Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Hong Kong has seen a slow growth rate due to factors such as increasing competition, changing consumer preferences, and limited supply. However, the convenience and freshness of online seafood services may drive future growth.
Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a growing demand for sustainably-sourced and locally-caught fish in Hong Kong's Fresh Fish Market. This trend is driven by a growing emphasis on supporting small-scale, artisanal fishing practices and reducing the carbon footprint associated with importing seafood. Additionally, there has been a shift towards seeking out lesser-known and underutilized fish species, in line with the growing interest in promoting biodiversity and reducing food waste.
Trends in the market: In Hong Kong, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably-sourced seafood. This trend is driven by increasing consumer awareness of environmental and health concerns, as well as government initiatives promoting sustainable fishing practices. As a result, industry stakeholders are investing in sustainable sourcing and marketing efforts to meet this demand. Additionally, there is a rise in online seafood marketplaces, providing convenient access to a wider variety of seafood options. These trends are expected to continue, signaling a shift towards sustainable and digital practices within the Fresh Fish Market.
Local special circumstances: In Hong Kong, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the city's status as a major port and its proximity to the South China Sea. This makes it a prime location for sourcing fresh seafood, and the market is known for its wide variety of fish and shellfish species. Additionally, the city's cultural preference for fresh, locally sourced food plays a significant role in the demand for seafood, leading to a strong market for locally caught fish and seafood. The market is also subject to strict regulations and inspections, ensuring the safety and quality of the seafood sold. These factors contribute to the unique dynamics of the Fresh Fish Market in Hong Kong.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Hong Kong is impacted by various macroeconomic factors. The market is greatly influenced by the global economic trends, as Hong Kong is a major trading hub and relies heavily on international trade. The national economic health of the country, including GDP growth, inflation, and employment rates, also plays a significant role in determining the demand for fresh fish. Fiscal policies, such as taxes and tariffs, can affect the cost of importing and exporting fish, thereby impacting market performance. Other financial indicators, such as consumer spending and disposable income, also play a role in determining the demand for fresh fish in Hong Kong. Additionally, the growing health-conscious population and increasing awareness of the health benefits of consuming fresh fish have also contributed to the growth 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.
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