Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood market in Australia & Oceania is experiencing slow growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and convenience of online services. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions also play a role in shaping the overall market. However, the negligible growth rate suggests that factors such as economic downturn and fluctuation in fish prices may be impacting the market's growth.
Customer preferences: As consumers in Australia and Oceania become more health-conscious, there is a growing trend towards sustainable and ethically sourced processed fish and seafood products. This is driven by a desire for transparency and responsible consumption, as well as an increasing awareness of the environmental impact of traditional fishing practices. Additionally, there is a growing demand for plant-based and alternative protein options, reflecting evolving dietary preferences and a shift towards more sustainable and ethical food choices.
Trends in the market: In Australia & Oceania, the Processed Fish & Seafood market is experiencing a surge in demand for sustainably sourced and eco-friendly options. Consumers are increasingly conscious of their impact on the environment and are seeking out products that align with their values. This trend towards sustainability is expected to continue, with industry stakeholders investing in new technologies and processes to meet this demand. Additionally, there is a growing interest in alternative protein sources, such as plant-based seafood, which could have significant implications for traditional seafood producers. As consumers become more health-conscious, there is also a trend towards value-added and health-focused processed fish and seafood products, providing opportunities for industry players to innovate and diversify their offerings.
Local special circumstances: In Australia & Oceania, the Processed Fish & Seafood Market is heavily influenced by the region's extensive coastline and thriving fishing industry. The market is also shaped by cultural preferences, with a strong demand for fresh and sustainably sourced seafood. Additionally, the strict regulations surrounding fishing and aquaculture practices have a significant impact on the availability and pricing of processed fish and seafood products. These unique factors create a dynamic and competitive market for fish and seafood products in the region.
Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Countries with stable economies and supportive fiscal policies tend to experience faster market growth compared to those with economic instability and limited government support. Additionally, the rising demand for processed fish and seafood is driven by increasing health consciousness and changing dietary preferences, particularly in aging populations. These factors contribute to the overall growth of the market in Australia & Oceania.
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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