Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish market in Southern Africa is experiencing minimal growth, influenced by factors such as changing consumer preferences, economic constraints, and limited access to technology. Despite this, online sales and health awareness campaigns are driving the market's slow growth.
Customer preferences: As the demand for healthier food options continues to rise, consumers in Southern Africa are increasingly seeking out fresh, sustainably-sourced fish in the Fish & Seafood Market within The Food market. This trend is driven by a growing awareness of the environmental impact of food production and a desire for more nutritious and ethically-sourced options. Additionally, the rise of online shopping and food delivery services in the region has made it easier for consumers to access a wider variety of fresh fish from local markets, further fueling the growth of this market segment.
Trends in the market: In Southern Africa, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing an increase in demand for sustainably sourced seafood. This trend is driven by a growing awareness of the environmental impact of overfishing and a desire for healthier, ethically-sourced food options. As a result, industry stakeholders are investing in sustainable fishing practices and marketing efforts to promote their eco-friendly products. This trend is expected to continue, as consumers increasingly prioritize sustainability in their purchasing decisions. Additionally, there is a growing trend towards e-commerce in the region, with online seafood marketplaces and delivery services gaining popularity. This presents opportunities for industry stakeholders to expand their reach and tap into new markets.
Local special circumstances: In Southern Africa, the Fresh Fish Market is heavily influenced by the region's large coastline and rich marine resources. This has led to a strong fishing industry and a diverse range of fresh seafood options available. Additionally, cultural traditions and preferences for seafood have also shaped the market, with certain types of fish and seafood being more popular in specific countries. Regulations and sustainability practices also play a significant role in the market, as consumers and businesses alike prioritize environmentally-friendly and ethical practices.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors in Southern Africa. The region's economic health, fiscal policies, and global economic trends greatly influence the performance of the market. Countries with stable economies and favorable fiscal policies are experiencing higher market growth compared to those with economic challenges and limited government support. Additionally, the increasing demand for healthy and sustainable food options is driving the growth of the Fresh Fish Market in Southern Africa. This trend is further fueled by the rising awareness of the health benefits of consuming fresh fish and the growing demand for locally sourced and ethically caught seafood. With these macroeconomic factors at play, the Fresh Fish Market in Southern Africa is poised for continued growth in the coming years.
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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