Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the Fish & Seafood Market within The Food market of EAEU has shown subdued growth due to factors such as limited availability of seafood, strict regulations, and changing consumer preferences. Despite this, the market is expected to grow moderately in the coming years as consumers become more health-conscious and demand for sustainable seafood increases.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably sourced and locally caught seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. This trend is driven by a desire for transparency and traceability in the food supply chain, as well as a preference for supporting small-scale, community-based fishing operations. Additionally, there is a rising interest in alternative seafood options, such as plant-based and lab-grown alternatives, as consumers look for more ethical and environmentally friendly choices.
Trends in the market: In the EAEU, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable and eco-friendly practices. This trend is driven by consumer demand for ethically-sourced seafood and government regulations promoting sustainability. As a result, companies are investing in technology and processes to reduce waste and improve traceability in the supply chain. This trend is expected to continue, with a focus on innovation and collaboration among industry stakeholders to ensure the long-term viability of the market.
Local special circumstances: In the EAEU, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's long-standing fishing traditions and deep connection to the sea. This cultural aspect drives demand for fresh, locally caught seafood, and encourages the development of sustainable fishing practices. Additionally, the regulatory environment in the EAEU promotes the use of traceable and eco-friendly fishing methods, ensuring high-quality products for consumers. These factors set the EAEU market apart from others, shaping its unique dynamics and creating opportunities for growth and innovation.
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 other relevant financial indicators. For example, countries with strong economic growth and stable political environments tend to have higher demand for fresh seafood, as consumers have more disposable income to spend on premium food products. Additionally, favorable trade agreements and policies, such as those within the Eurasian Economic Union, can also significantly impact the flow of fresh seafood in the market. Furthermore, fluctuations in currency exchange rates can greatly influence the cost and availability of imported seafood, which can impact market performance. Overall, the macroeconomic landscape plays a crucial role in shaping the trends and growth of the Fresh Seafood Market, making it imperative for market players to closely monitor and adapt to these factors.
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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