Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the G20 region has been steadily growing, driven by factors such as increasing demand for healthier food options, growing awareness of sustainable fishing practices, and the convenience of online seafood purchasing. However, the market's growth rate remains minimal due to challenges such as fluctuating fish populations and stricter regulations on fishing.
Customer preferences: Consumers are becoming more health-conscious and are looking for sustainable and environmentally friendly options when it comes to purchasing seafood. This has led to a rise in demand for locally sourced and wild-caught seafood, with consumers prioritizing freshness and sustainability over convenience. Additionally, there is a growing trend towards purchasing seafood directly from fishermen or through community-supported fisheries, indicating a preference for transparency and a closer connection to the source of their food. These shifts in consumer preferences are also influenced by a growing awareness of the impact of overfishing and the importance of preserving marine ecosystems.
Trends in the market: In the G20, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and traceable seafood. This trend is driven by growing consumer demand for ethically-sourced and environmentally-friendly products. As a result, companies are implementing more transparent supply chains and investing in sustainable fishing practices. This trend is significant as it aligns with global efforts to combat overfishing and promote responsible consumption. However, it may also pose challenges for smaller, traditional seafood suppliers who may struggle to meet these new standards. Overall, this trend has the potential to improve the long-term viability of the seafood industry and benefit all stakeholders involved.
Local special circumstances: In the G20 countries, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the unique geographical circumstances of each country. For example, in Japan, the market is driven by the demand for high-quality and fresh seafood due to its coastal location. In Australia, the market is influenced by strict regulations on sustainable fishing practices, leading to a focus on eco-friendly and ethically sourced seafood. In the United States, the market is shaped by a diverse population with different seafood preferences, resulting in a wide variety of seafood options available.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly 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, as consumers have more disposable income to spend on premium products. Additionally, countries with favorable trade agreements and policies that support the import and export of seafood also contribute to the growth of the market. On the other hand, economic downturns and unstable fiscal policies can result in a decline in market demand, as consumers prioritize essential goods over premium seafood products. Furthermore, environmental and sustainability concerns, such as overfishing and pollution, can also impact the market, as consumers are becoming more conscious of the social and environmental impact of their food choices.
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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