Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market within the Fish & Seafood Market in BRICS has been experiencing subdued growth, affected by various factors such as changing consumer preferences and stricter regulations. Despite this, the market is expected to see slight growth due to the convenience of online purchasing and increasing health awareness.
Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably sourced and ethically raised fresh seafood. This trend is driven by a desire for transparency and ethical consumption, with consumers valuing factors such as traceability and responsible fishing practices. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to access a wider variety of fresh seafood options, further fueling the growth of the market.
Trends in the market: In BRICS, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a growing demand for sustainable and traceable seafood products. This trend is driven by consumers' increasing awareness of environmental and ethical concerns, as well as the rising popularity of healthy and natural food choices. As a result, seafood producers and retailers are investing in sustainable fishing practices and implementing traceability systems to meet consumer demands. This trend is expected to continue, with potential implications including a shift towards eco-friendly packaging and labeling, as well as increased partnerships and certifications to promote transparency in the supply chain.
Local special circumstances: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, BRICS countries have distinct factors influencing their market dynamics. In Brazil, the consumption of seafood is deeply embedded in their culture, leading to a high demand for a variety of seafood products. In Russia, the vast coastline and inland waterways provide ample opportunities for fishing, leading to a significant export market. In China, the growing middle class and their preference for healthy and sustainable seafood options have led to a rise in aquaculture production. In India, government initiatives to boost seafood exports and increasing disposable income have fueled the growth of the market. In South Africa, strict regulations and sustainability efforts have led to a rise in locally sourced and traceable seafood products.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As economies around the world continue to grow, the demand for high-quality and sustainable seafood products has also increased. This has led to a rise in investments in the seafood industry, resulting in the expansion of production and distribution channels. Additionally, countries with favorable policies and strong economic growth are experiencing faster market growth, as they have the resources to invest in sustainable fishing practices and advanced technologies for seafood production. However, regions with economic challenges and limited resources may face difficulties in meeting the growing demand for fresh seafood, which could potentially hinder market growth. Furthermore, the increasing awareness about healthy eating and the benefits of seafood consumption has also contributed to the growth of the Fresh Seafood Market, as consumers are willing to pay a premium for high-quality, sustainably sourced seafood products.
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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