Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Vietnam is facing subdued growth, driven by factors such as limited consumer awareness, high competition, and supply chain challenges. Despite these challenges, the market is expected to see moderate growth, fueled by increasing demand for fresh and healthy seafood options.
Customer preferences: The Fresh Seafood Market of the Fish & Seafood Market within The Food market has seen a rise in demand for sustainably-sourced seafood. As consumers become more environmentally conscious, there is a growing preference for eco-friendly and ethical seafood options. Additionally, there is a trend towards healthier eating, with consumers opting for fresh, unprocessed seafood over processed options. This shift towards sustainability and health-consciousness is also influenced by the increasing availability of information and education on the impacts of overfishing and unsustainable fishing practices.
Trends in the market: In Vietnam, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood products. Consumers are increasingly conscious of the environmental impact of their food choices, leading to a greater emphasis on sustainable and ethical sourcing practices. This trend is expected to continue as consumers become more educated about the importance of sustainable fishing practices and the potential consequences of overfishing. Industry stakeholders must adapt to these changing consumer preferences and invest in sustainable sourcing methods to remain competitive in the market.
Local special circumstances: In Vietnam, the Fresh Seafood Market is thriving due to the country's long coastline and abundant marine resources. This has led to a strong fishing industry and a wide variety of fresh seafood offerings. The cultural influence of seafood in Vietnamese cuisine also plays a significant role in the market's dynamics, with seafood being a staple in many traditional dishes. Additionally, the government's regulations on sustainable fishing practices have helped to maintain the quality and availability of seafood in the market, driving consumer confidence and demand.
Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors in Vietnam. The country's growing economy, increasing disposable income, and changing consumer preferences towards healthier food options are driving the demand for fresh seafood. Additionally, favorable government policies and investments in the seafood industry, as well as Vietnam's strategic location for seafood production and export, are contributing to the market's growth. However, challenges such as climate change, environmental concerns, and competition from other seafood-exporting countries may hinder market growth in the future.
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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