Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Southern Africa is experiencing slow growth due to factors such as limited resources and changing consumer preferences. Despite this, the market is driven by the convenience of online services and increasing health consciousness.
Customer preferences: As consumers in Southern Africa continue to prioritize convenience and health-consciousness, there has been a notable increase in demand for sustainably-sourced and locally-caught fresh seafood. This trend is also reflected in the growing popularity of online seafood delivery services, which cater to busy lifestyles and offer a wider variety of options. Furthermore, with a growing awareness of the importance of supporting local economies, consumers are increasingly seeking out locally-sourced seafood options rather than imported products.
Trends in the market: In Southern Africa, the Fresh Seafood Market within the Fish & Seafood Market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by increasing consumer awareness and concern for the environment and ethical fishing practices. As a result, industry stakeholders are shifting towards more eco-friendly and socially responsible methods of sourcing and selling seafood. This trajectory is expected to continue, with potential implications for the market, such as the need for stricter regulations and certifications, as well as opportunities for businesses to differentiate themselves through sustainable practices.
Local special circumstances: In Southern Africa, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by its rich coastal resources and diverse cultural traditions. The market is driven by a strong demand for fresh and sustainable seafood, with a focus on traditional fishing methods and locally sourced products. Additionally, strict government regulations and certifications ensure the high quality and safety of seafood products in the market. These factors contribute to an authentic and unique seafood experience for both locals and tourists alike.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Favorable economic conditions, such as strong economic growth and stable inflation rates, can lead to increased consumer spending and a higher demand for fresh seafood. In contrast, economic downturns and financial instability can negatively impact market performance. Additionally, government policies, such as trade agreements and subsidies, can greatly influence the availability and pricing of seafood products. Moreover, shifts in consumer preferences towards healthier and sustainable food options have also affected the demand for fresh seafood in the market.
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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