Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Latvia is experiencing minimal growth, influenced by factors such as consumer health awareness and the convenience of online services. The market's growth rate is impacted by external factors, resulting in slow progress.
Customer preferences: Consumers in Latvia are showing a growing preference for sustainably sourced fresh fish and seafood. This trend is influenced by cultural values of environmental consciousness and health-consciousness, as well as a desire for authentic, traditional food experiences. In response, retailers and suppliers are increasingly promoting and labeling their products as ethically and sustainably sourced. Additionally, there is a growing demand for locally sourced fish and seafood, as consumers prioritize supporting local businesses and reducing carbon footprints. This shift towards ethical and sustainable consumption is expected to continue in the coming years.
Trends in the market: In Latvia, the Fresh Fish Market within the Fish & Seafood Market of The Food market is experiencing a surge in demand for sustainably sourced and responsibly caught seafood. This trend is driven by the increasing consumer awareness and demand for ethically and environmentally friendly products. As a result, industry stakeholders are investing in sustainable fishing practices and certifications, as well as implementing traceability measures to meet consumer preferences. This trend is expected to continue in the coming years, with potential implications for industry players who do not adapt to these changing consumer preferences.
Local special circumstances: In Latvia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich fishing tradition and access to the Baltic Sea. This has led to a strong demand for local, fresh seafood among the population. Additionally, strict regulations and sustainability practices in the fishing industry have contributed to the market's unique dynamic. The rising popularity of e-commerce and online delivery services in the country has also impacted the market, with more consumers opting for convenient ways to purchase their seafood.
Underlying macroeconomic factors: The growth of the Fresh Fish Market within the Fish & Seafood Market is heavily influenced by macroeconomic factors such as consumer spending, population growth, and trade policies. Countries with strong economic growth and increasing disposable incomes are driving the demand for premium seafood products, while those with stagnant economies and high import tariffs are experiencing slower market growth. Additionally, the growing trend towards healthy and sustainable food consumption is fueling the demand for fresh fish, as consumers become more conscious about the environmental and health impacts of their food choices.
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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