Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Canada is experiencing minimal growth, influenced by factors such as increased consumer health awareness and the convenience of online services. This can be seen in the sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions, which are also impacted by rising adoption of digital technologies."
Customer preferences: As Canadians continue to prioritize convenience and health-consciousness, there has been a notable increase in demand for ready-to-eat and pre-packaged processed fish and seafood options. This trend is driven by busy lifestyles and a growing interest in healthy and sustainable food choices. Additionally, there is a growing preference for frozen and shelf-stable options, as well as a rise in plant-based fish and seafood alternatives to cater to the increasing number of vegetarian and vegan consumers.
Trends in the market: In Canada, the Processed Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and ethically sourced seafood products. This trend is driven by consumer awareness of the environmental impact of fishing and the growing preference for healthier and more natural food options. As a result, companies in the industry are investing in sustainable fishing practices and labeling their products accordingly. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need to adapt to changing consumer preferences.
Local special circumstances: In Canada, the Processed Fish & Seafood Market is heavily influenced by the country's vast coastline and rich fishing resources. The Canadian government has strict regulations in place to ensure sustainable fishing practices and high-quality seafood products. This has led to a strong reputation for Canadian seafood in international markets. Additionally, Canada's multicultural population has influenced the demand for a diverse range of processed fish and seafood products, catering to different cultural preferences and dietary restrictions. Furthermore, the country's strong focus on food safety and traceability has also played a crucial role in shaping the market dynamics.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. The market is highly reliant on international trade and is greatly influenced by changes in global economic conditions. Countries with stable national economies and favorable fiscal policies tend to experience higher demand for processed fish and seafood products, leading to market growth. Additionally, investments in infrastructure and technological advancements in the fish and seafood processing industry can also positively impact market performance. However, fluctuations in global economic conditions and changes in trade policies can have a significant impact on the market, as seen in recent years with the imposition of tariffs and trade tensions. Overall, the growth of the Processed Fish & Seafood Market is closely tied to the overall health and stability of the global economy.
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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