Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in GCC is experiencing minimal growth due to various factors such as fluctuating seafood prices, strict regulations, and limited consumer awareness. Despite these challenges, increasing demand for healthy and sustainable food options is driving the market's growth.
Customer preferences: With the rising demand for healthier and more sustainable food options, consumers are increasingly turning to fresh seafood in the GCC region. This trend is driven by a growing awareness of the health benefits of seafood, as well as a desire for more diverse and exotic flavors. Additionally, the shift towards a more health-conscious lifestyle and a greater emphasis on food safety have also contributed to the increasing popularity of fresh seafood in the region. As a result, there has been a rise in demand for traceable and sustainably sourced seafood products in the GCC fresh seafood market.
Trends in the market: In the GCC region, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood products. This trend is driven by increasing consumer awareness about the environmental impact of overfishing and the importance of supporting responsible fishing practices. As a result, retailers and suppliers are increasingly offering transparency and traceability in their products, highlighting the source and method of catch. This trend is expected to continue, as consumers prioritize ethical and eco-friendly purchasing decisions. For industry stakeholders, this presents an opportunity to differentiate their products and build trust with consumers. However, it also requires investments in sustainable fishing practices and supply chain transparency. Failure to meet these expectations may result in losing market share to competitors who prioritize sustainability.
Local special circumstances: In the GCC, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's geographic location and cultural preferences. The Gulf countries have a strong tradition of seafood consumption, with a large coastal population and a rich fishing history. This has led to a high demand for fresh, locally caught seafood in the market. Additionally, the region's strict halal certification requirements for food products have also impacted the seafood market, with a preference for halal-certified seafood among Muslim consumers. Furthermore, the GCC's regulatory framework, which focuses on food safety and traceability, has also played a significant role in shaping the market dynamics, ensuring the availability of high-quality seafood for consumers.
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 financial indicators. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for fresh seafood, leading to increased market growth. Additionally, investments in infrastructure and technology in the seafood industry have a significant impact on market performance. Moreover, consumer preferences and spending patterns, influenced by economic conditions, also play a crucial role in shaping 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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