Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Uganda has seen moderate growth due to factors such as increasing demand for seafood, rising health consciousness, and the convenience of online shopping. However, the market's growth rate is subdued due to challenges such as limited supply, high prices, and competition from other protein sources.
Customer preferences: As consumers become more health-conscious, there has been a noticeable increase in demand for sustainably sourced seafood options. This trend is driven by a growing awareness of the environmental impact of traditional fishing practices. Additionally, with the rise of social media and online food culture, there is a growing interest in trying new and exotic seafood dishes, leading to a rise in demand for a wider variety of seafood options in the market. This shift towards more sustainable and diverse seafood choices is also influenced by a younger demographic that values ethical and environmentally friendly food options.
Trends in the market: In Uganda, there is a growing demand for fresh seafood, particularly among the middle and upper class consumers. This trend is driven by the increasing awareness of the health benefits of seafood and the availability of a wider variety of seafood products in the market. Furthermore, the rising interest in sustainable and ethical sourcing of seafood has led to the emergence of certified seafood products in the market. These trends are expected to continue, with potential implications for industry stakeholders such as seafood suppliers, retailers, and consumers. Suppliers may need to adapt their sourcing and production methods to meet the growing demand for sustainable seafood, while retailers may need to expand their product offerings to cater to the diverse preferences of consumers. Additionally, consumers may be willing to pay a premium for certified seafood products, which could drive up prices in the market.
Local special circumstances: In Uganda, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographical location, as being landlocked limits access to fresh seafood. Additionally, cultural preferences and religious practices also play a significant role in shaping the market, as the majority of the population follows Islam and Christianity. Furthermore, regulatory restrictions on fishing and seafood processing impact the availability and quality of seafood, adding to the unique dynamics of the market.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies tend to have a higher demand for fresh seafood, leading to a growth in the market. Additionally, factors such as increasing disposable income and changing consumer preferences towards healthier food options also contribute to the growth of the market. On the other hand, countries facing economic challenges and fluctuations may experience a decline in demand for fresh seafood, impacting the market negatively. Furthermore, trade agreements, tariffs, and currency exchange rates also play a significant role in shaping the performance of 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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