Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Mexico is facing negligible growth due to various factors, including limited access to digital technologies, low health awareness among consumers, and challenges in offering convenient online services. Despite this, the market continues to see slight growth driven by traditional methods of selling and buying fish and seafood.
Customer preferences: As consumers in Mexico become more health-conscious, there has been a notable increase in demand for fresh, locally sourced fish in the seafood market. This trend is driven by a growing awareness of the health benefits of consuming fresh fish, as well as a desire for sustainable and ethical food choices. Additionally, with the rise of digital platforms and e-commerce, consumers are increasingly turning to online channels to purchase their seafood, highlighting a shift towards convenient and efficient shopping methods.
Trends in the market: In Mexico, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a trend towards sustainability and traceability. Consumers are increasingly concerned about the environmental impact of their seafood choices and are demanding more transparency in the supply chain. This has led to the rise of certifications and labels that guarantee sustainable fishing practices and responsible sourcing. This trend is expected to continue, with stakeholders in the industry facing pressure to adhere to ethical and sustainable standards to meet consumer demands. Additionally, technological advancements in tracking and tracing seafood products are also gaining momentum, providing consumers with real-time information about the origin and journey of their seafood. This trend has significant implications for industry players, as failure to comply with sustainability standards may result in loss of consumer trust and market share.
Local special circumstances: In Mexico, the Fresh Fish Market within the Fish & Seafood Market is heavily influenced by the country's coastal location, with a rich supply of fresh seafood from the Pacific Ocean and the Gulf of Mexico. This allows for a diverse selection of fish and seafood options, creating a unique culinary experience for consumers. Additionally, the country's strong fishing industry and rich seafood traditions contribute to the popularity and availability of fresh fish in local markets. Furthermore, Mexico's regulatory environment promotes sustainable fishing practices, ensuring the quality and freshness of the seafood sold in the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Mexico is greatly impacted by macroeconomic factors such as trade policies, economic stability, and consumer spending power. The country's robust trade agreements, including the USMCA and its participation in the Pacific Alliance, contribute to the steady growth of the market. Additionally, the government's efforts to improve economic stability and reduce inflation have resulted in increased consumer confidence and spending. The expanding middle class in Mexico is also driving demand for premium and sustainable seafood options, further boosting the growth of the Fresh Fish Market.
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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