Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Bhutan is experiencing minimal growth due to factors such as limited demand and availability of fresh seafood. Despite this, the market is seeing steady growth driven by increasing consumer interest in healthy and sustainable food options. Additionally, the convenience of online seafood services is also contributing to the market's growth.
Customer preferences: As Bhutan continues to embrace modernization and global influences, consumer preferences in the Fresh Seafood Market have shifted towards sustainable and ethically sourced seafood. Additionally, there is a growing demand for locally sourced seafood, as consumers become more conscious about supporting local communities and reducing their carbon footprint. This trend is also driven by a cultural preference for fresh and healthy food, as Bhutanese cuisine heavily relies on seafood and vegetables. As a result, the Fresh Seafood Market is seeing an increase in demand for organic and farm-to-table seafood options.
Trends in the market: In Bhutan, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood products. This trend is being driven by increasing consumer awareness of the environmental impacts of overfishing and the importance of supporting local fishing communities. As a result, there has been a rise in the availability of locally caught and responsibly harvested seafood options in the market. This trajectory is significant for industry stakeholders as it presents opportunities for growth and differentiation through offering ethically and sustainably sourced seafood products. However, it also poses potential challenges in terms of supply chain management and ensuring traceability of products. With this trend expected to continue, industry players will need to adapt and innovate to meet the evolving demands of conscious consumers in Bhutan.
Local special circumstances: In Bhutan, the Fresh Seafood Market within the Fish & Seafood Market is heavily influenced by the country's geographical location in the Himalayas. Being landlocked, Bhutan does not have access to large bodies of water, resulting in limited seafood availability and higher prices. This has led to a unique market dynamic where seafood is seen as a luxury item and is primarily consumed by the affluent population. Additionally, Bhutan's strong Buddhist culture also plays a role in shaping the seafood market, with a significant portion of the population adhering to a vegetarian diet. This further limits the demand for seafood and creates a niche market for high-end, sustainable seafood options.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Bhutan is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Bhutan's strong economic growth and stable fiscal policies have led to a rise in disposable incomes and consumer spending, driving demand for high-quality seafood products. Additionally, the increasing focus on sustainable fishing practices and rising awareness about the health benefits of consuming seafood are also contributing to the growth of the market. However, the market is also impacted by global factors such as fluctuating seafood prices, trade policies, and environmental regulations, which can affect the availability and cost of seafood products in the country.
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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