Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Vietnam is seeing minimal growth, influenced by factors like declining fish populations, changing consumer preferences, and increased competition from imported seafood. While there is still a demand for fresh fish, it is not growing as rapidly as in other markets.
Customer preferences: In Vietnam, there has been a notable shift in consumer preferences towards locally sourced and sustainably caught seafood, driven by a growing awareness of environmental issues and a desire for fresher and safer seafood options. This trend is especially evident in the Fresh Fish Market, where consumers are increasingly seeking out transparent and traceable seafood products. Moreover, the rise of e-commerce and mobile technology has made it easier for consumers to access information and purchase seafood directly from local fishermen, bypassing traditional markets and middlemen. This shift towards direct sourcing is also fueled by a desire for more authentic and unique culinary experiences.
Trends in the market: In Vietnam, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and traceable seafood sourcing. This trend towards ethical and environmentally-friendly practices is driven by consumer demand for transparency and responsibility in their food choices. As a result, there is a growing number of seafood companies implementing sustainable fishing practices and obtaining certifications to meet these demands. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need to adapt to changing consumer preferences.
Local special circumstances: In Vietnam, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by its coastal location and the country's rich fishing tradition. This has led to a wide variety of local seafood options available, creating a unique and diverse market. Additionally, Vietnam's strict regulations on seafood quality and sustainability have helped establish the country as a top exporter of seafood, further driving the growth of the market. The cultural importance of seafood in Vietnamese cuisine also plays a significant role in the market's dynamics, as it remains a staple in daily meals and special occasions.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Vietnam is affected by various macroeconomic factors. The country's economic health, fiscal policies, and global economic trends all play a role in shaping the market performance. Vietnam's stable economic growth and increasing disposable income have contributed to the rising demand for fresh fish and seafood in the country. Additionally, the government's efforts to boost the seafood industry through investment in infrastructure and modernization of the fishing sector have also positively impacted the market. However, challenges such as fluctuating currency exchange rates and trade policies may hinder the market's growth potential.
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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