Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the G7 region has seen minimal growth, impacted by factors such as fluctuating seafood prices, changing consumer preferences for plant-based diets, and concerns over sustainability in the fishing industry. Despite these challenges, the market continues to offer a diverse range of high-quality seafood options for consumers.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably sourced seafood in the Fresh Seafood Market. This trend is driven by a desire for ethically and environmentally responsible food choices. Additionally, with the rise of social media and online platforms, consumers are increasingly relying on digital platforms to research and make informed decisions about their seafood purchases. This shift towards digital information and transparency highlights a growing emphasis on responsible and conscious consumerism in the Fresh Seafood Market.
Trends in the market: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, there is a noticeable trend towards sustainable and ethically sourced seafood. This is driven by increasing consumer demand for transparency and sustainability in their food choices. As a result, many industry stakeholders are implementing sustainable fishing practices and certifications, as well as promoting traceability and transparency in their supply chains. This trend is expected to continue, as consumers become more conscious of the environmental and social impact of their food choices. This presents opportunities for companies to differentiate themselves and attract environmentally and socially conscious consumers. However, it also poses challenges for smaller businesses and may require significant investments in technology and infrastructure to meet these demands.
Local special circumstances: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, the geographical location plays a crucial role in market dynamics. For instance, in coastal regions such as Japan and Iceland, seafood is a staple part of the diet, leading to a high demand for fresh seafood. In contrast, landlocked countries like Switzerland and Austria have a smaller market for fresh seafood due to limited access and higher prices. Additionally, cultural factors, such as dietary preferences and traditions, also influence the types of seafood consumed and the demand for certain varieties. Furthermore, regulatory circumstances, such as quotas and fishing regulations, can significantly impact the availability and pricing of fresh seafood in 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 global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, countries with stable economic conditions and strong consumer purchasing power are likely to experience higher demand for fresh seafood products. Additionally, favorable government policies and investments in the seafood industry can drive market growth, while economic instability and trade disputes can negatively impact the market. Furthermore, shifting consumer preferences towards healthier and sustainable food options are also influencing the growth of the Fresh Seafood Market.
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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