Key regions: Japan, United States, Philippines, Russia, China
The Fish & Seafood Market in the GCC region is experiencing minimal growth, influenced by factors such as the increasing availability of processed fish & seafood products, growing health consciousness among consumers, and the convenience of online purchasing. Sub-markets like canned, dried & smoked fish, and fish fingers & portions further impact the market's growth rate.
Customer preferences: Consumers are increasingly looking for sustainable and eco-friendly options in the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market. This trend is driven by growing awareness about the impact of overfishing and unsustainable fishing practices on the environment. Additionally, there is a growing demand for plant-based alternatives to traditional processed fish and seafood products, indicating a shift towards more ethical and environmentally conscious consumption habits.
Trends in the market: In the GCC, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and eco-friendly options. This trend is being driven by increasing consumer awareness and preference for ethically sourced and environmentally responsible products. As a result, companies in the market are investing in sustainable practices and certifications to meet this growing demand. 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 the GCC region, the Processed Fish & Seafood Market is heavily influenced by the cultural and religious beliefs of the local population. The demand for halal-certified products is high, leading to a niche market for halal processed fish and seafood. Additionally, the region's coastal geography and abundant marine resources have resulted in a strong fishing and aquaculture industry, further driving the growth of the market. The strict regulatory framework in place also ensures the quality and safety of processed fish and seafood products, giving consumers confidence in their purchases.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Countries with strong economic health and favorable fiscal policies are expected to experience higher market growth compared to countries with weaker economic conditions. Additionally, the increasing demand for processed fish and seafood products as a result of changing consumer preferences and lifestyles is also expected to drive market growth. Moreover, the rising global population and increasing disposable income levels are creating a higher demand for processed fish and seafood, further boosting market growth.
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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