Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the Americas has seen minimal growth, influenced by factors such as changing consumer preferences, fluctuating seafood prices, and competition from other protein sources. Despite this, the market continues to expand due to increasing demand for healthy and sustainable food options.
Customer preferences: Consumers in the Fresh Seafood Market of the Fish & Seafood Market within The Food market are becoming more health-conscious and are seeking sustainable and ethically-sourced seafood options. This trend is driven by growing concerns about overfishing and the impact of seafood consumption on the environment. Additionally, there is a rising demand for locally-sourced seafood, as consumers prioritize supporting small, independent fishermen and reducing the carbon footprint of their food. This shift towards sustainable and local seafood is also influenced by the growing awareness of the health benefits of a diet rich in fresh seafood.
Trends in the market: In the Americas, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically sourced seafood. This trend is driven by increasing consumer awareness and concerns over the environmental impact of commercial fishing. As a result, seafood companies are implementing more sustainable practices and certifications, such as Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC), to meet this demand. This trend is expected to continue, with consumers becoming more conscious of their seafood choices and industry stakeholders needing to adapt to these changing preferences.
Local special circumstances: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, the unique local factors that differentiate it from other markets include geographical location and cultural traditions. In countries like Japan, the market is heavily influenced by the country's long-standing tradition of consuming raw seafood, leading to a high demand for sushi and sashimi. In the Caribbean, the market is driven by the abundance of fresh seafood due to its proximity to the ocean, resulting in a variety of seafood dishes and a thriving local fishing industry. Additionally, regulatory measures such as sustainable fishing practices and food safety standards also play a significant role in shaping the dynamics of the market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economic conditions and supportive fiscal policies are experiencing higher market growth compared to regions with economic instability and limited government support. Additionally, the growing demand for healthy and sustainable food options, coupled with the rising disposable incomes in many countries, is driving the demand for fresh seafood products. Moreover, the increasing awareness about the health benefits of consuming seafood and the growing popularity of seafood in different cuisines are also contributing to the growth of 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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