Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Canada has shown minimal growth, influenced by factors such as limited supply due to overfishing, increasing health concerns over mercury levels in seafood, and competition from alternative protein sources. Despite this, the market is expected to continue its steady growth due to the high demand for fresh and sustainable seafood options.
Customer preferences: As Canadians become more health-conscious, there is a growing demand for sustainably-sourced and locally-caught seafood in the Fresh Seafood Market. This trend is driven by a desire for transparency and ethical consumption practices. Additionally, with the rise of online grocery shopping and meal delivery services, consumers are increasingly looking for convenient ways to incorporate fresh seafood into their diets. This has also led to a surge in demand for ready-to-cook seafood meal kits, catering to busy lifestyles and a desire for easy, healthy meal options.
Trends in the market: In Canada, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and ethically sourced seafood. This trend is driven by consumer awareness of the environmental impact of overfishing and the importance of supporting local fishermen. As a result, there is a growing market for certifications such as Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC). Additionally, there is a shift towards online seafood marketplaces, allowing consumers to easily access a wider variety of fresh and frozen seafood products. These trends are expected to continue, presenting opportunities for industry stakeholders to differentiate their products and cater to the evolving preferences of consumers.
Local special circumstances: In Canada, the Fresh Seafood Market is heavily influenced by the country's vast coastlines and rich fishing industry. With a strong emphasis on sustainability, the market is driven by eco-conscious consumers and strict regulations on fishing practices. Additionally, Canada's diverse cultural influences have led to a wide variety of seafood offerings, including popular imports such as sushi from Japan and lobster from the East Coast. These factors contribute to the market's unique dynamics and growing demand for high-quality, locally sourced seafood.
Underlying macroeconomic factors: The performance of the Fresh Seafood Market within the Fish & Seafood Market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for fresh seafood, driving market growth. In addition, countries with favorable regulatory environments and supportive policies for the seafood industry are experiencing faster market growth compared to regions with regulatory challenges and limited support. The increasing demand for healthier food options and the growing awareness of the health benefits of seafood are also contributing to the growth of the Fresh Seafood 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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