Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in CIS is facing subdued growth due to various factors such as decreasing consumer demand, limited availability of fresh seafood, and economic instability. Despite this, the market continues to grow moderately, driven by factors such as increasing health consciousness and the convenience of online seafood shopping.
Customer preferences: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced and locally caught seafood. This trend is driven by a growing awareness of the environmental impact of industrial fishing and the desire for fresher and higher quality seafood. Additionally, there is a growing interest in seafood as a healthy protein option, with consumers seeking out seafood that is free from additives and preservatives. This shift in consumer preferences towards sustainable and locally sourced seafood is also influenced by the rise of eco-conscious and health-conscious consumers.
Trends in the market: In the CIS region, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and concerns about overfishing and environmental sustainability. As a result, industry stakeholders are investing in sustainable sourcing practices and certifications to meet consumer demands. This trend is expected to continue, with potential implications for price and availability of seafood products in the market. Additionally, there is a growing interest in online seafood marketplaces, allowing consumers to purchase fresh seafood directly from fishermen and reducing the environmental impact of transportation. This trend is likely to shape the future of the Fresh Seafood Market in the CIS and could potentially disrupt traditional distribution channels.
Local special circumstances: In the CIS region, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the unique geographical and cultural characteristics of the region. With its vast coastlines and rich marine resources, countries like Russia and Ukraine have a strong seafood culture and demand for fresh, locally sourced seafood. Additionally, strict regulations on imports and exports in countries like Kazakhstan and Uzbekistan have created a strong domestic market for seafood, driving the growth of the Fresh Seafood Market in the CIS region. These factors make the market dynamics of the region distinct from other markets, leading to unique opportunities and challenges for businesses operating in this market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted 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 financial policies tend to have a higher demand for fresh seafood, leading to increased market growth. Additionally, countries with a growing middle class and higher disposable income are also driving the demand for premium and luxury seafood products. On the other hand, countries with a weak economy and high inflation rates may experience slower market growth due to reduced consumer spending on non-essential items like fresh seafood. Moreover, the increasing focus on sustainable and environmentally-friendly seafood production is also shaping the market, with government regulations and consumer preferences playing a significant role in market performance.
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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