Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in India has been witnessing moderate growth due to factors such as increasing consumer preference for convenience, rising health awareness, and adoption of digital technologies. However, the growth rate is subdued due to challenges in the supply chain, fluctuating seafood prices, and competition from other protein sources.
Customer preferences: With the growing trend towards healthier and more sustainable food options, consumers in India are increasingly gravitating towards processed fish and seafood products. This is due to the growing awareness of the health benefits of seafood, as well as the convenience and versatility of processed fish and seafood. Additionally, the rise in disposable income and changing lifestyles have also contributed to the increasing demand for these products. As consumers become more health-conscious, there is a growing preference for sustainably sourced and ethically produced fish and seafood, leading to a surge in demand for certified products.
Trends in the market: In India, the Processed Fish & Seafood market is experiencing a surge in consumer demand for sustainable and ethically sourced products, as well as an increase in online sales channels. This trend is driven by a growing awareness of health and environmental concerns, as well as the convenience of online shopping. Industry stakeholders are adapting by incorporating sustainable practices and investing in e-commerce capabilities. This trajectory is significant as it reflects a shift towards conscious consumption and digitalization, which could lead to increased market competition and the need for innovative marketing strategies. Additionally, the rise of e-commerce presents opportunities for industry players to reach a wider customer base and improve supply chain efficiency. Overall, these trends suggest a need for continued adaptation and innovation in order to stay competitive in the evolving Processed Fish & Seafood market in India.
Local special circumstances: In India, the Processed Fish & Seafood Market is heavily influenced by the country's vast coastline and strong cultural preference for seafood. The market is also affected by government regulations on fishing and processing, leading to a unique supply chain structure. Additionally, the rise of e-commerce and online food delivery services has made it easier for consumers to access a variety of processed fish and seafood products. In contrast, in other countries, such as the United States, the market is more driven by health and sustainability concerns, leading to a focus on organic and locally sourced fish and seafood. These varying factors play a significant role in shaping the dynamics of the Processed Fish & Seafood Market in India.
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 demand for seafood, trade policies, and economic health of the country of production. Countries with strong economic growth and supportive trade policies, such as India, are experiencing growth in their processed fish & seafood market. Additionally, increasing health consciousness and changing consumer preferences towards healthier protein alternatives are also driving the demand for processed fish & seafood products in India. Furthermore, government initiatives to promote sustainable fishing practices and investments in modern processing facilities are expected to further boost the 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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