Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Southern Asia is experiencing minimal growth, impacted by factors such as limited availability of fresh fish, changing consumer preferences towards processed seafood, and increasing competition from other markets. Despite this, the market remains a key player in the Fish & Seafood Market within The Food market, driven by the convenience and freshness of its products.
Customer preferences: Consumers in Southern Asia are increasingly prioritizing sustainable and ethically-sourced seafood, reflecting a growing awareness of environmental and social issues. This trend is driven by a younger, more socially-conscious demographic, who are willing to pay premium prices for responsibly-sourced fish. Additionally, there is a growing demand for convenience and online ordering, as busy lifestyles and urbanization make traditional market visits less feasible.
Trends in the market: In Southern Asia, the Fresh Fish Market within the Fish & Seafood Market of The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and government initiatives promoting responsible fishing practices. Additionally, there is a growing preference for locally caught fish, leading to a rise in small-scale fisheries. This trajectory highlights the importance of sustainability in the seafood industry and presents potential opportunities for stakeholders to invest in sustainable fishing practices. Moreover, it emphasizes the need for industry players to adapt to changing consumer preferences and implement sustainable sourcing strategies to remain competitive in the market.
Local special circumstances: In Southern Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich coastal resources and seafood-centric cuisine. The cultural significance of seafood in countries like Thailand and Vietnam has led to a high demand for fresh, locally sourced fish. Additionally, government regulations on sustainable fishing practices and food safety standards play a crucial role in shaping market dynamics. This has led to the emergence of niche markets such as organic and sustainably sourced fish, catering to health-conscious consumers.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors in Southern Asia. The region's economic health, fiscal policies, and global economic trends have a significant influence on the market performance. National economic growth and consumer spending power are key drivers of demand for fresh fish in this region. Additionally, the rise in disposable income and changing dietary habits towards protein-rich foods are fueling the demand for fresh fish. However, challenges such as regulatory barriers and limited infrastructure in certain countries hinder market growth. Overall, the fresh fish market in Southern Asia is expected to continue growing due to favorable economic factors and increasing demand for healthy and sustainable food options.
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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