Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Mexico is experiencing minimal growth, influenced by factors such as increasing health consciousness among consumers and the convenience of online services. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood contribute to this trend as they cater to different consumer preferences. However, challenges such as environmental concerns and fluctuating seafood prices may impact the overall market's growth rate.
Customer preferences: The Fish & Seafood Market within The Food market in Mexico is experiencing a shift towards healthier and more sustainable seafood options. With a growing awareness of environmental impact and ethical consumption, consumers are seeking out certified and traceable seafood products. This trend is also driven by the increasing popularity of plant-based diets and a desire for high protein, low-fat alternatives. Additionally, there is a growing demand for ready-to-eat and convenient seafood options, as busy lifestyles and hectic schedules drive the need for quick and easy meal solutions.
Trends in the market: In Mexico, the Fish & Seafood Market within The Food market is experiencing a trend towards sustainable and ethically sourced seafood. This is driven by increasing consumer awareness and demand for environmentally responsible products. Additionally, there is a growing trend of using e-commerce platforms for seafood purchases, offering convenience and traceability to consumers. These trends are expected to continue, highlighting the importance of sustainability and technology in the seafood industry. This presents opportunities for industry stakeholders to adapt and innovate in order to remain competitive in the market.
Local special circumstances: In Mexico, the Fish & Seafood Market is heavily influenced by the country's long coastline and rich marine biodiversity. This allows for a diverse range of fish and seafood options, including popular local favorites such as shrimp, oysters, and red snapper. Additionally, Mexico's strong fishing traditions and cultural ties to seafood play a significant role in shaping consumer preferences and demand. Furthermore, the government's regulations on sustainable fishing practices have helped to maintain the quality and availability of seafood products in the market. These unique factors contribute to the dynamic and thriving Fish & Seafood Market in Mexico, setting it apart from other markets in the Food industry.
Underlying macroeconomic factors: The Fish & Seafood Market in Mexico is heavily influenced by macroeconomic factors such as trade policies, economic growth, and consumer spending. Mexico's strong economic growth and increasing disposable income have led to higher demand for fish and seafood products among the growing middle-class population. Additionally, the country's strategic location and trade agreements with major seafood-producing countries have made it a top importer of fish and seafood products, further driving market growth. However, fluctuations in global fish prices and trade tensions could impact the market in Mexico, highlighting the importance of monitoring macroeconomic factors for sustained market performance.
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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