Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Hungary has seen moderate growth, influenced by factors such as increasing health consciousness and the convenience of online services. However, the sub-markets of Fresh Fish and Fresh Seafood have experienced slightly higher growth rates due to their perceived freshness and health benefits. The Processed Fish & Seafood segment has been impacted by consumer preference for fresh products, causing its growth rate to remain minimal.
Customer preferences: Consumers in Hungary are increasingly opting for sustainable and responsibly sourced fish and seafood products, driven by growing awareness of environmental impact and ethical concerns. This trend is also influenced by the rise of plant-based diets and a desire for healthier food options. Additionally, there is a growing demand for convenience and ready-to-eat seafood products, as busy lifestyles and smaller households are becoming more prevalent in the country. As a result, there is a shift towards online shopping for seafood, with e-commerce platforms offering a wide range of products and delivery services to cater to changing consumer preferences.
Trends in the market: In Hungary, the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable and eco-friendly practices. This is driven by consumer demand for ethically sourced and environmentally-friendly products. As a result, industry stakeholders are investing in technologies and processes to reduce waste and carbon emissions in their operations. Additionally, there is a growing interest in alternative proteins such as plant-based seafood substitutes. This trend is expected to continue, with potential implications for the industry such as increased competition and a shift towards more sustainable practices.
Local special circumstances: In Hungary, the Fish & Seafood Market is heavily influenced by its landlocked position, making it heavily reliant on imports. However, the country has a long-standing tradition of freshwater fishing, leading to a strong domestic market for freshwater fish. Additionally, Hungary's cultural preference for seafood as a staple in their cuisine has led to a rise in local aquaculture production, making it a major player in the European market. Moreover, with strict regulations in place to maintain food safety standards, Hungary's seafood market has gained a reputation for high-quality and sustainable products, further driving its growth.
Underlying macroeconomic factors: The Fish & Seafood Market in Hungary is greatly affected by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a member of the European Union, Hungary's economy is closely tied to the performance of the EU as a whole. This means that any changes in the EU's economic health, such as fluctuations in GDP or trade agreements, can have a significant impact on the Fish & Seafood Market in Hungary. Additionally, the country's overall economic stability and fiscal policies, including taxes and regulations, can also affect market performance. As such, it is important for businesses operating in this market to closely monitor and adapt to these macroeconomic factors in order to remain competitive and thrive in Hungary's Fish & Seafood 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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