Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in North America is experiencing minimal growth, influenced by factors such as consumer preferences for fresh and processed options, increasing health awareness, and the convenience of online purchasing. The market's slow growth can also be attributed to factors such as changing regulations and sustainability concerns.
Customer preferences: There has been a noticeable increase in demand for sustainably sourced fish and seafood products in North America, as consumers become more conscious of their environmental impact. This trend is also reflected in the growing popularity of plant-based seafood alternatives. Additionally, there has been a rise in demand for convenient, pre-packaged fish and seafood meals, as busy consumers prioritize convenience and healthy eating. This shift towards sustainable and convenient options is driven by a growing awareness of the importance of responsible consumption and a desire for healthier food choices.
Trends in the market: In North America, the Fish & Seafood Market is seeing a surge in demand for sustainable and traceable seafood products. This trend is driven by consumers' increasing awareness of the environmental impact of their food choices and their desire for transparency in the supply chain. As a result, companies are implementing sustainable fishing practices and investing in technology to track and trace their products from ocean to plate. This trend is expected to continue, as consumers become more conscious about the origins of their food and demand for ethically sourced seafood. Additionally, there is a growing trend of plant-based seafood alternatives, as consumers embrace a flexitarian or vegan lifestyle. This trend poses both challenges and opportunities for industry stakeholders, as they navigate the changing market landscape and adapt their offerings to meet the evolving consumer preferences.
Local special circumstances: In North America, the Fish & Seafood Market is influenced by various factors, such as geographical location and cultural preferences. The market is highly regulated, with strict standards for food safety and sustainability. Additionally, consumer demand for locally sourced and organic seafood has been on the rise, leading to the growth of small-scale fisheries and aquaculture operations. In Canada, the market is driven by the country's vast coastline and rich fishing heritage, while in the US, the market is shaped by the popularity of seafood in the American diet and the influence of global trade agreements on seafood imports.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in North America 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 market demand for fish and seafood products. Additionally, the increasing focus on sustainability and ethical sourcing practices is driving the demand for environmentally-friendly and socially responsible seafood products. The growing trend of health-conscious consumers also plays a significant role, as fish and seafood are perceived as healthier protein sources. Moreover, the rising disposable income and changing dietary preferences towards healthier options are also contributing to the growth of the Fish & Seafood Market in North America.
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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