Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in North America is experiencing slow growth due to factors such as increasing competition from imported seafood, changing consumer preferences, and stricter regulations. Despite this, the convenience of online ordering and rising health consciousness among consumers are driving some growth in the market.
Customer preferences: As consumers become more health-conscious, there has been a growing demand for sustainable and ethically sourced seafood in the Fresh Fish Market of the Fish & Seafood Market within The Food market. This has led to a rise in the popularity of locally caught and organic seafood, as well as an increase in consumer interest in the environmental impact of their food choices. Additionally, there has been a shift towards more plant-based seafood options, driven by the rise in vegan and vegetarian diets.
Trends in the market: In the Fresh Fish Market of the Fish & Seafood Market within The Food market, there is a noticeable trend towards sustainable and locally sourced seafood. Consumers are increasingly concerned about the environmental impact of their food choices, leading to a rise in demand for certified sustainable seafood. This trend has significant implications for industry stakeholders, as companies must adapt their practices to meet this demand and maintain consumer trust. Additionally, there is a growing interest in traceability and transparency within the seafood industry, with consumers wanting to know where their seafood comes from and how it was caught or farmed. This trend is likely to continue, as consumers become more conscious of the impact their food choices have on the environment and their health.
Local special circumstances: In North America, the Fresh Fish market is heavily influenced by geographical factors, such as the vast coastline and availability of different species of fish. Additionally, cultural preferences play a key role in shaping the market, with certain regions having a strong demand for specific types of fish. Moreover, strict regulatory standards for food safety and sustainability play a significant role in shaping the market dynamics. These factors make the North American Fresh Fish market unique compared to other markets, leading to a diverse and competitive landscape.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in North America is heavily influenced by macroeconomic factors such as consumer affluence, trade policies, and environmental regulations. The region's strong economic health and high disposable income levels have resulted in a high demand for premium, sustainably-sourced seafood products. Furthermore, the implementation of stricter food safety regulations and sustainable fishing practices has led to an increase in consumer trust and a willingness to pay a premium for ethically-sourced seafood. However, trade tensions between North American countries and other major seafood exporting nations, as well as fluctuating fuel prices, are potential challenges that could impact the market's 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.
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