Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in China is facing subdued growth, influenced by factors such as changing consumer preferences and increased competition. Despite this, the market is expected to continue growing due to the convenience and health benefits of consuming fresh seafood.
Customer preferences: Consumers in China are becoming more health-conscious, leading to a rise in demand for fresh and sustainably sourced seafood. This trend is driven by a growing awareness of the health benefits of seafood, as well as concerns over food safety and environmental sustainability. Additionally, the younger generation is increasingly interested in trying new and exotic seafood, influenced by their exposure to global cuisines through social media and travel. This has led to a shift towards online seafood purchases, as well as an increase in seafood restaurants and specialty seafood markets.
Trends in the market: In China, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and traceable seafood products. Consumers are becoming more health-conscious and are willing to pay a premium for high-quality, ethically-sourced seafood. This trend aligns with the Chinese government's push for stricter regulations on food safety and sustainability. As a result, there is a growing interest in aquaculture and technology-driven solutions for seafood production. This trend presents opportunities for industry stakeholders to invest in sustainable practices and innovative technologies to meet the evolving consumer demands.
Local special circumstances: In China, the Fresh Seafood Market within the Fish & Seafood Market of The Food market is heavily influenced by the country's vast coastline and rich seafood resources. The seafood industry is deeply embedded in Chinese culture and plays a significant role in traditional cuisine. Additionally, strict regulatory measures and food safety concerns have led to the development of a robust supply chain and quality control system. China's growing middle class and increasing demand for high-quality seafood have also contributed to the market's growth, leading to the emergence of e-commerce platforms and online ordering services for seafood products.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors in China. The country's strong economic growth, stable political environment, and growing middle class have resulted in increased consumer spending on premium and healthy food products. This has created a favorable market for fresh seafood, as consumers are increasingly health-conscious and willing to pay a premium for high-quality, fresh seafood products. Additionally, China's growing population and rising disposable income are expected to continue driving the demand for fresh seafood in the coming years. Furthermore, government initiatives promoting sustainable fishing practices and increasing investment in seafood processing infrastructure are also expected to support the growth of the Fresh Seafood Market in China.
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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