Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Mexico is experiencing minimal growth, impacted by factors such as fluctuating consumer demand, increasing competition, and limited availability of resources. Despite this, the market continues to thrive due to the growing popularity of seafood in Mexican cuisine and the convenience of online seafood shopping.
Customer preferences: In Mexico's Fresh Seafood Market, there is a growing demand for sustainable and locally-sourced seafood products. This trend is driven by consumer concerns about the environmental impact of large-scale fishing and an increasing focus on supporting local businesses. Additionally, there is a growing preference for healthy and nutritious seafood options, with consumers seeking out high-protein and low-fat options to align with their evolving dietary preferences. This shift towards healthier and more conscious consumption is also influenced by the rise of wellness and clean eating trends in Mexican society.
Trends in the market: In Mexico, the Fresh Seafood Market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by consumers' increasing awareness of the environmental impact of seafood consumption and their desire for healthier options. As a result, industry stakeholders are investing in sustainable fishing practices and certification programs to meet this demand. Additionally, there is a growing interest in locally sourced seafood, with consumers seeking out products from small-scale fisheries. This trend is expected to continue, with potential implications for the industry including increased competition and the need for transparent and traceable supply chains.
Local special circumstances: In Mexico, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's extensive coastline and rich marine biodiversity. This allows for a wide variety of fresh seafood options, ranging from shrimp and fish to octopus and mussels, to be readily available to consumers. Additionally, the strong cultural tradition of seafood consumption in Mexico has contributed to the market's steady growth. The government's strict regulations on fishing and aquaculture practices also play a crucial role in maintaining the sustainability and quality of Mexican seafood, making it a highly sought-after commodity both domestically and internationally.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is impacted by a number of macroeconomic factors in Mexico. The country's strong economic growth and stable political environment have led to a growing middle class with increased purchasing power for high quality seafood products. Additionally, the government has implemented favorable trade policies and invested in modernizing the fishing industry, allowing for increased production and export capabilities. However, fluctuations in global seafood prices and changing consumer preferences towards sustainable and ethically sourced seafood can also impact the market's performance. Additionally, Mexico's dependence on seafood imports from other countries can also be a factor in 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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