Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Panama is experiencing minimal growth, impacted by factors such as increasing competition, limited consumer awareness, and challenges in supply chain management. Despite this, the market is expected to grow due to rising demand for healthier food options and the convenience of online purchasing.
Customer preferences: The growing awareness of sustainability and ethical sourcing practices among consumers is driving a shift towards responsible seafood consumption. This trend is especially prevalent among younger generations, who prioritize environmental and social responsibility in their purchasing decisions. As a result, there is a growing demand for sustainably sourced and certified seafood products, as well as a push for transparency and traceability in the supply chain. This trend is expected to continue as consumers become more conscious of the impact of their food choices on the environment and society.
Trends in the market: In Panama, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced products. Consumers are increasingly conscious of the environmental impact of their seafood choices and are turning to certifications such as the Marine Stewardship Council to guide their purchasing decisions. This trend is expected to continue as regulations on fishing practices become stricter and consumers become more educated about the importance of sustainable seafood. Industry stakeholders will need to adapt to these changing preferences by implementing sustainable sourcing practices and promoting their products' certifications to remain competitive in the market.
Local special circumstances: In Panama, the Fish & Seafood Market is heavily influenced by its geographical location and rich marine resources. The country's position between the Pacific and Atlantic Oceans allows for a diverse range of seafood species to thrive, resulting in a vibrant and competitive market. Additionally, Panama's strong fishing industry and strict regulations on sustainable fishing practices contribute to the market's growth and reputation for high-quality products. This unique combination of factors sets the Fish & Seafood Market in Panama apart from other markets, making it a top destination for seafood lovers.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Panama is impacted by various macroeconomic factors. The country's economic growth, trade policies, and investment in infrastructure play a significant role in shaping the market. Additionally, global economic trends and consumer preferences also influence the demand for fish and seafood products in Panama. The rise in health-conscious consumers and the growing popularity of sustainable seafood are also driving the market's growth. Moreover, favorable regulatory frameworks and investments in aquaculture are further boosting 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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