Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Western Africa is seeing a moderate growth rate, influenced by factors such as consumer preference for traditional fish markets and limited access to digital technologies. However, increasing health awareness and convenience of online services are driving the market's growth.
Customer preferences: The Fresh Fish Market in Western Africa is experiencing a shift in consumer preferences towards sustainably sourced and locally caught fish. This trend is influenced by cultural values and a growing awareness of the impact of overfishing on the environment. Additionally, there is a growing demand for convenience and ready-to-eat seafood products, driven by busy lifestyles and a desire for quick and easy meal options. This has led to a rise in the availability of pre-packaged and pre-cooked seafood products in the market.
Trends in the market: In Western Africa, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable fishing practices and traceability, driven by consumer demand for ethically-sourced seafood. This trend is expected to continue, with governments and industry stakeholders investing in technologies such as blockchain to improve transparency and ensure responsible sourcing. Additionally, there is a growing demand for processed and value-added seafood products, as well as a focus on promoting local fisheries and aquaculture to reduce dependence on imports. These trends have significant implications for industry players, who must adapt to changing consumer preferences and invest in innovative technologies to stay competitive in the market.
Local special circumstances: In Western Africa, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's abundant coastline and large fishing industry. This has led to a strong presence of local fishermen and small-scale fisheries, who play a significant role in the market. Additionally, cultural preferences and traditions heavily influence the types of fish and seafood consumed in different regions, creating a diverse and dynamic market. Moreover, regulatory factors, such as government policies and trade agreements, also impact the market, particularly in terms of import and export of seafood products. These unique local factors contribute to the overall growth and development of the Fresh Fish Market in Western Africa.
Underlying macroeconomic factors: The growth of the Fresh Fish Market within the Fish & Seafood Market of The Food market is heavily influenced by macroeconomic factors, such as the overall economic health of the country and global economic trends. Countries with stable economies and strong consumer purchasing power tend to have higher demand for fresh fish products, while countries facing economic challenges may see a decrease in demand. Fiscal policies, such as tariffs and trade agreements, can also impact the availability and cost of fresh fish in the market. Furthermore, investments in infrastructure, such as cold storage facilities and transportation networks, can affect the supply chain and distribution of fresh fish. Finally, changing consumer preferences and dietary habits, driven by economic factors, can also influence the demand for fresh fish in the market.
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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