Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Pakistan has seen minimal growth, influenced by factors such as limited consumer awareness, lack of technological advancements, and challenges in supply chain management. However, the increasing demand for healthy and sustainable food choices is expected to drive growth in the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood in the coming years.
Customer preferences: As the demand for healthy and nutritious food options continues to rise, there has been a noticeable shift in consumer preferences towards sustainably sourced fish and seafood products. This trend is attributed to the growing awareness about the impact of overfishing and unsustainable fishing practices on marine ecosystems. Furthermore, the rise of health-conscious millennials and their inclination towards clean eating has also led to an increase in demand for organic and ethically sourced seafood. This has prompted retailers and suppliers in Pakistan to offer a wider range of eco-friendly and responsibly harvested fish and seafood options to cater to this emerging trend.
Trends in the market: In Pakistan, the Fish & Seafood Market is experiencing a surge in demand for sustainably sourced and traceable seafood products. This trend is driven by increasing consumer awareness and demand for ethical and environmentally-friendly food choices. As a result, industry stakeholders are investing in innovative solutions such as blockchain technology to improve transparency and traceability in the supply chain. This trend is expected to continue, with potential implications for market players to adapt to changing consumer preferences and invest in sustainable practices to remain competitive.
Local special circumstances: In Pakistan, the Fish & Seafood Market is heavily influenced by geographical factors, as the country has a long coastline and access to the Arabian Sea and the Indian Ocean. This has led to a strong fishing industry and a wide variety of seafood options. Additionally, cultural preferences for seafood play a significant role, as the majority of the population is Muslim and follows dietary restrictions that promote the consumption of fish. Furthermore, regulatory circumstances, such as government policies on fishing and import/export regulations, also impact the market dynamics. These unique local factors differentiate the Fish & Seafood Market in Pakistan from other markets and play a crucial role in shaping its growth and development.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Pakistan is heavily influenced by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. With a growing population and increasing disposable income, there is a rising demand for seafood products in Pakistan. Additionally, the government's policies promoting aquaculture and the development of the fishing industry have also contributed to the growth of the market. However, challenges such as rising inflation, fluctuating exchange rates, and limited access to credit are hindering the market's potential growth. Moreover, the impact of global trade wars and geopolitical tensions can also affect the market's performance in the country.
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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