Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in GCC is witnessing negligible growth due to various factors such as fluctuating consumer demand, strict regulations, and rising competition. However, the increasing health consciousness and convenience offered by online services are expected to drive the market's growth in the future. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood are also likely to play a crucial role in shaping the overall market's growth.
Customer preferences: As health and wellness continue to be top priorities for consumers in the GCC and Fish & Seafood Market, there is a growing trend towards sustainable and ethical sourcing of fish and seafood. With a focus on environmental conservation and animal welfare, consumers are seeking out products that align with their values. This has led to an increase in demand for certified sustainable and organic fish and seafood, as well as a preference for locally sourced options. Additionally, there is a growing interest in plant-based seafood alternatives among consumers looking for healthier and more sustainable options.
Trends in the market: In the GCC, the Fish & Seafood Market is seeing a trend towards sustainable and traceable seafood products. Consumers are increasingly concerned about the environmental impact of their food choices and are demanding transparency in the sourcing and production of seafood. This trend is expected to continue, with companies investing in technology and partnerships to ensure sustainable practices. This shift towards sustainability has the potential to impact industry stakeholders, as consumers may be willing to pay a premium for ethically sourced seafood, and companies that can meet these demands may gain a competitive advantage. Additionally, government regulations and initiatives promoting sustainable fishing practices may also drive this trend forward.
Local special circumstances: In GCC, the Fish & Seafood Market is influenced by the region's large coastal area and strong fishing industry. This has led to a wide variety of fresh seafood options, such as shrimp, tuna, and mackerel, being readily available to consumers. Additionally, the cultural preference for consuming seafood has driven the market's growth, with dishes like grilled fish and shrimp biryani being popular. Furthermore, the strict regulatory standards for sourcing and selling seafood in the region have contributed to the market's reputation for quality and safety. These unique factors have created a strong demand for fish and seafood products in the GCC, setting it apart from other markets.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market market in GCC is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The rise in disposable income and changing consumer preferences for healthier food options are driving the growth of the market in this region. Additionally, favorable government policies and investments in sustainable fishing practices are further propelling the market. However, challenges such as fluctuating seafood prices and strict regulations on fishing quotas could hinder market growth in this region.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
