Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Southern Europe is experiencing minimal growth, influenced by factors such as limited supply and increasing competition. Despite the convenience of online services, consumer health awareness plays a key role in driving this market's growth rate.
Customer preferences: As consumers become more health-conscious, there is a growing demand for sustainably-sourced and ethically-raised seafood in Southern Europe. This trend is driven by a greater awareness of the environmental impact of fishing practices and a desire for more transparent supply chains. Additionally, with an aging population and a rise in income levels, there is an increasing preference for convenient and ready-to-eat seafood products, such as pre-packaged sushi and seafood salads, catering to busy lifestyles.
Trends in the market: In Southern Europe, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by the increasing awareness of consumers about the environmental impact of overfishing and the importance of responsible fishing practices. As a result, seafood companies are adopting more sustainable practices and certifications to meet this demand. This trend is expected to continue, as consumers become more conscious of their seafood choices and the industry shifts towards sustainable practices. This has significant implications for industry stakeholders, who will need to adapt and invest in sustainable practices to remain competitive in the market. Additionally, this trend opens up opportunities for new entrants in the market who can meet the growing demand for sustainably sourced seafood.
Local special circumstances: In Southern Europe, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich history and culinary traditions. The Mediterranean diet, which emphasizes the consumption of fish and seafood, is deeply ingrained in the culture and contributes to the high demand for fresh and locally sourced seafood. Additionally, regulatory restrictions on fishing and aquaculture practices, as well as strict quality standards, play a significant role in shaping the market. These factors, combined with the region's proximity to the Mediterranean Sea, create a unique market dynamic that sets it apart from other regions.
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 relevant financial indicators. For instance, countries with stable economic conditions and strong fiscal policies tend to have a higher demand for fresh seafood products, driving market growth. Additionally, regions with increasing disposable incomes and a growing middle class population are also contributing to the expansion of the market. On the other hand, countries with economic volatility and weak consumer purchasing power are experiencing slower market growth. Furthermore, fluctuations in currency exchange rates and trade policies also impact the import and export of fresh seafood, affecting market performance.
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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