Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Guyana is seeing minimal growth, influenced by the rising awareness of health and nutrition among consumers. Factors such as increasing adoption of digital technologies and the convenience of online services also contribute to this trend. The market is segmented into sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, with each experiencing varying levels of growth. However, overall growth is hindered by factors such as limited access to technology and infrastructure in some regions.
Customer preferences: With the growing awareness of sustainable and ethical consumption, there has been a noticeable rise in demand for locally sourced and responsibly harvested fish and seafood in Guyana. Consumers are becoming more conscious of the environmental impact of their food choices and are actively seeking out products that align with their values. This trend is also influenced by the cultural significance of fish and seafood in Guyanese cuisine, making it a staple in many households. The rise in health-consciousness and preference for fresh, natural ingredients has further fueled the demand for locally caught and processed fish and seafood.
Trends in the market: In Guyana, the Fish & Seafood Market is experiencing a surge in demand for sustainable and ethically-sourced seafood. This trend is driven by increasing consumer awareness and concerns for the environment and animal welfare. As a result, there has been a rise in certifications and labels for sustainably-sourced seafood, and a push for more transparent supply chains. This trend is expected to continue, as consumers become more conscious of their food choices and demand for sustainable seafood grows. Industry stakeholders will need to adapt to this trend by implementing sustainable practices and promoting their ethical sourcing methods to remain competitive in the market.
Local special circumstances: In Guyana, the Fish & Seafood Market is heavily influenced by its coastal location and rich fishing culture. The country's unique blend of Caribbean and South American cultures also plays a role in shaping consumer preferences and demand for seafood. Additionally, strict regulations on fishing practices and seafood exports have a significant impact on the supply and availability of fish and seafood, contributing to market dynamics.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Guyana is influenced by various macroeconomic factors. Global economic trends, such as shifts in consumer preferences towards healthier and sustainable food options, have a significant impact on the market. Additionally, national economic health and fiscal policies, such as import and export regulations, can affect the availability and prices of fish and seafood products in the market. Other relevant financial indicators, such as exchange rates and inflation rates, also play a role in market performance. Moreover, the growing demand for fish and seafood products from the tourism industry in Guyana has been a driving force behind the market's growth.
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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