Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Madagascar has seen minimal growth, influenced by factors such as limited access to resources, high production costs, and a small customer base. Despite this, the market continues to attract consumers due to its traditional and sustainable fishing practices.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably-sourced and locally-caught fresh fish in the Fish & Seafood Market within The Food market. This trend is driven by a desire for transparency and traceability in food production, as well as a preference for supporting small-scale and independent fishermen. In addition, there is a rise in popularity of plant-based diets and flexitarianism, leading to an increased demand for alternative protein sources such as seafood. This shift in consumer preferences is also influenced by the cultural importance of seafood in many coastal regions, where it is a staple part of traditional diets.
Trends in the market: In Madagascar, the Fresh Fish Market within the Fish & Seafood Market of The Food market is experiencing a shift towards sustainable practices. With increasing awareness and demand for environmentally friendly products, there has been a rise in the availability of sustainably caught and farmed fish. This trend is expected to continue as consumers become more conscious about the impact of their food choices. Additionally, there has been a rise in online marketplaces and direct-to-consumer sales, providing convenience and accessibility for consumers. These trends are significant as they promote responsible consumption and offer new opportunities for local fishermen and small businesses. Industry stakeholders must adapt to these changing trends by incorporating sustainable practices into their operations and utilizing digital platforms to reach a wider customer base.
Local special circumstances: In Madagascar, the Fresh Fish Market is heavily influenced by the country's unique geographical location. Being an island nation, Madagascar has a rich and diverse marine ecosystem, resulting in a wide variety of fish and seafood offerings in the market. Additionally, the local cultural preference for fresh and locally sourced seafood has a significant impact on the market dynamics. This, combined with the government's efforts to regulate and maintain sustainable fishing practices, has led to a thriving and competitive Fresh Fish Market in Madagascar.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economies and strong fiscal policies tend to have a higher demand for fresh fish and seafood, leading to a thriving market. On the other hand, countries with unstable economies and weak fiscal policies may see a decline in demand for fresh fish and seafood, negatively impacting the market. Additionally, changing consumer preferences and dietary patterns, as well as increasing awareness of the health benefits of consuming fresh fish and seafood, are also significant macroeconomic factors 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
