Key regions: United Kingdom, United States, India, Canada, China
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.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
