Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in ASEAN has seen minimal growth due to factors such as the slow adoption of digital technologies, low health awareness among consumers, and the lack of convenience in online seafood services.
Customer preferences: Consumers in the Fresh Seafood Market of the Fish & Seafood Market within The Food market are showing a growing preference for sustainably-sourced and locally-caught seafood. This is driven by a rising awareness of the environmental impact of fishing practices and a desire to support local fishermen. Additionally, there is a trend towards healthier and cleaner eating, with an increasing demand for organic and antibiotic-free seafood. This reflects the growing focus on health and wellness in ASEAN countries, as well as the influence of Western dietary preferences.
Trends in the market: In ASEAN, the Fresh Seafood market is experiencing a surge in demand for sustainable and traceable seafood products. This is driven by increasing consumer awareness of the environmental and health impacts of seafood production. As a result, there is a growing trend towards certifications and labeling of seafood products, as well as the adoption of sustainable practices by seafood companies. This trend is expected to continue, with potential implications for industry stakeholders such as the need to invest in sustainable practices and comply with certification requirements to remain competitive in the market.
Local special circumstances: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, the ASEAN region is a major player due to its abundant natural resources and strong fishing industry. However, each country within ASEAN has its own unique regulations and cultural preferences when it comes to seafood consumption. For example, in Thailand, the demand for live seafood is high due to its popular street food culture, while in Vietnam, frozen seafood is preferred for its longer shelf life. These local factors greatly impact the market dynamics and require businesses to adapt their strategies accordingly.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The demand for fresh seafood is often tied to the overall state of the economy, with stronger economies resulting in higher demand. Additionally, countries with stable economic conditions tend to have higher consumer spending power, leading to increased consumption of premium seafood products. Government policies such as trade agreements and tariffs can also impact the market, as they can affect the availability and cost of imported seafood products. Finally, economic indicators such as GDP, inflation rates, and unemployment rates can provide valuable insights into the overall health of the market and its potential for growth.
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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