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Fish & Seafood - Nordics

Nordics
  • Revenue in the Fish & Seafood market amounts to US$4.78bn in 2024. The market is expected to grow annually by 3.65% (CAGR 2024-2029).
  • In global comparison, most revenue is generated China (US$97bn in 2024).
  • In relation to total population figures, per person revenues of US$170.30 are generated in 2024.
  • In the Fish & Seafood market, volume is expected to amount to 213.50m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.3% in 2025.0.
  • The average volume per person in the Fish & Seafood market is expected to amount to 7.1kg in 2024.

Definition:

The Fish & Seafood market covers products made from edible fish and crustaceans, mollusks, and other seafood. These products have been farmed or harvested from freshwater or the ocean and are bought and consumed for nutrient-based purposes.

Structure:

The market consists of 3 different submarkets:

  • The Fresh Fish market covers all types of edible fish that are fresh, chilled, or frozen, and have been farmed or harvested from freshwater or the ocean.
  • The Fresh Seafood market covers all types of crustaceans and mollusks that are fresh, chilled, or frozen and have been farmed or harvested.
  • The Processed Fish & Seafood market covers all types of fish and seafood that have been dried, salted, brined, canned, or smoked.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Fresh and frozen fish((whole or part of, such as cuts, fillets)
  • Fresh and frozen seafood
  • Processed fish and seafood

Out-Of-Scope

  • Fish-based ready-to-eat meals
  • Seaweed and other aquatic plants
  • Caviar and prepared and preserved shark fins
  • Out-of-home consumption
Fish & Seafood: market data & analysis - Cover

Market Insights report

Fish & Seafood: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Price

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Fish & Seafood market in the Nordics is experiencing minimal growth, influenced by factors such as changing consumer preferences, technological advancements, and increased focus on sustainable fishing practices. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood play a crucial role in shaping the overall market, with varying growth rates and demand drivers. Despite the sluggish growth, the market is expected to see an uptrend in the coming years due to the growing health consciousness and the availability of diverse seafood options.

    Customer preferences:
    The Nordic countries have a strong tradition of consuming fish and seafood as a staple in their diets. However, with the rise of health and environmental consciousness, consumers are now looking for sustainably sourced and ethically produced fish and seafood. This has led to a growing demand for certifications and labels such as MSC and ASC, which guarantee responsible fishing practices. Additionally, there is a growing trend towards plant-based alternatives to fish and seafood, driven by the increasing popularity of vegetarian and vegan diets in the region. This shift towards more sustainable and plant-based options is indicative of the changing values and preferences of Nordic consumers.

    Trends in the market:
    In the Nordics, the Fish & Seafood Market is experiencing a shift towards sustainable and ethically sourced products. Consumers are becoming more conscious of the environmental impact of their food choices and are demanding transparency from industry players. This trend has led to an increase in certifications for sustainable fishing practices and a rise in demand for organic and locally sourced seafood. This trajectory is significant as it reflects a growing consumer preference for responsible and ethical consumption. Industry stakeholders will need to adapt to these changing consumer values and prioritize sustainability in order to remain competitive in the market.

    Local special circumstances:
    In the Nordics, the Fish & Seafood Market is heavily influenced by the region's strong fishing tradition and coastal location. The market is driven by the demand for locally sourced and sustainable seafood products, in line with the region's focus on environmental sustainability. Additionally, strict regulations on fishing practices and product labeling ensure high-quality and traceable seafood for consumers. This unique combination of factors has led to a thriving market for premium fish and seafood products in the Nordics.

    Underlying macroeconomic factors:
    The Fish & Seafood Market within The Food market is affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economies and favorable fiscal policies tend to experience higher market growth compared to those with economic challenges and restrictive policies. Additionally, the increasing demand for healthy and sustainable food options, coupled with the growing awareness of the health benefits of fish and seafood, is driving market growth. Moreover, the rise in disposable income in the Nordics is also contributing to the increasing consumption of fish and seafood, as consumers are willing to pay a premium for high-quality and sustainable products.

    Methodology

    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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    Fish & Seafood: market data & analysis - BackgroundFish & Seafood: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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