Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood market in NAFTA has seen minimal growth due to factors such as fluctuating seafood prices, stricter regulations on fishing, and concerns over sustainable sourcing. Despite this, the market continues to attract consumers with its high-quality and diverse offerings.
Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably sourced and ethically harvested seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. This trend is driven by a desire for transparency and accountability in the food industry, as well as a growing awareness of the environmental impact of traditional fishing methods. Additionally, consumers are increasingly seeking out seafood options that align with their cultural and dietary preferences, such as plant-based or gluten-free options. This shift towards mindful consumption is expected to drive growth in the market for fresh seafood.
Trends in the market: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, there is a noticeable trend of increasing consumer demand for sustainably sourced seafood products. This trend is driven by consumers' growing awareness of the environmental impact of overfishing and the importance of preserving marine ecosystems. As a result, industry stakeholders are investing in sustainable fishing practices and certification, such as the Marine Stewardship Council (MSC) certification, to meet this demand. This trend is expected to continue in the coming years, with potential implications for industry players who fail to adapt to sustainable practices and consumer preferences.
Local special circumstances: In the Fresh Seafood Market of the Fish & Seafood Market within The Food market, local factors play a significant role in shaping market dynamics. For example, in coastal regions of Japan, seafood is a staple food and cultural tradition, leading to a high demand for fresh, high-quality seafood. In contrast, in landlocked countries like Switzerland, imports are necessary to meet the demand for seafood, making logistics a critical factor in market operations. Additionally, strict regulations on fishing and aquaculture practices also impact the availability and variety of seafood products in different markets.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as availability and cost of raw materials, consumer demand, and trade policies. In countries with a strong seafood industry, such as Canada, Mexico, and the United States, there is a robust demand for fresh seafood due to consumer preferences and cultural traditions. However, fluctuations in international trade agreements, such as NAFTA, can significantly impact the cost and availability of seafood, thereby influencing market performance. Additionally, economic health and fiscal policies of these countries can also affect consumer purchasing power and demand for fresh seafood, further shaping the market landscape.
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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