Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in India has seen minimal growth due to factors such as changing consumer preferences, increasing health concerns, and the convenience of online seafood services. However, the market is still projected to experience steady growth driven by technological advancements and rising demand for sustainable seafood options.
Customer preferences: As the demand for fresh and healthy food options rises in India, consumers are increasingly turning to locally sourced seafood in the Fresh Fish Market. This trend is driven by a growing awareness of the health benefits of seafood, as well as a desire for sustainable and environmentally friendly food choices. Additionally, with the rise of e-commerce and digital platforms, consumers are now able to conveniently purchase fresh fish online, further driving the growth of the Fish & Seafood Market within The Food market.
Trends in the market: In India, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in online sales, as more consumers turn to e-commerce for their seafood needs. Additionally, there is a growing trend of sustainable and organic seafood, as consumers become more aware of the environmental impact of fishing. This trend has led to the rise of boutique fish markets and specialty seafood stores. This trajectory is significant as it reflects a shift towards healthier and more environmentally friendly consumption habits. For industry stakeholders, this trend presents an opportunity to cater to the growing demand for sustainable seafood and tap into the e-commerce market. However, it also poses a challenge to traditional fish markets, who must adapt to changing consumer preferences to remain competitive.
Local special circumstances: In India, the Fresh Fish Market is heavily influenced by cultural traditions and local fishing practices. The country has a diverse range of freshwater and marine species, leading to a wide variety of fish and seafood options. The market is also impacted by government regulations, specifically in terms of sustainability and food safety. In contrast, the Fresh Fish Market in the US is driven by consumer demand for convenience and health-conscious choices, resulting in a growing trend towards sustainable and traceable seafood options. Additionally, the US market is heavily influenced by technological advancements, such as online ordering and delivery services, further shaping consumer preferences.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in India is greatly affected by macroeconomic factors such as consumer spending power, population growth, and government regulations. The rising disposable income and changing dietary preferences of the growing middle-class population in India are propelling the demand for fresh fish and seafood. On the other hand, stringent government regulations on fishing practices and food safety standards are creating challenges for market players. Moreover, the fluctuating global seafood prices and trade policies also impact the performance of the market in India.
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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