Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in the Fish & Seafood Market within The Food market in NAFTA has seen minimal growth due to various factors such as changing consumer preferences, increasing competition, and fluctuating seafood prices. Despite these challenges, the market continues to thrive thanks to the convenience and freshness of online seafood services.
Customer preferences: In the Fresh Fish Market of the Fish & Seafood Market within The Food market, there has been a noticeable increase in demand for sustainably sourced and locally caught fish. This trend is driven by consumer preferences for environmentally friendly and ethical products, as well as a desire for fresher and more nutritious seafood. As a result, retailers and restaurants are increasingly highlighting the provenance and sustainability of their seafood offerings to cater to these evolving consumer preferences.
Trends in the market: In the Fresh Fish Market of the Fish & Seafood Market within The Food market, there is a growing trend towards sustainable and eco-friendly fishing practices. This trend is driven by consumer demand for responsibly sourced seafood and government regulations promoting sustainable fishing. This trajectory indicates a shift towards more environmentally conscious practices in the industry. Industry stakeholders will need to adapt to these trends by implementing sustainable fishing methods and promoting transparency in their sourcing. This can also lead to potential implications such as increased competition and potential cost increases for implementing sustainable practices.
Local special circumstances: In the Fresh Fish Market of the Fish & Seafood Market within The Food market, the local factors that play a significant role include geographical location, cultural preferences, and regulatory policies. In Japan, for instance, the demand for high-quality, fresh seafood is driven by the country's close proximity to the sea and the cultural tradition of consuming fresh fish. In the United States, strict regulations on fishing practices and food safety standards have led to a rise in consumer trust and demand for locally-sourced and sustainably-caught seafood. These unique factors greatly influence market dynamics and consumer preferences, making each market distinct from one another.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. In countries with strong economic growth and stable fiscal policies, there is a higher demand for fresh fish and seafood, leading to increased market performance. On the other hand, countries with economic instability and weak fiscal policies may experience slower market growth due to lower purchasing power and investment. Furthermore, changing consumer preferences and increasing health consciousness globally are also influencing the demand for fresh fish and seafood, driving market growth. Overall, favorable macroeconomic conditions contribute to a thriving Fresh Fish Market within the Fish & Seafood Market, while unfavorable conditions may hinder its performance.
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)
