Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Guinea is experiencing mild growth due to factors such as increasing demand for fresh seafood, rising health consciousness, and the convenience of purchasing online. The market's growth is impacted by the availability of fresh fish, sustainable fishing practices, and the overall economic development of the region.
Customer preferences: With the rise of health and wellness trends, there has been a significant shift towards sustainable and ethically sourced seafood. Consumers are increasingly prioritizing transparency and traceability in their food choices, with a focus on supporting local and small-scale fisheries. This trend is also influenced by concerns over the environmental impact of large-scale fishing practices. As a result, there has been a growing demand for certifications such as MSC and ASC, indicating that consumers are becoming more conscious about the origins and sustainability of the seafood they consume.
Trends in the market: In Guinea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and locally sourced seafood. This trend is driven by consumer demand for ethical and environmentally friendly products. As a result, seafood retailers and restaurants are increasingly partnering with small-scale fishers and implementing traceability systems. This trend is expected to continue, as consumers become more conscious of their seafood choices and governments implement stricter regulations. Industry stakeholders should adapt to this trend by investing in sustainable practices and promoting transparency in their supply chains.
Local special circumstances: In Guinea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and rich fishing traditions. The market is largely driven by local, small-scale fishermen who use traditional methods to catch a variety of fish species. This unique aspect of the market has led to a diverse and abundant supply of fresh seafood for consumers. Additionally, the government has implemented regulations to ensure sustainable fishing practices, which has helped to maintain the market's supply and demand dynamics. These factors make the Fresh Fish Market in Guinea stand out from other markets, creating a unique and thriving seafood industry.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is affected by a variety of macroeconomic factors in Guinea. The country's economic health, global economic trends, fiscal policies, and other financial indicators have a significant impact on the performance of the market. Guinea's economy heavily relies on agriculture, including fishing, which makes the Fresh Fish Market an important contributor to the country's GDP. However, the market is also influenced by global economic trends, such as changes in consumer demand and trade policies. Additionally, the government's fiscal policies, such as taxes and subsidies, can affect the cost of production and ultimately the prices of fish in the market. The overall economic health of the country, including inflation rates and income levels, also plays a role in determining the purchasing power of consumers and their demand for fresh fish.
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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