Market Insights Consumer Food Fish & Seafood

Processed Fish & Seafood - Baltics

Baltics

Revenue in the Processed Fish & Seafood market amounts to US$294.80m in 2024. The market is expected to grow annually by 4.63% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$32,420m in 2024).
In relation to total population figures, per person revenues of US$50.63 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 40.08m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 1.9% in 2025.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 6.3kg in 2024.

Key regions: Japan, United States, Philippines, Russia, China

Market

Region

Region comparison

Currency

Analyst Opinion

The Fish & Seafood Market in Baltics has seen minimal growth due to factors such as low consumer awareness, limited distribution channels, and lack of innovation in processing techniques. Sub-markets like Canned, Dried & Smoked Fish and Fish Fingers & Portions face similar challenges, hindering overall market growth. However, with the increasing demand for convenience and health-consciousness among consumers, the market is expected to see gradual growth in the coming years.

Customer preferences: As sustainability and environmental consciousness continue to gain traction, consumers in the Baltics are increasingly opting for processed fish and seafood products that are sourced responsibly and produced using eco-friendly methods. This trend is also influenced by the growing awareness of the health benefits of consuming seafood, particularly in the form of processed products that are convenient and easy to prepare. Additionally, the rising popularity of plant-based diets is also driving the demand for processed fish and seafood options, including plant-based seafood alternatives. This shift towards sustainable and healthy options reflects the evolving lifestyles and values of consumers in the region.

Trends in the market: In the Baltics, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainable and ethically sourced products. This trend is driven by increasing consumer awareness of the environmental impact of the fishing industry. As a result, there has been a shift towards traceable and certified seafood products, with consumers willing to pay a premium for these options. This trend is expected to continue, with potential implications for industry stakeholders including the need for more sustainable fishing practices and increased transparency in the supply chain.

Local special circumstances: In the Baltics, the Processed Fish & Seafood Market within The Food market is heavily influenced by the region's coastal location and rich fishing traditions. The market is also shaped by the local consumers' preference for fresh and sustainably sourced seafood, as well as strict regulations on fishing and processing practices. This has resulted in a market that prioritizes quality and traditional methods, while also embracing innovative technologies for efficient production and distribution. In addition, the growing demand for healthy and organic food options has led to the popularity of locally produced and artisanal processed fish and seafood products.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The growth of this market is highly dependent on the overall economic health of a country, as consumers tend to decrease their spending on non-essential items during times of economic downturn. Additionally, fluctuations in currency exchange rates and trade policies can impact the import and export of processed fish and seafood, directly affecting market performance. Furthermore, government regulations and subsidies play a crucial role in shaping the market, with countries offering favorable policies for the processing and export of fish and seafood experiencing faster growth compared to others. Overall, the stability and growth of the global economy and individual countries greatly influence the Processed Fish & Seafood Market within The Food market, impacting the demand and supply dynamics of this market.

Methodology

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.