Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood market in EU-27 is experiencing negligible growth due to factors such as fluctuating demand, strict regulations, and increasing competition from alternative protein sources. However, the Canned, Dried & Smoked Fish and Fish Fingers & Portions sub-markets are expected to drive overall market growth as consumers seek convenience and health benefits from these products. Additionally, rising health awareness and increasing adoption of digital technologies are also expected to contribute to market growth in the near future.
Customer preferences: Consumers in EU-27 are increasingly showing a preference for sustainably sourced and environmentally friendly processed fish and seafood products. This is driven by a growing awareness of the impact of overfishing and the depletion of marine resources. As a result, there has been a rise in demand for organic and certified products, as well as a willingness to pay a premium for products that align with their values. Additionally, the trend towards plant-based diets and alternative protein sources has also influenced consumer preferences in the processed fish and seafood market.
Trends in the market: In the EU-27, the Processed Fish & Seafood Market is experiencing a shift towards more sustainable and environmentally friendly practices. This trend is driven by consumer demand for ethically sourced and traceable seafood products. Industry stakeholders are investing in new technologies and processes to reduce waste and improve supply chain transparency. This trend is expected to have a significant impact on the market, as consumers become more conscious of their food choices and regulations tighten. Furthermore, there is a growing trend of online seafood marketplaces, providing a convenient and transparent way for consumers to purchase seafood products directly from producers. This trend is likely to continue as consumers embrace e-commerce and seek out more direct relationships with food producers.
Local special circumstances: In the EU-27, the Processed Fish & Seafood Market is heavily influenced by the region's strict regulatory standards for food safety and sustainability. This has led to a high demand for certified organic and sustainably sourced seafood products. Additionally, the diverse cultural preferences for seafood consumption across different EU member states have resulted in a wide range of product offerings and market competition. This is further compounded by the geographical variations in seafood availability and consumption patterns, making it a complex and diverse market for processed fish and seafood products.
Underlying macroeconomic factors: The Processed 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. In countries with strong economic growth and stable fiscal policies, the market is expected to experience higher demand for processed fish and seafood products. Additionally, government investments in the fishing and aquaculture industries, as well as favorable trade policies, can also impact the market's performance. On the other hand, economic downturns and unstable fiscal policies can lead to a decrease in consumer spending, thus affecting the demand for processed fish and seafood products. Moreover, changing consumer preferences and dietary habits, coupled with increasing health consciousness, are also important macroeconomic factors that can shape the growth of this market.
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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