Key regions: Russia, South Korea, Canada, United States, Philippines
In Togo, the Fresh Fish Market within The Food market is facing negligible growth, impacted by factors such as limited access to digital technologies, low health awareness, and lack of convenience in online services. Despite this, the market is still experiencing growth, driven by traditional methods and local demand.
Customer preferences: As consumers become more health-conscious, there has been a growing demand for sustainably sourced and locally caught fish in the Fresh Fish Market of the Fish & Seafood Market within The Food market. This shift towards eco-friendly and ethical consumption is fueled by the increasing awareness of the impact of overfishing and the need to support local communities. Additionally, the rise of health-conscious and environmentally friendly diets has also contributed to the preference for fresh fish over processed alternatives.
Trends in the market: In Togo, the Fresh Fish Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced and locally caught fish. This trend is driven by consumer preferences for fresher and more environmentally friendly options. As a result, industry stakeholders are investing in sustainable fishing practices and promoting the use of locally sourced fish. This trend is expected to continue, with potential implications for market players such as increased competition and the need for transparent and ethical sourcing practices.
Local special circumstances: In Togo, the Fresh Fish Market of the Fish & Seafood Market within The Food market is influenced by the country's location on the coast of West Africa. This proximity to the ocean allows for a steady supply of fresh fish and seafood, making it a major part of the local cuisine. Additionally, Togo has a strong fishing industry, with regulations in place to ensure sustainable fishing practices. The cultural importance of fish in Togolese cuisine also drives demand in the market, as it is a staple food for many households.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market 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 due to increased consumer purchasing power. Furthermore, countries with high levels of investment in the seafood industry and a favorable regulatory environment are also expected to see faster market growth. The rising prevalence of seafood as a healthy and sustainable food choice is also driving demand for fresh fish in both developing and developed countries.
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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