Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish market in Kenya is experiencing minimal growth, impacted by factors such as limited consumer awareness, lack of infrastructure, and high competition. Despite this, the market is slowly growing due to increasing demand for healthy and sustainable food options.
Customer preferences: Consumers in Kenya are increasingly turning towards locally sourced and sustainable seafood options, driven by a growing awareness of environmental issues and a desire to support local fishermen. This trend is also influenced by the cultural importance of seafood in Kenyan cuisine and the health benefits associated with consuming fresh fish. As a result, there has been a rise in demand for fish markets that offer a wide variety of locally caught seafood, as well as an increase in the popularity of seafood festivals and events that showcase the diversity of Kenyan seafood. Overall, this shift towards local and sustainable seafood reflects a cultural appreciation for traditional food sources and a growing concern for sustainable food practices.
Trends in the market: In Kenya, the Fresh Fish Market within the Fish & Seafood Market is experiencing a surge in demand for sustainably caught fish due to growing consumer awareness of environmental issues. This trend is expected to continue as consumers increasingly prioritize sustainability in their purchasing decisions. This shift is significant for industry stakeholders as it presents opportunities for companies to differentiate themselves and appeal to environmentally conscious consumers. It also highlights the need for sustainable fishing practices and certifications to ensure the long-term viability of the market. In addition, technological advancements in fish tracking and tracing are expected to play a key role in meeting this demand for sustainability.
Local special circumstances: In Kenya, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal resources and strong fishing culture. Additionally, government regulations aimed at promoting sustainable fishing practices have also shaped the market. This has resulted in a strong demand for locally caught and sustainably sourced fish, driving growth in the market. Furthermore, Kenya's growing economy and expanding middle class have led to an increase in demand for premium and exotic fish varieties, creating opportunities for niche market players.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is significantly impacted by macroeconomic factors in Kenya. The country's economic health, fiscal policies, and global economic trends all play a crucial role in shaping the market's performance. For instance, a stable economy with favorable fiscal policies can encourage investment in the seafood industry, leading to increased production and supply. Additionally, global economic trends, such as growing demand for sustainable and healthy food options, can also drive the demand for fresh fish in the market. On the other hand, economic challenges, such as high inflation rates, can negatively affect consumer purchasing power, ultimately impacting the market's growth. Overall, a stable and growing economy, coupled with favorable fiscal policies, can create a conducive environment for the Fresh Fish Market of the Fish & Seafood Market within The Food market in Kenya.
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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