Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Benin is experiencing modest growth due to factors such as increasing demand for seafood, health consciousness among consumers, and the convenience of purchasing online. However, the market growth rate is impacted by challenges such as limited supply and competition from other food markets.
Customer preferences: In recent years, consumers in Benin have shown a growing interest in sustainably sourced and locally caught seafood. This trend is driven by a desire for fresher and healthier options, as well as a cultural appreciation for traditional fishing methods. Additionally, the rising middle class in Benin has led to an increase in demand for premium seafood products, such as lobster and crab, as a symbol of wealth and status. As a result, there has been a noticeable shift in the market towards higher quality and more diverse seafood offerings.
Trends in the market: In Benin, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is seeing a rise in sustainable and eco-friendly practices. With increasing awareness of the impact of overfishing, consumers are demanding ethically sourced seafood. This trend is expected to continue, with a focus on traceability and transparency in the supply chain. This has significant implications for industry stakeholders, who may need to adapt their practices to meet consumer demands and maintain a competitive edge in the market. Additionally, government regulations and initiatives aimed at promoting sustainable fishing practices may also impact the trajectory of this trend.
Local special circumstances: In Benin, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location along the Gulf of Guinea. This allows for the availability of a wide variety of fresh seafood, including fish, shrimp, and crab. Additionally, the market is also influenced by the country's cultural traditions of fishing and seafood consumption, which have been passed down for generations. Furthermore, the regulatory environment in Benin, including strict fishing regulations and quality control measures, ensures that the seafood sold in the market is of high quality, making it a popular destination for both locals and tourists alike.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global trade policies, consumer demand, and government regulations. Countries with strong economic growth and stable political climates are experiencing higher demand for fresh seafood, leading to increased production and exports. On the other hand, countries with economic turmoil and political instability may see a decline in demand for fresh seafood, impacting market performance. Additionally, fluctuations in currency exchange rates and changes in consumer spending patterns can also influence the market dynamics.
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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