Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Hungary has shown minimal growth, influenced by factors such as consumer preference for local and sustainable seafood, government regulations on fishing, and limited access to international markets. However, the market is expected to experience steady growth due to increasing health consciousness and the availability of online seafood shopping options.
Customer preferences: Consumer preferences in Hungary have shifted towards more sustainable and ethically sourced seafood options, as environmental concerns have become more prevalent. This has led to an increase in demand for locally caught and organic seafood, with consumers valuing transparency and traceability in their food choices. Additionally, there has been a growing interest in international cuisine, particularly Asian and Mediterranean flavors, which has also impacted the types of seafood products being sold in the market. Furthermore, the rise of health-consciousness and a focus on clean eating has led to a demand for fresh and minimally processed seafood, as well as an increase in online shopping for seafood products.
Trends in the market: In Hungary, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. Consumers are increasingly aware of the environmental impact of their food choices and are seeking out responsibly caught or farmed seafood. This trend is expected to continue, with a growing emphasis on traceability and transparency in the seafood supply chain. This presents both challenges and opportunities for industry stakeholders, who must adapt to meet these changing consumer preferences while also ensuring the long-term sustainability of the market. Additionally, the rise of e-commerce and online food delivery services in Hungary is opening up new avenues for seafood retailers to reach a wider customer base. This trend is likely to continue as consumers increasingly prioritize convenience and ease of access in their food purchases.
Local special circumstances: In Hungary, the Fresh Seafood Market within the Fish & Seafood Market is heavily influenced by the country's landlocked location and limited access to fresh seafood. As a result, the market is dominated by imported seafood, with a focus on frozen and canned products. Additionally, cultural preferences and dietary habits also play a significant role, with Hungarian cuisine traditionally featuring meat and dairy products over seafood. These factors create a unique market dynamic, with a strong demand for high-quality, sustainably-sourced seafood products.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Hungary is heavily influenced by macroeconomic factors such as consumer spending power, government policies, and global trade agreements. The country's strong economic growth and rising disposable income levels have led to an increase in demand for high-quality seafood products. Additionally, the government's support for sustainable fishing practices and investments in modernizing the fishing industry have positively impacted the market's growth. Furthermore, Hungary's participation in the European Union's Common Fisheries Policy has opened up opportunities for trade and export, contributing to the market's expansion.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
