Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Nigeria has seen modest growth due to factors like the popularity of digital platforms, growing health consciousness, and convenience of online services. However, subdued growth rate is influenced by various factors.
Customer preferences: Consumers in Nigeria are increasingly becoming health-conscious and are opting for fresh fish over processed and frozen alternatives. This trend is fueled by cultural norms that prioritize fresh, locally sourced food. Moreover, the rising middle class and urbanization have led to an increase in demand for convenience and healthy eating options, further driving the growth of the fresh fish market. Additionally, the growing concern for sustainability and the impact of aquaculture on the environment has also led to a shift towards locally caught fish.
Trends in the market: In Nigeria, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for locally sourced and sustainably caught fish. This trend is driven by increasing consumer awareness of the environmental impact of imported fish and a desire for fresher, healthier options. As a result, there has been a surge in the number of small-scale fish farms and artisanal fishing operations. This trend is significant for industry stakeholders as it presents opportunities for growth and diversification, but also poses challenges in terms of supply chain management and maintaining quality standards. With the government investing in infrastructure and technology to support the development of the local fishing industry, the trajectory of this trend is expected to continue upwards, providing a boost to the overall economy and improving food security for the nation.
Local special circumstances: In Nigeria, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal resources and strong fishing culture. However, challenges such as inadequate infrastructure and high transportation costs impact market dynamics. Additionally, the Nigerian government's regulations on fish imports and exports also play a significant role in shaping the market. As such, the market is driven by a mix of local demand and government policies.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Nigeria is heavily influenced by macroeconomic factors such as economic growth, consumer spending patterns, government policies, and trade agreements. Nigeria's growing population and rising disposable income are driving the demand for fresh fish products, while government initiatives to support the fishing industry and improve infrastructure are creating new opportunities for market growth. However, challenges such as high import tariffs and limited access to financing are hindering the market's potential. Additionally, global trends such as increasing health consciousness and the growing popularity of sustainable seafood are shaping consumer preferences and driving innovation in the 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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