Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in LATAM is seeing subdued growth, influenced by factors such as limited consumer awareness and slow adoption of online services. Despite this, the market is still driven by the rising demand for fresh and healthy seafood options.
Customer preferences: Consumers in LATAM are showing a growing preference for sustainably-sourced fresh seafood, driven by a rising awareness of the environmental impact of fishing practices. This trend is being further reinforced by a cultural emphasis on traditional fishing methods and responsible consumption. Additionally, demographic shifts towards younger, health-conscious consumers are driving demand for healthier seafood options, such as wild-caught and organic seafood. As a result, seafood suppliers and retailers are increasingly focusing on sustainability and traceability to meet these evolving consumer preferences.
Trends in the market: In LATAM, the Fresh Seafood Market is experiencing a surge in demand for sustainable and ethically-sourced seafood, driven by consumer awareness of the environmental impact of the fishing industry. This trend is expected to continue as consumers become more conscious of their food choices and demand transparency from seafood suppliers. As a result, industry stakeholders are investing in sustainable fishing practices and certifications, such as the Marine Stewardship Council, to meet this growing demand. Additionally, there is a rise in e-commerce platforms for fresh seafood, enabling consumers to access a wider range of products and supporting the growth of the market. This trend is expected to have a positive impact on the industry, promoting sustainable practices and providing consumers with more options for purchasing fresh, high-quality seafood.
Local special circumstances: In LATAM, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's vast coastline and rich marine resources. This allows for a wide variety of fresh and diverse seafood options to be available, catering to the local preferences and tastes. Additionally, cultural traditions and culinary practices heavily influence the demand for seafood, with certain varieties being considered delicacies. Regulatory factors also play a significant role, with strict regulations in place to ensure food safety and sustainability of seafood sources. These unique factors contribute to the dynamic and competitive nature of the Fresh Seafood Market in LATAM.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors in LATAM. The overall economic trends, including GDP growth and inflation rates, can impact consumer spending and demand for fresh seafood products. Fiscal policies, such as tariffs and trade agreements, can also affect the availability and pricing of imported seafood in the market. Additionally, the national economic health of each country in the region plays a significant role in the purchasing power of consumers and their willingness to pay for premium seafood products. Other financial indicators, such as exchange rates and income levels, can also influence market performance in 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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