Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Australia & Oceania has seen minimal growth, influenced by factors such as a slow adoption of digital technologies, lack of health awareness among consumers, and limited availability of online services. Despite this, the market continues to thrive due to its convenience and high-quality offerings.
Customer preferences: Consumers in Australia & Oceania are becoming more health-conscious and environmentally aware, leading to a growing demand for sustainably sourced and ethically caught fresh seafood. This trend is also influenced by the increasing popularity of the Mediterranean diet, which emphasizes the consumption of fresh fish and seafood. As a result, there has been a rise in specialty seafood markets and online retailers offering a wide variety of locally sourced and organic seafood options. This shift towards conscious consumption aligns with the region's cultural values of respect for the environment and a focus on healthy living.
Trends in the market: In Australia & Oceania, the Fresh Seafood Market within the Fish & Seafood Market is experiencing a surge in demand for sustainably sourced seafood products. This trend is driven by increasing consumer awareness of the environmental impact of overfishing and the importance of supporting local industries. As a result, seafood suppliers and retailers are investing in sustainable sourcing practices and labeling to cater to this growing market segment. This trend is expected to continue and potentially lead to stricter regulations and certifications in the future. Additionally, there is a growing interest in alternative seafood options such as plant-based and lab-grown products, which could disrupt the traditional seafood market in the region.
Local special circumstances: In Australia & Oceania, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's vast coastlines and rich marine biodiversity. With a strong seafood culture and a growing demand for healthy and sustainable food options, the market is driven by the availability of locally sourced seafood and the increasing awareness of the importance of sustainable fishing practices. Furthermore, strict regulations and certifications for seafood products ensure high quality and safety standards, making Australia & Oceania a trusted source of fresh seafood globally.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Australia & Oceania is influenced by several macroeconomic factors. These include global economic trends, as the region is heavily reliant on exports of seafood products to other countries. National economic health also plays a significant role, as fluctuations in GDP and consumer spending can impact demand for fresh seafood. Fiscal policies, such as tariffs and trade agreements, can also affect the market by creating barriers to entry for certain countries. Other relevant financial indicators, such as exchange rates and inflation rates, can also impact market performance by affecting the cost of production and consumer purchasing power.
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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