Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in South America is experiencing minimal growth due to factors such as limited consumer awareness and traditional buying habits. However, the market is slowly growing with the help of digital technologies, increased health consciousness, and the convenience of online purchasing options.
Customer preferences: There has been a growing trend in South America towards sustainable and ethically-sourced seafood in response to increased awareness of environmental issues and the impact of overfishing. This has led to a rise in demand for locally-sourced fresh fish, with consumers becoming more conscious of the origins and production methods of their seafood. In addition, there has been a shift towards healthier eating habits, with consumers opting for leaner and more nutritious fish varieties in their diets, reflecting an overall trend towards wellness and conscious consumption.
Trends in the market: In South America, the Fresh Fish Market within the Fish & Seafood Market of The Food market is experiencing a surge in demand for sustainably sourced seafood. Consumers are increasingly concerned about the environmental impact of fishing practices and are seeking out responsibly caught and certified seafood. This trend is expected to continue, with industry stakeholders investing in sustainable fishing methods and certifications to meet consumer demand. Additionally, there is a growing interest in locally sourced and traceable seafood, as consumers prioritize supporting small-scale fishermen and reducing their carbon footprint. These trends are significant for the industry, as they highlight the shifting consumer preferences towards sustainable and ethical consumption. This may have implications for industry stakeholders, such as the need for transparency in sourcing and supply chain management, as well as opportunities for marketing and promoting sustainability efforts to attract environmentally-conscious consumers.
Local special circumstances: In South America, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's diverse and abundant marine resources. The geographical location of the continent, surrounded by the Pacific and Atlantic oceans, allows for a wide variety of fish and seafood to be caught and sold. Additionally, cultural preferences and traditional fishing practices play a significant role in shaping the market, with some species being more popular in certain countries than others. Furthermore, regulatory policies, such as quotas and conservation efforts, also impact the availability and pricing of certain types of fish and seafood, contributing to the dynamic nature of the market.
Underlying macroeconomic factors: The growth of the Fresh Fish Market in South America is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stable fiscal policies are likely to experience higher demand for fresh fish products, as consumers have greater purchasing power. Furthermore, government initiatives to promote sustainable fishing practices and investment in modern fishing infrastructure can positively impact the market. However, economic instability and unfavorable regulatory environments can hinder market growth in certain regions. Additionally, the growing awareness of the health benefits of consuming fresh fish, combined with an increasing global population and rising disposable income, are driving the demand for fresh fish products in the region.
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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