Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Malaysia is experiencing subdued growth due to various factors such as limited consumer awareness and competition from traditional markets. Despite this, the market is expected to see steady growth driven by increasing demand for seafood and the convenience offered by online marketplaces.
Customer preferences: With the rise of health consciousness and concerns over food safety, consumers in Malaysia are becoming more discerning in their choices of fresh fish. They are increasingly seeking sustainable and traceable options, as well as locally sourced fish. Additionally, the growing influence of Western diets and cuisine has resulted in a higher demand for premium and exotic fish varieties, such as salmon and tuna. This trend is also evident in the increasing popularity of sushi and other raw fish dishes among younger generations.
Trends in the market: In Malaysia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood. Consumers are becoming more aware of the environmental impact of overfishing and are seeking out responsibly caught or farmed fish. This trend is expected to continue, with government initiatives promoting sustainable fishing practices. As a result, industry stakeholders will need to adapt and invest in sustainable fishing methods to meet consumer demand and maintain a competitive edge. Furthermore, there is a growing interest in e-commerce platforms for fresh fish, as consumers look for convenient and contactless ways to purchase seafood during the pandemic. This trend is expected to continue post-pandemic, with potential implications for traditional fish markets and retailers who may need to shift their business models to incorporate e-commerce.
Local special circumstances: In Malaysia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by its diverse geographical landscape. Malaysia is surrounded by water, making it a prime location for fishing and aquaculture. This results in a wide variety of fresh fish and seafood options available in the market. Additionally, Malaysia's rich cultural heritage plays a significant role in shaping the demand for different types of fish and seafood, as certain dishes are considered staples in local cuisines. Furthermore, the country's strict regulatory measures ensure that only high-quality and sustainable seafood products are sold in the market, which is a crucial factor for consumers. These unique factors give Malaysia's Fresh Fish Market a distinct edge and contribute to its dynamic growth in the overall Fish & Seafood Market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Malaysia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For example, the growth of the overall food market in Malaysia is driven by strong domestic consumer demand and robust economic growth. Additionally, the government's efforts to promote sustainable fishing practices and increase seafood exports have also impacted the Fresh Fish Market. However, challenges such as rising fuel costs and fluctuating seafood prices have also affected the market. Moreover, the increasing health consciousness among consumers has led to a growing demand for fresh and high-quality fish, which is expected to drive the growth of the Fish & Seafood Market in Malaysia.
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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