Processed Fish & Seafood - Chile | Statista Market Forecast

The Processed Fish & Seafood Market in Chile is currently experiencing subdued growth, influenced by factors such as increasing competition within the sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions, as well as the country's economic instability. However, the market is expected to gradually grow due to the rising health consciousness among consumers and the convenience of online purchasing options. Overall, the market in Chile is driven by the adoption of digital technologies and the growing demand for healthier food options.

Customer preferences: Consumers in Chile are increasingly opting for processed fish and seafood products due to their convenience and longer shelf life. This trend is largely driven by the growing number of working individuals and the need for quick and easy meal options. Additionally, there has been a shift towards healthier eating habits, leading to a rise in demand for processed fish and seafood products that are low in calories and high in protein. This aligns with the cultural preference for fresh and natural foods in Chile.

Trends in the market: In Chile, the Processed Fish & Seafood Market is experiencing a surge in demand for sustainable and traceable seafood products, with consumers becoming increasingly aware of the environmental impact of their food choices. This trend is expected to continue, as government initiatives and consumer education campaigns promote sustainable fishing practices. This shift towards sustainability is significant for industry stakeholders, as it presents opportunities for market differentiation and increased consumer loyalty. However, it also poses challenges for businesses that may need to invest in new technologies and supply chain management practices to meet these evolving consumer preferences.

Local special circumstances: In Chile, the Processed Fish & Seafood Market is heavily influenced by the country's long coastline and abundant marine resources, resulting in a strong fishing and aquaculture industry. The Chilean government has implemented strict regulations and monitoring systems to ensure sustainable fishing practices, which has led to a reputation for high-quality seafood products. Additionally, the Chilean culture places a strong emphasis on seafood consumption, with traditional dishes like Ceviche and Pastel de Jaiba being popular among locals and tourists alike. These unique factors contribute to a competitive and dynamic market for processed fish and seafood in Chile, with a focus on sustainability and consumer preferences.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market in Chile is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. Chile has a stable and growing economy, with a GDP growth rate of 1.2% in 2020 despite the COVID-19 pandemic. This economic stability has led to increased consumer spending and demand for processed fish and seafood products. Additionally, Chile has a favorable regulatory environment and strong investment in fisheries, which has allowed for efficient and sustainable production of processed fish and seafood. The growing demand for healthy and convenient food options, along with the increasing popularity of Chilean seafood in international markets, is expected to further drive the growth of the Processed Fish & Seafood Market in Chile.

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.