Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Bhutan is facing subdued growth due to factors such as limited consumer awareness and availability of traditional fishing methods. However, the market is expected to experience growth in the future with increasing adoption of digital technologies and the convenience of online services. The diverse sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions also contribute to this growth potential.
Customer preferences: Bhutanese consumers are increasingly prioritizing convenient and healthy food options, leading to a growing demand for processed fish and seafood products. This trend can be attributed to the country's increasing urbanization and busy lifestyles. Additionally, there is a growing awareness of the health benefits of consuming fish and seafood, particularly in comparison to other protein sources. As a result, processed fish and seafood products are becoming a staple in Bhutanese households, catering to the changing consumer preferences.
Trends in the market: In Bhutan, the Processed Fish & Seafood Market within The Food market is experiencing a spike in demand for sustainable and ethically-sourced products. Consumers are becoming more conscious of the environmental and social impact of their food choices, leading to a growing trend of opting for responsibly-sourced fish and seafood. This trend is expected to continue, driven by the increasing awareness and concerns about overfishing and the use of harmful fishing methods. Industry stakeholders need to adapt to this trend by sourcing and promoting sustainable practices to stay competitive in the market. Additionally, there is a shift towards processed fish and seafood products with lower sodium and preservative content, as consumers become more health-conscious. This trend presents an opportunity for industry players to invest in research and development to offer healthier options and cater to the changing preferences of consumers. Overall, these trends indicate a need for the industry to prioritize sustainability and health as key factors in their production and marketing strategies. Failure to do so may result in losing out on a significant portion of the market share to competitors who are successfully tapping into these trends.
Local special circumstances: In Bhutan, the Processed Fish & Seafood Market is heavily influenced by the country's geographical location and cultural preferences. Being a landlocked country, Bhutan relies heavily on imported fish and seafood products, leading to a limited market for locally processed options. Additionally, the predominantly Buddhist population's cultural preference for vegetarianism further restricts the demand for processed fish and seafood. These unique factors play a significant role in shaping the market dynamics of the Processed Fish & Seafood Market in Bhutan.
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. In countries with stable economic conditions and favorable fiscal policies, the market is experiencing faster growth compared to regions with economic instability and strict regulatory environments. Additionally, the increasing demand for healthy and convenient food options is driving the growth of the Processed Fish & Seafood Market, as consumers become more health-conscious and busy lifestyles require convenient and quick meal solutions. Furthermore, the rise in disposable income and urbanization in developing countries is also contributing to the growth of this market, as consumers have more purchasing power and access to a wider range of processed fish and seafood products.
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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