Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood market in Morocco has shown minimal growth in recent years, influenced by factors such as changing consumer preferences, increasing competition, and fluctuating seafood prices. Despite this, the market is expected to continue growing due to the country's rich seafood resources and growing demand for healthy and sustainable food options.
Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a growing demand for sustainably sourced and locally caught seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. This trend is driven by cultural preferences for fresh and ethically sourced food, as well as concerns about the impact of global fishing practices on marine ecosystems. Additionally, there has been an increase in demand for convenience and pre-packaged seafood options, catering to busy lifestyles and changing dietary preferences.
Trends in the market: In Morocco, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and locally sourced seafood. This trend is driven by increasing consumer awareness and concerns about overfishing and environmental sustainability. As a result, there is a growing number of eco-certified seafood suppliers and a rise in the availability of certified sustainable seafood options in supermarkets and restaurants. These changes are significant as they reflect a shift towards more responsible consumption patterns and have the potential to positively impact the entire seafood industry. Industry stakeholders will need to adapt to these trends by investing in sustainable practices and promoting transparency in their supply chain. Failure to do so may lead to a loss of consumer trust and market share.
Local special circumstances: In Morocco, the Fresh Seafood Market of the Fish & Seafood Market within The Food market has a unique dynamic due to its coastal location and strong fishing industry. The market is heavily influenced by traditional fishing methods and cultural preferences for fresh seafood. Additionally, government regulations play a key role in determining the availability and pricing of seafood products. This creates a market that is highly dependent on local factors and differs significantly from other markets in the region.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily affected by macroeconomic factors in Morocco. The country's economic growth, stability, and government policies have a significant impact on the performance of the market. Additionally, global economic trends, such as trade agreements and tariffs, can also influence the market. The growing population and increasing income levels in Morocco have led to a higher demand for seafood, driving market growth. However, fluctuating oil prices and currency exchange rates can affect the cost of imported seafood, impacting market prices and profitability. Government initiatives to promote sustainable fishing practices and improve infrastructure for seafood exports can also impact market performance.
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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