Key regions: Russia, South Korea, Canada, United States, Philippines
The Indonesian Fresh Fish Market is seeing minimal growth, influenced by factors such as limited demand due to economic challenges and increasing competition from imported seafood. Despite this, the market remains popular for its fresh, locally-sourced fish and seafood options.
Customer preferences: There is a growing trend of consumers in Indonesia towards purchasing fresh fish from sustainable and environmentally-friendly sources. This shift is driven by increasing awareness of the impact of overfishing and the importance of preserving marine ecosystems. As a result, there is a growing demand for locally-sourced, wild-caught fish, as well as for certification and labeling systems that ensure sustainable fishing practices. This trend reflects a greater emphasis on sustainability and ethical considerations in consumer purchasing decisions.
Trends in the market: In Indonesia, the Fresh Fish Market within the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing awareness of the importance of sustainable fishing practices and the impact of overfishing on the environment. As a result, more consumers are seeking out certified sustainable seafood options, and retailers are responding by offering a wider selection of these products. This trend is expected to continue, with potential implications for industry stakeholders including a need for increased transparency and traceability in the seafood supply chain.
Local special circumstances: In Indonesia, the Fresh Fish Market within the Fish & Seafood Market of The Food market is heavily influenced by the country's vast archipelago and diverse marine resources. The market is also greatly impacted by cultural preferences, with Indonesian cuisine relying heavily on fresh seafood. Additionally, regulatory factors such as government policies on fishing and aquaculture play a significant role in shaping market dynamics. These unique local factors contribute to the growth and development of the Fresh Fish Market in Indonesia, setting it apart from other markets in the region.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Indonesia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's position as one of the top producers and exporters of seafood globally has been beneficial for the growth of this market. Additionally, favorable government policies and investments in the seafood industry have contributed to the market's growth. However, challenges such as overfishing and environmental concerns have affected the availability and pricing of fresh fish, impacting market performance. Furthermore, the country's economic stability and consumer spending patterns also play a crucial role in shaping the demand for fresh fish in Indonesia. With a growing population and increasing disposable income, the demand for high-quality and sustainably sourced seafood is expected to rise, creating opportunities for market growth.
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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