Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Israel is experiencing minimal growth, influenced by factors such as increasing health awareness, convenience of online services, and the sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions. However, challenges such as sustainability concerns and competition from alternative protein sources may impact the market's growth rate.
Customer preferences: In Israel, there has been a growing trend towards the consumption of processed fish and seafood, driven by factors such as convenience, health consciousness, and evolving dietary preferences. This is particularly evident in the younger generations, who are increasingly seeking healthier food options and are more open to trying new and diverse flavors. Additionally, the rise of online grocery shopping and delivery services has made it easier for consumers to access a wider range of processed fish and seafood products, further fueling the growth of this market segment.
Trends in the market: In Israel, the Processed Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainable and environmentally friendly products. This trend is driven by the increasing awareness of consumers towards the impact of overfishing and the importance of sustainable seafood sourcing. As a result, many companies are now investing in eco-friendly production methods and certifications to meet the growing demand. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition and the need for innovative sustainable practices.
Local special circumstances: In Israel, the Processed Fish & Seafood Market is heavily influenced by the country's location along the Mediterranean Sea. The demand for fresh and high-quality seafood is high, leading to a focus on sustainable fishing practices and strict regulations. Additionally, cultural preferences for kosher seafood further shape the market, with many processing facilities obtaining kosher certifications. This unique combination of geographical and cultural factors drives the market's growth and shapes consumer preferences for ethical and religiously compliant seafood products.
Underlying macroeconomic factors: The Processed Fish & Seafood Market in Israel is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Israel's strong economy and stable political climate have contributed to the growth of the market. Additionally, the country's strategic location and well-developed infrastructure make it a key player in the global seafood trade. The government's support for the seafood industry through policies such as tax incentives and investment in research and development also contributes to the market's performance. However, challenges such as fluctuating seafood prices and increasing competition from other seafood-producing countries can impact the market's 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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