Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Kuwait is experiencing negligible growth due to various factors like limited availability of fresh fish, high import costs, and changing consumer preferences for frozen seafood. Despite these challenges, the market continues to cater to the demand for fresh seafood among health-conscious consumers.
Customer preferences: Consumers in Kuwait are showing a growing interest in sustainably sourced and ethically raised seafood. This is in line with the global trend of conscious consumerism, where individuals are increasingly prioritizing environmentally friendly and socially responsible products. In addition, there is a growing demand for fresh and locally caught fish, as consumers become more aware of the benefits of consuming locally sourced food. These trends are also influenced by the growing health consciousness among Kuwaiti consumers, who are seeking fresher and healthier options in their diet.
Trends in the market: In Kuwait, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable practices, with consumers increasingly demanding ethically sourced seafood. This trend is driven by a growing awareness of the impact of overfishing and the depletion of marine resources. As a result, we are seeing a rise in the availability of certified sustainable seafood options in the market. This trend is set to continue, with the government introducing stricter regulations and initiatives to promote sustainable fishing practices. Industry stakeholders will need to adapt to these changes and invest in sustainable sourcing methods to remain competitive in the market.
Local special circumstances: In Kuwait, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's strong fishing industry and its location on the Persian Gulf. The availability of fresh seafood is a major factor driving the market, with local fish markets offering a wide variety of fish and shellfish. Additionally, the cultural significance of seafood in Kuwaiti cuisine contributes to the demand for fresh catch. The market is also regulated to ensure the safety and quality of seafood, with strict standards in place for fishing and handling practices.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Kuwait is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Kuwait is a small, open economy that heavily relies on oil exports, making it vulnerable to fluctuations in global oil prices. This also affects the purchasing power of consumers, as well as overall economic growth. The government's fiscal policies and investments in infrastructure also play a significant role in shaping the market. Additionally, the country's demographics, with a high proportion of expatriates, also impact demand for fish and seafood products.
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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