Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in LATAM is experiencing minimal growth, influenced by factors like slow adoption of digital technologies, low health awareness among consumers, and limited convenience of online services. This has led to a stagnant growth rate in the Fish & Seafood Market within The Food market.
Customer preferences: The Fresh Fish Market in the Fish & Seafood Market within The Food market is experiencing a growing demand for sustainably and ethically sourced products. Consumers are becoming more conscious of the environmental impact of their food choices and are seeking out locally caught and responsibly harvested fish. This trend is also driven by a desire for fresher, higher quality seafood that supports local fishermen and the community. Additionally, health-conscious consumers are opting for lean, protein-rich fish as a healthier alternative to red meat.
Trends in the market: In LATAM, the Fresh Fish Market within the Fish & Seafood Market of The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is being driven by consumer awareness of the environmental impact of overfishing and the importance of supporting local economies. As a result, there has been a shift towards traceability and transparency in the supply chain, with consumers seeking out certified sustainable seafood options. This trend is expected to continue, with industry stakeholders investing in sustainable practices and certifications to meet consumer demands and ensure long-term viability of the market.
Local special circumstances: In LATAM, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's diverse ecosystems and rich marine resources. Coastal countries like Peru and Chile dominate the market, exporting high-quality seafood to other Latin American countries as well as to international markets. Additionally, cultural preferences for fresh seafood and regulatory measures to ensure sustainable fishing practices also play a significant role in shaping the market. In countries like Mexico and Brazil, the popularity of traditional seafood dishes and the rise of gourmet seafood restaurants have further boosted the demand for fresh fish.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global trade policies, consumer spending, and environmental regulations. Countries with stable economies and favorable trade agreements are experiencing higher demand for fresh fish products, while countries with economic uncertainties and trade barriers are facing challenges in the market. Additionally, consumers' increasing awareness of sustainable fishing practices and the growing demand for healthier food options are driving the market for fresh fish in the food industry. Government regulations and initiatives to promote sustainable fishing and aquaculture are also impacting the market by influencing production and distribution practices.
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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