Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Southeast Asia is currently experiencing minimal growth, influenced by factors such as consumer preferences for traditional markets and limited access to digital technologies in certain regions. However, with increasing health awareness and demand for convenience, the market is expected to see gradual growth in the near future.
Customer preferences: Consumer preferences in Southeast Asia's Fresh Fish Market are shifting towards sustainably sourced and locally caught seafood. As awareness grows about the environmental and health impacts of imported fish, consumers are increasingly seeking out domestic options. Additionally, there is a growing demand for value-added seafood products, such as ready-to-cook and pre-marinated fish, catering to busy lifestyles and convenience-seeking consumers. This trend is also driven by the rise of e-commerce and online grocery shopping, providing easier access to a wider range of fresh fish options.
Trends in the market: In Southeast Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically sourced seafood. Consumers are becoming more conscious of their food choices and are willing to pay a premium for responsibly caught seafood. This trend is driven by a growing awareness of environmental and social issues, such as overfishing and human rights abuses in the fishing industry. As a result, seafood companies are investing in sustainable fishing practices to meet this demand. This trend is expected to continue, with potential implications for industry stakeholders, including increased competition and the need to adapt to more sustainable practices. Additionally, there is a rise in e-commerce platforms for seafood delivery, providing consumers with convenience and a wider range of seafood options. This trend is expected to continue as the COVID-19 pandemic has accelerated the adoption of online shopping in the region.
Local special circumstances: In Southeast Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich marine resources and strong fishing industry. Additionally, cultural preferences for fresh seafood and the popularity of local dishes such as sushi and sashimi drive the market's demand. Furthermore, government regulations and policies aimed at sustainable fishing practices and food safety standards play a significant role in shaping the market's dynamics. For instance, in Thailand, the government's strict measures to combat illegal fishing have led to an increase in demand for certified sustainable seafood, while in Malaysia, the halal certification requirement has influenced the market's offerings.
Underlying macroeconomic factors: The growth of the Fresh Fish Market within the Fish & Seafood Market is also influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. In countries with strong economic growth and stable fiscal policies, the demand for fresh fish is expected to increase due to rising disposable income and changing consumer preferences towards healthier food options. Additionally, government initiatives to promote sustainable fishing practices and improve seafood trade are also expected to drive market growth. However, economic downturns and trade tensions can negatively impact the market, as seen in recent years. As such, the performance of the Fresh Fish Market is closely tied to the overall economic health of the countries in Southeast Asia.
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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