Processed Fish & Seafood - Myanmar

The Processed Fish & Seafood market in Myanmar is experiencing subdued growth, influenced by factors such as limited access to technology, low health awareness among consumers, and traditional consumption habits. However, the convenience and availability of canned, dried & smoked fish and fish fingers & portions may drive future growth in the country's Fish & Seafood Market within The Food market.

Customer preferences: The processed fish and seafood market in Myanmar has seen a rise in demand for sustainably sourced and ethically produced products. Consumers are becoming more conscious of their seafood choices and are opting for brands that prioritize environmental sustainability and social responsibility. This trend is driven by a growing awareness of the impact of overfishing and unethical fishing practices on the marine ecosystem, as well as a desire to support local communities and economies. As a result, companies in the processed fish and seafood market are increasingly investing in sustainable sourcing and transparency in their supply chains to meet consumer preferences. This shift towards ethical consumption reflects a larger global trend of consumers prioritizing responsible and ethical practices in their purchasing decisions.

Trends in the market: In Myanmar, the Processed Fish & Seafood Market is experiencing a shift towards sustainability and traceability, with consumers demanding more information about the origin of their seafood. This trend is likely to continue, as consumers become more aware of environmental and ethical concerns in the seafood industry. As a result, industry stakeholders will need to adapt by implementing transparent supply chain practices and investing in sustainable fishing methods. Additionally, the growing popularity of online shopping and home delivery services in Myanmar is expected to drive the demand for processed fish and seafood products, providing opportunities for market growth. Overall, these trends highlight the need for industry players to prioritize sustainable practices and cater to the evolving needs of consumers in order to remain competitive in the market.

Local special circumstances: In Myanmar, the Processed Fish & Seafood Market within the Fish & Seafood Market of The Food market is heavily influenced by the country's geographical location and rich fishing resources. With a long coastline and numerous rivers, Myanmar has a strong tradition of fishing and seafood consumption. However, due to limited technological advancements and infrastructure, the market is largely dominated by small-scale, traditional fishing practices. Additionally, the country's strict regulations on fishing and seafood exports also play a significant role in shaping the dynamics of the market. These unique factors set Myanmar's Processed Fish & Seafood Market apart from other markets, creating a distinct environment for businesses to navigate.

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 stable economic conditions and strong investment in the seafood industry are experiencing higher market growth compared to regions with economic instability and limited funding. Moreover, the growing demand for sustainable and healthy food options, along with the increasing popularity of seafood-based diets, is expected to drive market growth in the coming years. Additionally, the rising awareness about the health benefits of consuming seafood and the growing demand for convenience food products are also contributing to 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.