Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in BRICS is facing subdued growth due to factors like increasing consumer demand for healthier food options, technological advancements in processing techniques, and rising awareness about sustainable seafood practices. These factors are driving the growth of sub-markets like Canned, Dried & Smoked Fish, and Fish Fingers & Portions, while also creating challenges for the overall market. However, with the convenience and variety offered by online channels, the market is expected to see gradual growth in the coming years.
Customer preferences: As the BRICS countries continue to experience economic growth and urbanization, there has been a noticeable increase in demand for convenient and ready-to-eat food options. This has led to a rise in consumption of processed fish and seafood products, which offer a convenient and healthy protein source. Additionally, with the growing awareness about sustainable and ethical food choices, consumers are also gravitating towards sustainably sourced and ethically produced processed fish and seafood products. This trend is expected to continue as consumers become more conscious of the environmental impact of their food choices.
Trends in the market: In the BRICS countries, the Processed Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and eco-friendly practices. This is driven by increasing consumer demand for responsibly sourced seafood and government initiatives promoting sustainable fishing methods. Additionally, the use of technology in seafood processing and packaging is gaining momentum, improving efficiency and reducing waste. These trends have significant implications for industry stakeholders, as they must adapt to meet consumer expectations and comply with stricter regulations. This could also create opportunities for companies to differentiate themselves and gain a competitive advantage in the market.
Local special circumstances: In BRICS, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the unique geographical, cultural, and regulatory factors of each country. In Brazil, for example, the demand for processed fish and seafood is driven by the country's large coastal population and growing middle class, who seek convenient and affordable options. On the other hand, in China, the market is heavily regulated and dominated by government-owned enterprises, making it difficult for foreign companies to enter. In India, the market is influenced by the country's diverse culinary traditions, with a growing demand for processed seafood products that cater to different regional preferences. These local factors play a significant role in shaping the dynamics of the Processed Fish & Seafood Market in BRICS.
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 market performance is also impacted by other relevant financial indicators, such as consumer spending and trade policies. Countries with stable economic conditions and favorable regulatory environments for the food industry are experiencing higher market growth compared to regions with economic challenges and stricter regulations. Additionally, the increasing demand for healthier and convenient food options, coupled with the growing population and disposable income, is driving the growth of the Processed Fish & Seafood Market in BRICS countries.
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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