Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood market in Ethiopia is experiencing substantial growth, driven by factors such as increasing demand for processed fish and seafood, growing health consciousness among consumers, and the convenience of online purchasing options. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions are also contributing to this growth rate.
Customer preferences: As consumers become more health-conscious in Ethiopia, there has been a growing demand for processed fish and seafood products that are sustainable and ethically sourced. This trend is driven by a cultural emphasis on natural and healthy food choices. Additionally, with the rise of urbanization and changing lifestyles, there is a growing preference for convenient and ready-to-eat seafood products. This has led to an increase in the availability of processed fish and seafood options in supermarkets and online marketplaces.
Trends in the market: In Ethiopia, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market has seen a significant increase in demand for locally sourced and sustainably caught seafood. This trend is driven by consumers' growing awareness of the environmental impact of imported seafood and their desire to support the local economy. Additionally, there is a rising trend of convenience foods in Ethiopia, leading to an increase in demand for processed fish and seafood products. This trend is expected to continue in the coming years, with potential implications for industry stakeholders, including the need for more sustainable and locally sourced supply chains and the development of innovative processing techniques to meet the demand for convenient seafood products.
Local special circumstances: In Ethiopia, the Processed Fish & Seafood Market is heavily influenced by the country's large coastline and rich fishing resources. This makes it a key player in the global seafood industry, with a focus on sustainable fishing practices. Additionally, cultural preferences for seafood in Ethiopian cuisine drive local demand for processed fish products. Furthermore, government regulations on fishing practices and food safety standards play a crucial role in shaping the market dynamics, ensuring that the country's seafood products meet international standards for export.
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, fiscal policies, and other relevant financial indicators. For instance, countries with strong economic growth and stable fiscal policies are likely to experience higher demand for processed fish and seafood products, as rising disposable incomes and changing consumer preferences increase the consumption of convenience foods. Additionally, favorable trade policies and government support for the fisheries industry can also drive market growth by facilitating trade and promoting investment in the sector. On the other hand, economic downturns and unstable political environments can negatively impact market performance, as consumers may reduce their spending on non-essential items such as processed fish and seafood. Moreover, fluctuations in exchange rates and trade barriers can also affect the cost of raw materials and finished products, further influencing market dynamics.
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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