Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market of the Fish & Seafood Market in Taiwan has seen minor growth due to factors such as consumer preference for fresh, local seafood and increasing health consciousness. Online sales and convenience also contribute to the market's growth.
Customer preferences: Consumers in Taiwan are increasingly turning to online platforms to purchase fresh fish and seafood, driven by convenience and safety concerns. This trend is particularly evident among younger generations, who are more likely to prioritize technology and efficiency in their shopping habits. As a result, there has been a rise in e-commerce platforms offering a wide range of fresh fish and seafood options, catering to the demand for convenient and reliable sourcing. This shift towards online purchasing is also influenced by the growing preference for contactless transactions, as well as the rising popularity of home cooking and healthy eating among Taiwanese consumers.
Trends in the market: In Taiwan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a shift towards sustainable and environmentally-friendly practices. Consumers are increasingly demanding ethically sourced seafood, leading to the rise of traceability technology and certification programs. This trend is significant as it promotes transparency and responsible fishing practices. It also presents opportunities for industry stakeholders to differentiate themselves and cater to the growing demand for sustainable products. However, it may also pose challenges for smaller businesses to meet the strict standards and obtain certifications.
Local special circumstances: In Taiwan, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich fishing culture and oceanic resources. With its location surrounded by the East China Sea and the Pacific Ocean, Taiwan's seafood market offers a diverse selection of high-quality fish and seafood products. Additionally, the government's strict regulations on fishing practices and food safety standards ensure the freshness and safety of the products. This has contributed to the market's steady growth, as consumers have high confidence in the quality of the fish and seafood they purchase. Furthermore, Taiwan's cultural preference for fresh and live seafood has led to the development of unique market segments, such as live fish auctions and seafood restaurants. These local factors play a crucial role in shaping the dynamics of the Fresh Fish Market in Taiwan.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Taiwan is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Taiwan's strong economic growth and stable political environment have created a favorable market for fresh fish and seafood, with increasing demand from both domestic and international consumers. Additionally, Taiwan's robust investment in sustainable fishing practices and modern fishing technology has helped to improve the quality and quantity of seafood available in the market. Furthermore, the growing focus on healthy eating and the popularity of seafood in Taiwanese cuisine have also contributed to the market's growth. However, challenges such as fluctuating seafood prices, environmental concerns, and changing consumer preferences continue to impact the market's performance.
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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