Key regions: Japan, United States, Philippines, Russia, China
The processed fish and seafood market in Nordic countries has been experiencing minimal growth, influenced by factors such as consumer preferences for fresh seafood, strict regulations on production and distribution, and limited availability of sustainable fishing. The sub-markets of canned, dried & smoked fish and fish fingers & portions also play a role in shaping the overall market. However, with increasing health consciousness and demand for convenient food options, the market is expected to witness gradual growth in the coming years.
Customer preferences: As consumers in the Nordics become more health-conscious, there is a growing demand for innovative and convenient processed fish and seafood options. This trend is fueled by factors such as the rise of flexitarian diets, growing interest in sustainable and ethically-sourced products, and the increasing popularity of seafood as a protein-rich alternative to meat. Additionally, the use of digital platforms for ordering and delivering processed fish and seafood products has also gained traction, catering to the busy and tech-savvy lifestyles of Nordic consumers.
Trends in the market: In the Nordics, the Processed Fish & Seafood market is experiencing a surge in demand for sustainably sourced products. This trend is driven by increasing consumer awareness and demand for environmentally friendly options. As a result, industry players are investing in sustainable fishing practices and certifications to meet this 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 solutions. Additionally, there is a growing trend towards plant-based alternatives to fish and seafood products, which could also impact the market.
Local special circumstances: In the Nordics, the Processed Fish & Seafood Market is heavily influenced by the region's strong fishing and aquaculture industry. The market is also shaped by the Nordic population's high demand for healthy and sustainable food options. Additionally, the strict environmental and food safety regulations in the region drive the demand for responsibly sourced and processed fish and seafood products. These factors contribute to the unique market dynamics and consumer preferences in the Nordics, setting it apart from other markets.
Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market is heavily impacted by macroeconomic factors in the Nordics. The region's stable economic growth, high per capita income, and favorable business environment have led to increased consumer spending on processed fish & seafood products. Additionally, the region's strict regulatory standards and focus on sustainable fishing practices have boosted consumer confidence in the safety and quality of these products. Furthermore, the growing health consciousness and increasing demand for convenient and healthy food options have also contributed to the growth of the processed fish & seafood market in the Nordics. Overall, these favorable macroeconomic conditions have created a conducive environment for the growth of the market in the region.
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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