Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood market in Northern Africa is experiencing subdued growth due to various factors such as limited access to resources, low consumer awareness, and lack of infrastructure. Despite this, increasing demand for healthy food options and convenience of online services may drive growth in the future.
Customer preferences: The Fresh Seafood Market of the Fish & Seafood Market within The Food market has seen a rise in consumer demand for sustainably-sourced seafood products. This trend is driven by growing awareness of the environmental impacts of overfishing and the desire for ethically-sourced food. Additionally, there has been an increase in demand for locally-sourced seafood, as consumers prioritize supporting small-scale, community-based fishing operations. This shift in preferences highlights a growing interest in responsible and conscious consumption among consumers.
Trends in the market: In Northern Africa, there is a growing trend towards sustainable seafood production and consumption. This is driven by increasing awareness of the environmental impact of overfishing and the importance of preserving marine ecosystems. In the Fresh Seafood Market, there is a rising demand for traceable and ethically sourced seafood, with consumers willing to pay a premium for these products. This trend is expected to continue, with potential implications for industry stakeholders such as seafood suppliers and retailers, who may need to adapt their practices to meet consumer preferences and maintain a competitive edge in the market.
Local special circumstances: In Northern Africa, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's proximity to the Mediterranean Sea and the Atlantic Ocean. This allows for a diverse range of seafood to be caught and sold, creating a unique and vibrant market. Additionally, cultural preferences for fresh and locally sourced seafood drive demand in this region. Regulatory bodies also play a significant role in the market, implementing strict standards for fishing practices and ensuring the safety and quality of seafood products. These factors contribute to the dynamic and thriving Fresh Seafood Market in Northern Africa.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as changing consumer preferences, increasing disposable incomes, and growing health consciousness. As the global economy continues to recover from the effects of the pandemic, consumers are increasingly willing to spend on premium and healthy food products, including fresh seafood. Additionally, government initiatives to promote sustainable fishing practices and regulate seafood imports are expected to boost the growth of the market. Moreover, the rising demand for seafood in emerging economies and the growing trend of online food delivery services are further driving the 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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