Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the Nordics has seen minimal growth due to factors such as limited seafood resources and strict regulations on fishing. However, with increasing consumer demand for healthy and sustainable food options, the market is expected to see a gradual rise in the coming years.
Customer preferences: Consumers in the Nordics are showing a growing preference for sustainably sourced and traceable seafood products, reflecting their strong cultural values of environmental responsibility and transparency. This trend is further driven by the increasing awareness of the health benefits of a diet rich in fresh seafood, as well as the growing demand for organic and natural products. Additionally, the rise in popularity of online grocery shopping and home delivery services has led to a greater demand for convenient and high-quality seafood options, catering to busy and health-conscious consumers.
Trends in the market: In Nordics, the Fresh Seafood market is witnessing a surge in demand for sustainably sourced seafood, driven by increasing consumer awareness and government regulations promoting sustainable fishing practices. In addition, there is a growing trend of using e-commerce platforms to purchase seafood, with online seafood sales projected to increase in the coming years. This trend presents opportunities for industry stakeholders to improve their online presence and expand their customer base. Moreover, the use of blockchain technology for traceability and transparency in the seafood supply chain is gaining momentum, providing a competitive edge for companies that prioritize sustainability. These trends signal a shift towards more sustainable and technologically advanced practices in the Fresh Seafood market, which can lead to improved consumer trust and long-term profitability for industry players.
Local special circumstances: In the Nordics, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's strong fishing industry and cultural traditions of consuming fresh, locally sourced seafood. This has led to a high demand for sustainably caught seafood and a focus on traceability and transparency in the supply chain. Additionally, strict regulations and certifications for seafood products have been implemented, ensuring high quality and safety standards. This unique combination of factors has created a highly competitive and dynamic market for fresh seafood in the Nordics.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global trade policies, consumer preferences, and environmental regulations. Countries with strong economic growth and stable political environments tend to have higher demand for fresh seafood, driving market growth. In addition, increasing awareness about sustainable fishing practices and the environmental impact of seafood consumption is influencing consumer purchasing decisions. Moreover, fluctuations in currency exchange rates and trade agreements between countries can significantly affect the availability and prices of fresh seafood products in the market. These macroeconomic factors are expected to continue shaping the Fresh Seafood Market in the Nordics and globally, with a growing emphasis on sustainability and responsible sourcing driving 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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