Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in NAFTA is experiencing minimal growth, influenced by factors such as consumer preference for fresh and processed options, increasing health consciousness, and the convenience of online services. Fresh Fish and Seafood sub-markets drive growth with their high demand, while Processed Fish & Seafood faces challenges due to health concerns and competition from alternative protein sources.
Customer preferences: In the Fish & Seafood Market within The Food market market, there has been a noticeable increase in consumer demand for sustainably sourced and eco-friendly products. This trend is driven by a growing awareness of the environmental impact of traditional fishing practices and a desire to support sustainable fisheries. Additionally, there has been a shift towards plant-based seafood alternatives among health-conscious consumers, reflecting the rise of flexitarian and vegetarian diets.
Trends in the market: In recent years, there has been a growing demand for sustainable and eco-friendly fish and seafood products in the NAFTA region. This trend has been driven by consumer awareness and government regulations promoting sustainable fishing practices. As a result, industry stakeholders are increasingly investing in sustainable sourcing, labeling, and packaging to meet the demand for environmentally friendly products. This trend is expected to continue, with potential implications for industry players who fail to adapt to changing consumer preferences and regulatory requirements. In addition, there is a growing trend towards online retail and delivery of fish and seafood products, providing more convenience and accessibility for consumers. This could potentially disrupt traditional distribution channels and require industry players to adapt their business models to stay competitive.
Local special circumstances: In the Fish & Seafood Market within The Food market, Mexico's proximity to the Gulf of Mexico and the Pacific Ocean plays a significant role in the market's dynamics. The country's rich fishing traditions and diverse marine life contribute to a diverse range of seafood offerings. Additionally, Mexico's regulatory environment, including its participation in NAFTA, has facilitated trade with the US and Canada, leading to a strong export market. These factors make Mexico a key player in the global seafood market, with a significant impact on supply and demand dynamics.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is significantly impacted by macroeconomic factors such as trade agreements, economic stability, and government policies. For example, the implementation of NAFTA has created a more open market for fish and seafood products among the US, Canada, and Mexico. Furthermore, countries with stable economies and supportive fiscal policies tend to experience higher growth in the fish and seafood market, as they have more purchasing power and consumer confidence. Additionally, governments that invest in sustainable fishing practices and promote seafood consumption also drive demand for fish and seafood products. These factors are expected to continue shaping the growth of the fish and seafood market in the coming years.
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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