Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in the Philippines is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and convenience of online purchasing. This trend is seen in sub-markets such as canned, dried, and smoked fish, as well as fish fingers and portions. Despite the slow growth rate, the market is expected to continue expanding due to the country's abundant seafood resources and growing demand for healthier food options.
Customer preferences: Consumers in the Philippines are increasingly turning to processed fish and seafood products as a convenient and affordable source of protein, in line with the growing trend towards healthier and more sustainable food options. This shift is also driven by the rising demand for ready-to-eat meals and snacks, as busy lifestyles and a growing food delivery market make convenience a key factor for consumers. Additionally, the cultural preference for seafood in Filipino cuisine continues to drive the popularity of processed fish and seafood products in the market.
Trends in the market: In the Philippines, the Processed Fish & Seafood Market within The Food market is seeing a rise in demand for healthier and more sustainable options. This trend is driven by the increasing consumer awareness of the health benefits of seafood, as well as the sustainability concerns surrounding traditional fishing practices. As a result, there is a growing demand for processed fish and seafood products that are certified sustainable and free from harmful additives. This trend is expected to continue, with industry stakeholders focusing on developing and marketing products that cater to this demand. This shift towards healthier and more sustainable options is not only significant for the industry, but also for the health and well-being of consumers and the environment. It presents an opportunity for industry players to differentiate themselves and capture a larger market share, while also addressing the pressing issues of sustainability and health.
Local special circumstances: In the Philippines, the Processed Fish & Seafood Market is heavily influenced by the country's archipelagic geography, with over 7,000 islands and a rich marine ecosystem. This allows for a diverse range of seafood products, including various types of fish, crustaceans, and mollusks. Additionally, the country's cultural preference for seafood, as it is a staple in many local dishes, drives demand for processed fish and seafood. Furthermore, the Food and Drug Administration (FDA) in the Philippines has strict regulations and guidelines in place for the processing and packaging of fish and seafood products, ensuring high quality and safety standards. These unique factors contribute to the dynamic growth of the Processed Fish & Seafood Market in the Philippines.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market in the Philippines is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The Philippines is currently experiencing a strong economic growth trajectory, driven by investments in infrastructure, manufacturing, and service industries. This has resulted in increased disposable income and changing consumer preferences, leading to a growing demand for processed fish and seafood products. Additionally, the government has implemented policies to support the growth of the food processing industry, promoting exports and increasing access to international markets. These factors, along with the country's strategic location in the Asia-Pacific region, make the Philippines a lucrative market for processed fish and seafood products.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
