Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Bangladesh has seen subdued growth due to factors like limited access to technology, low consumer awareness, and challenges in online services. Despite this, the market is growing steadily due to the high demand for fresh seafood in the region.
Customer preferences: In Bangladesh, there has been a noticeable increase in consumer demand for sustainable and ethically sourced seafood. This trend is driven by the growing awareness of the environmental impact of overfishing and the desire to support responsible fishing practices. Additionally, there is a growing preference for locally sourced seafood, as consumers become more conscious of the benefits of consuming fresh, locally caught seafood. This shift towards sustainable and locally sourced seafood is also attributed to the rising trend of supporting small-scale fishermen and their communities.
Trends in the market: In Bangladesh, the Fresh Seafood Market within the Fish & Seafood Market of The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and concerns about overfishing and environmental sustainability. As a result, there is a growing number of seafood suppliers and retailers offering certified sustainable seafood options. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as seafood producers, retailers, and consumers. The trajectory of this trend could lead to a shift towards more sustainable fishing practices and increased transparency in the seafood supply chain. This could also create opportunities for businesses to differentiate themselves by offering sustainable seafood options and cater to the growing demand for ethically sourced products.
Local special circumstances: In Bangladesh, the Fresh Seafood Market is heavily influenced by the country's rich coastal geography and strong fishing industry. This results in a wide variety of locally sourced seafood options for consumers. Additionally, cultural preferences for fresh, sustainably caught seafood have led to the growth of small-scale, family-owned fishing businesses. Regulatory measures, such as strict quality control and traceability standards, also play a significant role in shaping the market. These factors create a unique market dynamic, where consumers have access to a diverse range of high-quality seafood products, while also supporting the livelihoods of local fishermen and maintaining sustainable fishing practices.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors in Bangladesh. The country's economic growth, political stability, and investment in infrastructure have a direct influence on the market. Bangladesh's strong economic performance, steady GDP growth, and favorable business climate have attracted foreign investments, leading to an increase in demand for quality seafood products. Moreover, the country's growing middle class population and changing consumer preferences towards healthy and nutritious food options have further boosted the demand for fresh seafood products. On the other hand, external factors such as global trade policies, fluctuations in currency exchange rates, and supply chain disruptions can also impact the market performance. Despite these challenges, the overall economic growth and favorable demographic factors in Bangladesh present significant opportunities for growth in the Fresh Seafood Market of the Fish & Seafood Market within The Food 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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