Processed Fish & Seafood - Cyprus

The Processed Fish & Seafood Market in Cyprus is experiencing minimal growth due to factors like the increasing demand for convenience and health-consciousness among consumers. However, the sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions may also impact the overall market's growth rate. Despite this, the market has been steadily growing due to the convenience and health benefits offered by online purchasing options.

Customer preferences: Consumers in Cyprus are showing a growing interest in sustainable and ethically-sourced processed fish and seafood products. This is driven by a rising awareness of environmental issues and a desire to support local fishermen. Additionally, there is a trend towards healthier and more convenient options, with a growing demand for ready-to-eat and pre-packaged seafood products. This shift is also influenced by a busy lifestyle and a desire for quick and easy meal solutions.

Trends in the market: In Cyprus, the Processed Fish & Seafood Market within The Food market is experiencing an increase in demand for sustainably-sourced and organic seafood products. This trend is driven by the growing awareness of consumers towards healthy and environmentally-friendly food choices. As a result, there is a rise in the number of seafood producers and retailers offering certified sustainable and organic products. This trend is expected to continue in the coming years, as consumers become more conscious of the impact of their food choices on the environment and their health. Industry stakeholders need to adapt to this trend by investing in sustainable and organic production methods and marketing strategies to cater to the changing consumer preferences. Additionally, there is a growing trend of online seafood sales, with many companies offering direct-to-consumer delivery services. This trend is expected to continue, as consumers seek convenience and safety in purchasing food products during the pandemic. As a result, industry stakeholders need to invest in e-commerce platforms and digital marketing strategies to stay competitive in the market.

Local special circumstances: In Cyprus, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by its geographical location as a small island nation surrounded by the Mediterranean Sea. This has resulted in a strong fishing tradition and a wide variety of locally caught seafood being readily available. Additionally, the island's cultural ties to the sea have led to a high demand for fresh and processed fish and seafood products. The market is also regulated by strict EU standards for food safety, ensuring high-quality products for both domestic consumption and export.

Underlying macroeconomic factors: The Processed Fish & Seafood Market in Cyprus is greatly impacted by macroeconomic factors such as the overall economic health of the country and global economic trends. With a strong focus on exports, Cyprus' economy is heavily reliant on international trade and thus, any fluctuations in global demand or instability in the global economy can greatly impact the market. Additionally, the national economic health and fiscal policies of Cyprus also play a crucial role in the performance of the Processed Fish & Seafood Market. Government initiatives and investments in the fishing industry, as well as any changes in taxation or subsidies, can have a significant impact on market growth. Moreover, factors such as consumer spending power and inflation rates in the country can also influence the demand for 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.