Processed Fish & Seafood - Lebanon

The Processed Fish & Seafood Market in Lebanon is experiencing steady growth, driven by factors such as increasing health consciousness among consumers, rising demand for convenient food options, and the adoption of digital technologies in the food industry. The average growth rate of the market is impacted by the various sub-markets within it, such as Canned, Dried & Smoked Fish and Fish Fingers & Portions, which cater to different consumer preferences. Overall, the market is expected to continue its growth trajectory in the coming years.

Customer preferences: As in the previous paragraph, the Processed Fish & Seafood Market within The Food market has also witnessed a shift in consumer preferences. With an increasing focus on health and wellness, consumers are gravitating towards sustainably sourced and minimally processed fish and seafood products. This trend is driven by cultural values placed on natural and organic foods, as well as concerns about the environmental impact of traditional fishing practices. Additionally, the rise of health-conscious millennials has led to a demand for more convenient and healthier options, such as pre-packaged and ready-to-eat seafood meals.

Trends in the market: Within the Fish & Seafood Market, the Processed Fish & Seafood Market in Lebanon is experiencing a trend towards healthier and more sustainable options. This is driven by consumer demand for ethically sourced and environmentally friendly products. With a growing focus on health and wellness, there is also an increase in demand for value-added products such as pre-marinated and ready-to-cook fish and seafood. This trend is expected to continue, with industry stakeholders investing in innovative and sustainable processing methods to meet consumer preferences and maintain a competitive edge. Additionally, the rise of e-commerce and online grocery platforms in Lebanon is providing new opportunities for processed fish and seafood products to reach a wider customer base.

Local special circumstances: In Lebanon, the Processed Fish & Seafood Market within The Food market is heavily influenced by the country's coastal location and Mediterranean cuisine. Traditional dishes such as grilled fish and seafood platters are popular among locals and tourists alike, driving demand for processed seafood products. Additionally, the country's strict halal certification process plays a significant role in shaping the market, as the majority of the population follows Islamic dietary laws. This creates a unique market for halal-certified processed fish and seafood products, catering to the large Muslim population in Lebanon and neighboring countries.

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 relevant financial indicators. With the increasing demand for seafood products, countries with strong economies and favorable regulatory environments are experiencing higher market growth compared to regions with economic challenges and limited government support. Additionally, the rising health concerns and growing population are driving the demand for processed fish and seafood products, leading to the growth of the market. Furthermore, investments in technological advancements and infrastructure development are also contributing to the growth of the market by improving production and distribution capabilities.

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.