Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Papua New Guinea is experiencing minimal growth due to factors such as limited resources, traditional fishing methods, and lack of access to modern technologies. Despite this, there is a growing demand for fresh seafood due to its high nutritional value and cultural significance in the region.
Customer preferences: There has been a noticeable increase in demand for sustainably sourced seafood in the Fresh Seafood Market of the Fish & Seafood Market within The Food market. As consumers become more environmentally conscious, they are seeking out products that are ethically and responsibly sourced. This trend is also influenced by cultural beliefs and practices, as well as demographic shifts towards younger, more socially conscious consumers. As a result, there has been a rise in certifications and labeling for sustainable seafood, as well as a preference for locally caught or farmed options.
Trends in the market: In Papua New Guinea, there is a growing demand for fresh seafood in the Fish & Seafood Market within The Food market. This trend is driven by the increasing popularity of seafood as a healthy and sustainable protein source. Furthermore, there is a rising interest in locally sourced and sustainable seafood, as consumers become more conscious of their environmental impact. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as fishers, processors, and retailers. These stakeholders may need to adapt their practices to meet the demand for sustainable seafood and explore new market opportunities to cater to consumer preferences.
Local special circumstances: In Papua New Guinea, the Fresh Seafood Market of the Fish & Seafood Market is heavily influenced by the country's vast coastline and diverse marine life. The local culture places a strong emphasis on seafood as a staple food, leading to a high demand for fresh, locally sourced seafood. Additionally, the government has implemented strict regulations to ensure sustainable fishing practices, which has had an impact on the availability and pricing of seafood in the market. These unique factors contribute to the dynamics of the Fresh Seafood Market in Papua New Guinea, setting it apart from other markets in The Food market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is strongly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with strong economic stability and favorable fiscal policies tend to experience higher demand for fresh seafood products, resulting in overall market growth. In contrast, economic downturns and unstable fiscal policies can lead to a decline in consumer spending, negatively impacting the market. Moreover, changing consumer preferences towards healthier and sustainable food options have also played a significant role in driving the growth of the fresh seafood market. This trend is expected to continue as awareness about the health benefits of seafood consumption and sustainability concerns continue to rise globally.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
