Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Gambia is experiencing subdued growth, influenced by factors such as limited access to technology, low health awareness, and lack of online services. This has resulted in slower growth compared to other food markets. Similarly, the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood are also affected by these factors.
Customer preferences: As consumers become more health-conscious, the demand for sustainable and ethically-sourced seafood is on the rise. This trend is driven by a growing awareness of environmental issues and a desire for healthier and more nutritious food choices. Additionally, with the increasing popularity of plant-based diets, there is a growing demand for seafood alternatives such as plant-based seafood products. This shift towards sustainable and plant-based options is also influenced by the younger generation's preference for environmentally-friendly and socially responsible products.
Trends in the market: In Gambia, the Fish & Seafood Market is experiencing a shift towards sustainable and ethical sourcing practices. This trend is being driven by consumers' increasing demand for transparency and sustainability in their food choices. As a result, industry stakeholders are investing in traceability systems and certifications to meet these demands. This trend is expected to continue, with potential implications for market players to adapt their sourcing practices and marketing strategies to meet consumer expectations. Additionally, the rise of e-commerce and online delivery platforms is providing new opportunities for market growth, as consumers seek convenience and variety in their seafood purchases.
Local special circumstances: In Gambia, the Fish & Seafood Market is heavily influenced by its geographical location as a coastal country, where fish and seafood are a staple part of the diet. Additionally, cultural factors, such as the traditional fishing practices and recipes, play a significant role in shaping the market. Moreover, strict regulations on sustainable fishing practices and food safety standards also impact the market, making it unique from other markets. These factors contribute to the dynamic growth and demand for fish and seafood in the Gambia market.
Underlying macroeconomic factors: 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. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for fish and seafood products, as consumers have more disposable income to spend on premium food items. Additionally, the increasing global population and changing dietary preferences towards healthier options are also driving the demand for fish and seafood products. However, regions with economic instability and weak fiscal policies may experience slower market growth due to reduced consumer spending and lower demand for premium food items. Moreover, fluctuations in currency exchange rates can also impact the cost and availability of fish and seafood products, further influencing 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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