Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Mongolia is experiencing limited growth due to various factors such as low consumer awareness, limited access to technology, and traditional eating habits. However, with increasing demand for healthier food options and government initiatives to promote the seafood industry, the market is expected to gradually grow in the coming years.
Customer preferences: As the demand for healthier and more sustainable food options increases globally, consumers in Mongolia are showing a growing preference for locally sourced and fresh seafood. This trend is largely driven by a cultural appreciation for traditional Mongolian cuisine and a desire for more environmentally friendly and ethically sourced food. Additionally, with an increasing focus on health and wellness, consumers are seeking out seafood that is free from artificial additives and preservatives. This shift towards fresh and local seafood is also influenced by a growing awareness of the health benefits of a diet rich in seafood, such as high levels of omega-3 fatty acids and other essential nutrients.
Trends in the market: In Mongolia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced seafood. Consumers are increasingly aware of the environmental impact of overfishing and are seeking out suppliers that prioritize sustainability. This trend is expected to continue, with potential implications for industry stakeholders including the need for more transparent and traceable supply chains, as well as potential shifts in consumer preferences towards certified sustainable seafood products. Additionally, there is a growing interest in locally sourced seafood, with an emphasis on supporting small-scale fisheries and promoting food security in the region. As such, industry players may need to adapt their sourcing and marketing strategies to cater to these changing trends.
Local special circumstances: In Mongolia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's nomadic culture and landlocked geography. These factors limit the availability of fresh seafood in the market, resulting in a higher demand for imported seafood products. Additionally, strict regulations on fishing and aquaculture practices also impact the market dynamics, as they aim to preserve the country's natural resources. These unique circumstances create a niche market for high-quality, sustainably sourced seafood products.
Underlying macroeconomic factors: The Fresh Seafood Market within the Fish & Seafood Market of The Food market in Mongolia is impacted by various macroeconomic factors. The global economic trends, such as the growing demand for high-quality and sustainable seafood, have a significant influence on the market. Additionally, the national economic health and fiscal policies of Mongolia, like import duties and taxation, can affect the cost of seafood production and, in turn, the market. Furthermore, other financial indicators, such as exchange rates and inflation rates, can also impact market performance in Mongolia. The overall economic stability and growth of the country play a crucial role in driving the demand for fresh seafood in the 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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