Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Benin's Food Market is experiencing subdued growth due to factors such as limited consumer awareness, unreliable supply chains, and high production costs. However, the increasing demand for convenient and ready-to-eat fish products, along with the adoption of digital technologies in the fishing industry, is expected to drive growth in the near future.
Customer preferences: As consumers in Benin become more health-conscious, there has been a noticeable shift towards processed fish and seafood options that are low in fat and high in protein. This trend is also influenced by the growing popularity of Western diets and the desire for convenience in meal preparation. Additionally, the increasing availability of processed fish and seafood products, both locally and internationally, has also contributed to the rise in demand for these items.
Trends in the market: In Benin, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for locally sourced and sustainably produced seafood products. This trend is driven by consumer preferences for ethical and environmentally friendly products, as well as government initiatives promoting the development of the local fishing industry. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for investment in sustainable fishing practices. Additionally, there is a growing interest in value-added seafood products, such as smoked and canned fish, which offer longer shelf life and greater convenience for consumers.
Local special circumstances: In Benin, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and strong fishing industry. The traditional methods of processing and preserving fish have been passed down for generations, resulting in a unique range of locally processed fish and seafood products. Additionally, government regulations on fishing and trade have a significant impact on the availability and pricing of these products in the market. This creates a dynamic market with a strong emphasis on local and sustainable sourcing of fish and seafood products.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is significantly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with stable economic conditions and favorable fiscal policies are likely to experience higher demand for processed fish and seafood products. Additionally, fluctuations in exchange rates and changes in consumer purchasing power can affect market performance. Moreover, the rise in health consciousness and the increasing prevalence of seafood allergies are also influencing the demand for processed fish and seafood products, driving the market's 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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