Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in the Philippines is experiencing minimal growth, attributed to factors such as increasing competition, fluctuating seafood prices, and challenges in sourcing quality seafood. Despite this, the market continues to attract consumers with its fresh and convenient offerings.
Customer preferences: As Filipino consumers become more health-conscious and environmentally-aware, there has been a notable increase in demand for sustainably-sourced and locally-caught fresh seafood. This trend is driven by a growing appreciation for traditional fishing methods and a desire for transparency in the supply chain. Additionally, there has been a rise in demand for organic and chemical-free seafood, reflecting a preference for natural and healthy food options. These shifts in consumer preferences highlight a shift towards a more conscious and mindful approach to seafood consumption.
Trends in the market: In the Philippines, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is seeing a rise in sustainable and traceable seafood sourcing practices. This is driven by consumer demand for ethically sourced seafood products and government initiatives promoting sustainable fishing. Furthermore, there is a trend towards e-commerce and online delivery of fresh seafood products, providing convenience for consumers and expanding market reach for industry players. These trends have significant implications for industry stakeholders, as they must adapt to meet consumer demands and capitalize on the growing online market.
Local special circumstances: In the Philippines, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location as an archipelago. This results in a wide variety of seafood available, with each region having its own specialties. Additionally, the country's rich marine biodiversity and fishing culture also contribute to the market's dynamics. Furthermore, regulatory initiatives to promote sustainable fishing practices have led to the growth of eco-friendly seafood options in the market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in the Philippines is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and relevant financial indicators. The country's stable economic growth, favorable regulatory environment, and increasing investment in infrastructure are driving the market's growth. However, challenges such as limited healthcare funding and the impact of the aging population on seafood consumption may hinder the market's potential. Additionally, the rising demand for sustainable and traceable seafood products is also shaping the market, with consumers becoming more conscious about the environmental and social impact of their food choices.
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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Mon - Fri, 10:00am - 6:00pm (JST)
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Mon - Fri, 9am - 6pm (EST)
