Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in LATAM is experiencing minimal growth, influenced by factors such as increasing consumer health awareness, convenience of online services, and adoption of digital technologies. Sub-markets of Fresh Fish, Fresh Seafood and Processed Fish & Seafood contribute to this trend.
Customer preferences: The Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and ethical sourcing of products. Consumers are becoming more conscious of the environmental impact of their food choices and are actively seeking out responsibly sourced seafood. This trend is especially prevalent in LATAM, where there is a growing awareness of the importance of preserving marine ecosystems and supporting local fishermen. As a result, there is a rising demand for certified sustainable seafood and transparency in the supply chain. This trend is expected to continue as consumers prioritize ethical and sustainable options in their food purchases.
Trends in the market: In LATAM, the Fish & Seafood Market is experiencing an increase in demand for sustainably sourced and traceable products. This trend has been driven by consumer awareness and a desire for eco-friendly options. In addition, there has been a rise in the popularity of plant-based seafood alternatives, catering to the growing number of vegetarian and vegan consumers in the region. This trend is expected to continue, as companies in the industry are investing in sustainable practices and expanding their product offerings to cater to changing consumer preferences. This has significant implications for industry stakeholders, as they must adapt to changing consumer demands and invest in sustainable practices to remain competitive in the market.
Local special circumstances: In LATAM, the Fish & Seafood Market is heavily influenced by the region's abundant marine resources and strong fishing traditions. This has led to a diverse range of fresh and frozen seafood products, catering to local tastes and preferences. Additionally, regulatory measures such as sustainability certifications and traceability requirements have been put in place to ensure the responsible management of these resources. These factors have contributed to the market's growth and the emergence of niche products and services, such as organic and premium seafood options, to cater to the demands of health-conscious and affluent consumers.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in LATAM 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 are experiencing higher demand for fish and seafood products, as rising disposable income levels and increasing consumer awareness about the health benefits of seafood are driving market growth. In addition, government initiatives promoting sustainable fishing practices and investments in aquaculture are also contributing to the growth of the fish and seafood market in the region. However, challenges such as trade barriers, fluctuating prices, and environmental concerns regarding overfishing and pollution can hinder market growth in some countries.
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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