Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Malaysia is experiencing minimal growth due to various factors such as low consumer awareness of seafood's nutritional benefits, limited accessibility to fresh seafood, and competition from other protein sources. Despite this, the market is expected to see slight growth as more consumers become health-conscious and seek out fresh seafood options.
Customer preferences: Consumers in Malaysia are becoming more health-conscious and are looking for fresh and sustainable seafood options. This shift in consumer preferences is driven by a growing awareness of the environmental impact of unsustainable fishing practices. Additionally, with the rise of social media and food blogging, there is a greater demand for unique and visually appealing seafood dishes, leading to an increase in demand for premium and exotic seafood varieties. This trend is also influenced by the growing middle class in Malaysia, with more disposable income to spend on high-quality seafood products.
Trends in the market: In Malaysia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is seeing a surge in online seafood delivery services due to the COVID-19 pandemic. This trend is expected to continue even after the pandemic subsides, with consumers becoming more accustomed to the convenience of ordering seafood online. Additionally, there is a growing demand for sustainable and traceable seafood, leading to the rise of e-commerce platforms that specialize in ethically-sourced seafood. These trends have significant implications for industry stakeholders, who must adapt to the shift towards online platforms and prioritize sustainable practices to meet consumer demands.
Local special circumstances: In Malaysia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location as a major producer of seafood. The market is also shaped by the diverse cultural influences of Malay, Chinese, and Indian cuisines, resulting in a variety of seafood dishes and preparations. Additionally, strict government regulations on sustainable fishing practices have led to a focus on locally sourced and ethically caught seafood, driving consumer demand for fresh and high-quality seafood products.
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. The market growth is closely tied to the overall economic performance of Malaysia, as it is a major exporter of seafood to other countries. Positive economic conditions, such as strong GDP growth and stable inflation rates, can lead to increased demand for seafood products, while economic downturns can have a negative impact on market growth. Furthermore, government policies and investments in the seafood industry can also greatly influence the market's performance. For example, initiatives to improve the sustainability and quality of seafood production can attract more consumers and boost market growth. On the other hand, strict regulations and trade barriers can hinder market growth.
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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