Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood market in Cambodia is experiencing subdued growth due to factors such as limited supply and changing consumer preferences. However, the growing demand for healthy and sustainable food options is expected to drive the market's growth in the near future.
Customer preferences: The rise of sustainable and ethical consumerism has also influenced the Fresh Seafood Market in Cambodia. Consumers are now more concerned about the sourcing and production methods of their seafood, leading to a growing demand for locally-sourced and responsibly-caught seafood. This shift is also reflected in the increasing popularity of seafood restaurants and markets that promote sustainable seafood options. Additionally, with the growing health consciousness among consumers, there is a trend towards purchasing seafood that is free from harmful additives and preservatives.
Trends in the market: In Cambodia, the fresh seafood market is experiencing a growing trend towards sustainable fishing practices and traceable seafood products. This is driven by consumer demand for ethically sourced seafood and a push from industry stakeholders to improve sustainability standards. Additionally, there is a rise in e-commerce platforms for seafood, making it more accessible to consumers. These trends are significant in promoting environmental and social responsibility in the seafood industry. However, they also pose challenges for small-scale fishermen who may struggle to meet these standards and compete with larger players. As the market continues to evolve, it will be crucial for industry stakeholders to address these challenges and harness the potential benefits of sustainable and traceable seafood for both consumers and the industry.
Local special circumstances: In Cambodia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and rich seafood culture. The market is also regulated by strict food safety standards, ensuring the quality and freshness of seafood products. Additionally, the local preference for live seafood over frozen or processed products drives demand for daily catches and supports the livelihoods of local fishermen. These unique factors contribute to the market's dynamic growth and offer a diverse range of fresh seafood options for consumers.
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, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies that support the seafood industry experience higher market growth compared to regions with economic instability and limited government support. Additionally, the rising demand for seafood in both local and international markets, along with the increasing focus on sustainable fishing practices, is driving the growth of the Fresh Seafood Market in Cambodia. This is further supported by the country's strategic location, which allows for easy access to abundant seafood resources in the surrounding waters.
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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