasing fresh fish, providing convenience and accessibility for consumers. These trends have significant implications for the industry, promoting transparency and accountability while also expanding market reach and increasing revenue potential.
Local special circumstances: In the GCC, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's geographical location and cultural traditions. With its location along the Arabian Gulf, the GCC has a long history of fishing and seafood consumption, making the Fresh Fish Market a vital part of the local economy. Additionally, cultural preferences for fresh and locally sourced seafood have led to a thriving market for small-scale fishermen and aquaculture farms. Furthermore, the strict regulatory standards for food safety and halal certification in the region ensure high-quality and ethically sourced seafood products. These unique local factors contribute to the market's dynamics and have a significant impact on consumer behavior and industry growth.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is impacted by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, countries with stable economic conditions and favorable government policies tend to experience higher demand for fresh fish and seafood. Additionally, rising disposable income and changing consumer preferences towards healthier food options are also driving the growth of this market. On the other hand, regions with economic instability and unfavorable policies may face challenges in market growth. Furthermore, the increasing awareness of the health benefits of consuming fresh fish and seafood, coupled with the growing aging population globally, is also boosting market demand.
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)
