Key regions: Russia, South Korea, Canada, United States, Philippines
The Fish & Seafood Market in Jamaica is experiencing negligible growth, impacted by factors such as limited demand due to economic constraints and competition from other protein sources. Despite this, the market continues to offer fresh and locally sourced fish, appealing to health-conscious consumers.
Customer preferences: Consumers in Jamaica are showing a growing preference for locally sourced and sustainably caught fresh fish. This trend is driven by a desire for healthier and more environmentally friendly food options. Additionally, there is a rising interest in traditional Jamaican cuisine, which heavily features fish and seafood. This has led to an increase in demand for specialty fish and seafood products, such as jerk fish and seafood stews. The shift towards supporting local fishermen and embracing traditional dishes is a reflection of the cultural pride and appreciation for local flavors and traditions in Jamaica.
Trends in the market: In Jamaica, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood products. This trend is driven by consumers' increasing awareness and concern for the environment and their health. As a result, there is a growing trend of seafood retailers and restaurants partnering with local fishermen and implementing sustainable fishing practices. This trajectory is significant for industry stakeholders, as it promotes responsible and ethical practices while also meeting the demand for high-quality seafood. This trend is expected to continue, with potential implications including increased consumer trust and loyalty for businesses that prioritize sustainability.
Local special circumstances: In Jamaica, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's tropical climate and proximity to the Caribbean Sea. This results in a wide variety of locally caught fish and seafood being available, including popular species such as red snapper and mahi-mahi. Additionally, cultural traditions such as jerk seasoning and cooking methods such as escovitch play a significant role in shaping the market demand. The government also plays a crucial role in regulating the industry, with strict guidelines for fishing practices and quotas to ensure sustainability.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as international trade policies, consumer spending patterns, and government regulations. In countries with a strong demand for seafood and a stable economic landscape, the market experiences steady growth. Conversely, regions with unstable economies and high import tariffs on seafood products may see a decline in market performance. Additionally, the increasing awareness of health benefits associated with consuming seafood has resulted in a rise in demand for fresh fish, further driving 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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Mon - Fri, 9am - 6pm (EST)
