Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Papua New Guinea is experiencing minimal growth, impacted by factors such as limited access to technology and low health awareness among consumers. However, with the convenience of online services, growth is expected to increase gradually.
Customer preferences: Consumers in Papua New Guinea are showing a growing interest in locally-sourced and sustainably-caught fresh fish, driven by a desire for healthier and more environmentally-friendly food options. This trend is also reflected in the increasing popularity of seafood festivals and culinary events that showcase traditional fish dishes. Furthermore, with the growing influence of social media and access to information, there is a growing demand for transparency and traceability in the seafood supply chain. This has led to a shift towards more ethical and responsible sourcing practices in the Fresh Fish Market of the Fish & Seafood Market within The Food market.
Trends in the market: In Papua New Guinea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and concerns over overfishing and environmental impact. As a result, there is a shift towards more responsible fishing practices and certifications. This trend is expected to continue, with potential implications for industry stakeholders such as the need for improved supply chain transparency and investment in sustainable fishing methods.
Local special circumstances: "In Papua New Guinea, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich marine resources and traditional fishing practices. With a large coastal population, seafood is a staple in the local diet, leading to a high demand for fresh fish. However, strict regulations on commercial fishing and limited infrastructure pose challenges for suppliers. This has resulted in a thriving local market, with small-scale fishermen selling their catch directly to consumers. Additionally, cultural preferences for certain types of fish and methods of preparation also play a significant role in market dynamics.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Papua New Guinea is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The country's economy heavily relies on its rich natural resources, including fisheries, which contributes to around 12% of its GDP. However, fluctuations in global seafood prices can significantly impact the market's performance. Additionally, the government's fiscal policies and investment in infrastructure also play a crucial role in shaping the market. The growth of the market is also affected by consumer spending power, which is influenced by the country's overall economic health.
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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