Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Asia has seen minimal growth due to factors such as limited consumer awareness and lack of online accessibility. However, the market is gradually expanding, driven by increasing demand for healthy and sustainable food options.
Customer preferences: As consumers in Asia become more health-conscious, there has been a rise in demand for sustainably-sourced and fresh seafood options. This trend is driven by cultural preferences for freshness and quality, as well as concerns over food safety. Additionally, there is a growing interest in new and exotic seafood varieties, influenced by the region's diverse culinary traditions and changing demographics. As a result, seafood suppliers are increasingly focusing on expanding their offerings to cater to these evolving consumer preferences.
Trends in the market: In Asia, the Fresh Seafood Market within the Fish & Seafood Market is seeing a rise in demand for sustainably-sourced seafood. This trend is driven by increasing consumer awareness of the environmental impact of fishing and aquaculture practices. As a result, industry stakeholders are investing in sustainable sourcing and certification programs to meet consumer demands and differentiate their products. This trend is expected to continue, with potential implications for the industry including greater market share for sustainable seafood producers and increased competition for traditional seafood suppliers.
Local special circumstances: In Japan, the Fresh Seafood Market is heavily influenced by the country's strong fishing culture and strict regulations on fishing practices. The demand for high-quality, sustainable seafood has led to the rise of small-scale, artisanal fishing operations, as well as an increase in eco-certified products. In China, the market is driven by the growing middle class and their preference for live seafood, leading to the popularity of seafood markets and restaurants that offer live fish and shellfish for customers to choose from. Additionally, government initiatives to improve food safety and traceability have also impacted the market dynamics.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Asia. The region's strong economic growth and increasing disposable income have led to a growing demand for high-quality and diverse seafood products. Additionally, favorable government policies and investments in the seafood industry, such as aquaculture development and trade agreements, have also contributed to the market's growth. However, challenges such as overfishing and environmental concerns may hamper the market's growth in the long term. As Asian economies continue to expand and consumers become more health-conscious, the demand for fresh seafood is expected to increase, creating opportunities for market players.
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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