Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Pakistan is currently experiencing minimal growth, influenced by factors such as limited access to technology, low health awareness, and preference for traditional markets. Despite this, online seafood services are gaining popularity due to convenience.
Customer preferences: Consumers in Pakistan are showing a growing interest in sustainability and ethical sourcing when it comes to purchasing fresh fish. This trend is influenced by cultural values and a desire for healthier and more environmentally friendly food options. Additionally, there has been a rise in demand for value-added fish products, such as ready-to-cook and ready-to-eat options, catering to busy lifestyles and changing consumer preferences. This has led to the emergence of new players in the market, offering innovative and convenient seafood options.
Trends in the market: In Pakistan, the Fresh Fish Market within the Fish & Seafood Market is experiencing a surge in online sales, with more consumers turning to e-commerce platforms to purchase fresh fish. This trend is expected to continue, driven by the increasing use of mobile devices and the convenience of online shopping. Additionally, there is a growing demand for sustainably sourced fish and seafood, leading to the rise of eco-certified products in the market. These trends are significant as they enable greater accessibility and transparency for consumers, while also promoting sustainable practices within the industry. Industry stakeholders must adapt to these trends by investing in online platforms and promoting sustainable fishing methods to meet consumer demands.
Local special circumstances: In Pakistan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographic location along the Arabian Sea and its long coastline. This allows for a wide variety of locally caught fish to be available in the market. Additionally, cultural preferences and religious dietary restrictions also play a significant role in shaping the demand for different types of fish. The regulatory environment, including strict quality control measures and government subsidies for the fishing industry, also affects the supply and pricing of fish in the market.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Pakistan is greatly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Pakistan's economy has been growing at a steady pace, with an average annual GDP growth of 4.3% in the last five years. The country's strong economic growth has led to an increase in disposable income and consumer spending, which has positively affected the Fresh Fish Market. Moreover, the government's initiatives to promote the fishing industry and increase exports of seafood have further boosted the market's growth. However, challenges such as inflation, currency devaluation, and political instability can hinder market growth in Pakistan.
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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