Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Egypt has shown subdued growth, impacted by factors such as limited consumer awareness and challenges in supply chain management. However, the market is expected to experience moderate growth due to increasing demand for healthy and sustainable seafood options.
Customer preferences: In Egypt, there is a growing demand for sustainably sourced and locally caught seafood, driven by the increasing awareness of environmental impact and health benefits. Additionally, with the rise of social media and influencers, there is a trend towards more visually appealing seafood dishes, leading to an emphasis on presentation and freshness. This has also sparked an interest in lesser-known seafood varieties, as consumers seek unique and authentic dining experiences. Furthermore, the rise in health-consciousness has led to a shift towards healthier cooking methods, such as grilling and steaming, rather than deep frying. These trends reflect a growing interest in sustainable and healthier food options, influenced by cultural values and demographic shifts towards a more health-conscious and socially aware population.
Trends in the market: In Egypt, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and ethically sourced seafood products. This trend is in response to growing consumer demand for environmentally friendly and socially responsible options. Industry players are also investing in advanced technologies to improve traceability and reduce waste in the supply chain. These developments have significant implications for stakeholders, including increased competitiveness and improved consumer trust. However, challenges such as high costs and lack of infrastructure may hinder the trajectory of these trends.
Local special circumstances: In Egypt, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's location along the Mediterranean Sea and the Red Sea. This has led to a diverse range of seafood offerings, with a focus on locally caught fish and shellfish. Additionally, the cultural preference for fresh and high-quality seafood has driven the growth of the market. On the regulatory front, the government has implemented strict import regulations to protect the local market, leading to a reliance on domestic seafood production and contributing to the uniqueness of the market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending power, trade policies, and global seafood supply and demand. Countries with strong economic growth and favorable seafood trade agreements are likely to experience higher demand and prices for fresh seafood products. On the other hand, countries with weaker economic conditions and stricter trade regulations may see a decline in demand and prices for fresh seafood. The increasing awareness of health and sustainability among consumers is also a significant macroeconomic factor driving the growth of the Fresh Seafood Market, as consumers are willing to pay a premium for ethically and sustainably sourced seafood products.
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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