Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Indonesia is currently experiencing minimal growth, influenced by factors such as the increasing demand for fresh and processed fish and seafood, as well as the convenience offered by online purchasing options. Additionally, rising health awareness among consumers is driving the market's growth, as individuals seek healthier protein sources.
Customer preferences: Consumers in Indonesia are increasingly turning to sustainable and ethically-sourced fish and seafood products. This trend is driven by a growing awareness of the environmental and social impact of traditional fishing methods, as well as a desire for healthier and safer options. As a result, there is a rising demand for products that are certified organic or sustainable, and for companies that prioritize transparency and traceability in their supply chain. This shift towards responsible consumption is also influenced by the cultural value placed on community and respect for nature.
Trends in the market: In Indonesia, the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and traceable seafood products. This trend is driven by consumer awareness and government regulations promoting sustainable fishing practices. The trajectory is expected to continue as consumers become more conscious of their seafood choices and seek out environmentally-friendly options. This trend is significant for industry stakeholders, as it presents opportunities for differentiation and increased market share. It also has potential implications for supply chain management, as companies may need to invest in traceability technology to meet consumer demands and comply with regulations.
Local special circumstances: In Indonesia, the Fish & Seafood Market is heavily influenced by the country's vast archipelago and rich marine resources. The diverse cultural backgrounds of its people also contribute to the variety of seafood dishes and consumption habits. However, the market is also regulated by strict government policies and sustainability initiatives to protect and preserve the marine ecosystem. These factors create a unique market dynamic that promotes sustainable fishing practices and supports local fishermen, while also catering to the growing demand for seafood in the country.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Indonesia is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending habits. The country's strong economic growth and stable political climate have led to an increase in consumer purchasing power, driving demand for high-quality fish and seafood products. Additionally, the government's efforts to promote sustainable fishing practices and investments in aquaculture have led to a steady supply of fish and seafood products, further fueling market growth. However, challenges such as rising labor and production costs, as well as fluctuating global seafood prices, can impact market performance. Overall, the market is expected to continue its growth trajectory in line with the country's economic progress and increasing demand for healthy and sustainable food options.
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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