Key regions: South Korea, Canada, China, Japan, United States
The Indian Fish & Seafood Market within The Food market has been experiencing moderate growth, driven by factors such as increasing demand for fresh seafood, rising health consciousness among consumers, and the convenience of online seafood services. This trend is expected to continue due to the mild growth rate of the market.
Customer preferences: As India's population becomes more health-conscious, there has been a noticeable increase in demand for fresh seafood. Consumers are now prioritizing sustainable and ethically sourced options, with a focus on locally caught or farmed seafood. Additionally, there has been a rise in demand for ready-to-eat and value-added seafood products, catering to the busy lifestyles of urban consumers. This trend is also influenced by the increasing popularity of international cuisines, leading to a greater diversity in seafood consumption.
Trends in the market: In India, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and eco-friendly seafood options. This trend is driven by the growing awareness of consumers towards environmental conservation and ethical sourcing. As a result, there is a rise in the use of aquaculture techniques and certifications for sustainable seafood production. This trend is likely to continue, with the potential to create new market opportunities for industry players and positively impact the environment.
Local special circumstances: In India, the Fresh Seafood market is heavily influenced by the country's vast coastline and rich marine resources, leading to a diverse range of seafood offerings. Additionally, cultural preferences and religious beliefs play a significant role in shaping the market, with many consumers preferring certain types of seafood based on their regional traditions. Furthermore, the government's regulations on fishing and aquaculture practices also impact the availability and quality of seafood in the market. These unique local factors contribute to the dynamic and ever-evolving nature of the Fresh Seafood Market in India, setting it apart from other markets in the Fish & Seafood Market within The Food market industry.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in India is heavily impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. India's rapidly growing economy and rising disposable incomes are driving the demand for fresh seafood, leading to market growth. Additionally, government initiatives such as the Blue Revolution and the National Fisheries Development Board are aimed at boosting the fisheries sector and promoting sustainable aquaculture practices, further driving market growth. However, challenges such as high import costs, lack of adequate infrastructure, and changing consumer preferences towards plant-based diets are hindering market growth in India.
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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