Key regions: South Korea, Canada, China, Japan, United States
The South Korean Fresh Seafood Market within the Fish & Seafood Market in The Food market is experiencing minimal growth. Factors such as limited seafood availability, strict regulations, and increasing competition are impacting the market's growth rate. However, the convenience and health benefits of fresh seafood continue to drive its adoption among consumers, indicating potential for future growth.
Customer preferences: With the rising popularity of the Mediterranean diet and the increasing awareness of the health benefits of seafood, consumers in South Korea are showing a growing preference for fresh seafood options. This can be attributed to the country's strong fishing culture and the emphasis on eating locally-sourced, high-quality ingredients. Additionally, the trend towards sustainable and ethically-sourced seafood is gaining traction, as consumers become more conscious of their impact on the environment. As a result, the demand for wild-caught and responsibly-farmed seafood is on the rise.
Trends in the market: In South Korea, the Fresh Seafood market is experiencing a rise in demand for sustainably-sourced seafood. Consumers are increasingly conscious of the environmental impact of their food choices and are seeking out responsibly-sourced seafood options. This trend has led to the emergence of eco-certified seafood suppliers and restaurants, and an increase in online marketplaces for sustainable seafood. This trajectory highlights the importance of sustainability in the seafood industry and presents new opportunities for industry stakeholders to cater to this growing demand. However, it also poses challenges for smaller, traditional seafood businesses that may struggle to meet the standards for sustainability certification.
Local special circumstances: In South Korea, the Fresh Seafood Market of the Fish & Seafood Market within The Food market has seen significant growth due to the country's strong fishing and aquaculture industry. The country's geographical location, surrounded by the East Sea and Yellow Sea, has allowed for a diverse range of seafood to be caught and farmed. Additionally, South Korea's culture heavily emphasizes the consumption of fresh and high-quality seafood, leading to a high demand for fresh seafood in the market. Furthermore, the government has implemented strict regulations and standards for the quality and safety of seafood, ensuring the trust and satisfaction of consumers. These unique local factors have contributed to the growth and success of the Fresh Seafood Market in South Korea.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth and stable financial policies are likely to experience higher demand for fresh seafood. In contrast, regions with economic instability and weak fiscal policies may face challenges in market growth. Additionally, changing consumer preferences, increasing disposable incomes, and growing awareness about the health benefits of consuming fresh seafood are also driving the market growth. Furthermore, government initiatives promoting sustainable fishing practices and investments in seafood processing and distribution infrastructure are expected to further boost 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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