Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Belgium is seeing a slow growth rate due to various factors such as changing consumer preferences, increasing competition, and fluctuating prices of raw materials. The Canned, Dried & Smoked Fish and Fish Fingers & Portions sub-markets are also impacted by these factors, leading to negligible overall growth in the Fish & Seafood Market within The Food market.
Customer preferences: In Belgium, consumers are placing a higher value on convenience and sustainability when it comes to their food choices, leading to a rise in demand for processed fish and seafood products. This trend is influenced by a growing awareness of the environmental impact of traditional fishing practices and a desire for healthier, ready-to-eat options. Additionally, the increasing popularity of flexitarian diets and plant-based alternatives is also driving growth in the processed fish and seafood market.
Trends in the market: In Belgium, the Processed Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced and traceable products. This trend is driven by increasing consumer awareness and concerns about food safety and environmental sustainability. As a result, industry stakeholders are investing in technologies and processes to ensure transparency and traceability in the supply chain. This trend is expected to continue, with potential implications including improved consumer trust and increased market share for companies that can demonstrate sustainable and ethical practices.
Local special circumstances: In Belgium, the Processed Fish & Seafood Market is heavily influenced by the country's geographic location as a coastal nation. This has led to a strong tradition of fishing and seafood consumption, resulting in a wide variety of local seafood products. Additionally, the country's strict regulations on food safety and sustainability have played a significant role in shaping the market. These factors have led to a high demand for premium and sustainably-sourced seafood products in the market, catering to the preferences of Belgian consumers.
Underlying macroeconomic factors: The growth of the Processed Fish & Seafood Market within The Food market is also 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 are experiencing faster market growth compared to regions with economic instability and unfavorable fiscal environments. Additionally, the increasing demand for healthy and convenient food options, driven by growing health consciousness and busy lifestyles, is boosting the demand for processed fish and seafood products in the market. Moreover, the growing popularity of seafood as a protein source and the rising trend of international cuisines are also contributing to the market growth.
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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