Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Peru is experiencing minimal growth, influenced by factors such as increasing health awareness, adoption of digital technologies, and convenience of online services. This is evident in the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood. Factors such as sustainability concerns and fluctuating prices also impact the market's growth rate.
Customer preferences: As Peru continues to experience economic growth and urbanization, there has been a notable shift in consumer preferences towards convenience and healthier food options. This has resulted in an increase in demand for fresh and sustainably sourced fish and seafood products. Additionally, with the rise of health-conscious consumers, there has been a growing demand for organic and natural seafood products. This trend is also driven by cultural influences, as seafood is a staple in Peruvian cuisine and holds cultural significance.
Trends in the market: In Peru, the Fish & Seafood Market is experiencing a surge in demand for sustainably-sourced and locally-caught seafood. This trend is in line with the increasing consumer awareness and demand for environmentally-friendly and ethical practices in the food industry. As a result, industry stakeholders are investing in sustainable fishing practices and promoting traceability in the supply chain. This trend is expected to continue, with potential implications such as higher prices for sustainably-sourced seafood and potential market entry barriers for companies that do not adhere to sustainable practices.
Local special circumstances: In Peru, the Fish & Seafood Market is heavily influenced by the country's rich coastal resources and fishing tradition. The local market dynamics are also shaped by cultural preferences, with seafood being a staple in Peruvian cuisine. Additionally, regulatory measures such as sustainable fishing practices and strict quality control standards have been implemented to safeguard the industry. These factors contribute to the unique character of the market, making it a popular destination for seafood lovers and a key player in the global fish and seafood trade.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Peru is heavily influenced by macroeconomic factors such as trade policies, economic growth, and consumer spending. Peru's strong economic growth and increasing disposable income are driving the demand for seafood products, particularly for high-quality and sustainable options. Moreover, the country's abundant marine resources and favorable trade agreements have made it a major exporter of fish and seafood products, further boosting the market. However, challenges such as overfishing and environmental concerns may hinder market growth in the long term.
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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