Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in South Korea has been witnessing slow growth due to factors such as changing consumer preferences, increasing health concerns, and competition from other protein sources. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions have also contributed to this trend. However, with the growing demand for convenience and healthy food options, the market is expected to experience moderate growth in the coming years.
Customer preferences: Consumers in South Korea are increasingly prioritizing convenience and sustainability in their food choices, leading to a rise in demand for processed fish and seafood. This trend is driven by busy lifestyles and a growing awareness of the environmental impact of food production. In addition, there is a growing preference for locally sourced and ethically produced seafood, as consumers become more conscious of the origin and production methods of their food. This shift towards sustainable and convenient food options is expected to further drive the growth of the processed fish and seafood market in South Korea.
Trends in the market: In South Korea, the Processed Fish & Seafood Market within The Food market is witnessing a surge in demand for healthier and convenient seafood options. This trend is driven by the growing health consciousness among consumers and the busy lifestyles of urban populations. As a result, there is an increasing availability of pre-packaged and ready-to-eat seafood products in the market. This trend is expected to continue, with the potential for further innovation and product development in the processed fish & seafood segment. Industry stakeholders must stay abreast of these trends and adapt their strategies to cater to the changing consumer preferences.
Local special circumstances: In South Korea, the Processed Fish & Seafood Market within The Food market is heavily influenced by the country's strong fishing industry and rich culinary culture. With a strong emphasis on fresh and high-quality seafood, South Korea's processed fish and seafood market is driven by consumer demand for premium products. Additionally, strict regulations and quality standards set by the government ensure that the market offers safe and sustainable seafood options. This unique combination of factors sets South Korea's Processed Fish & Seafood Market apart from other markets and influences its growth and development.
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. The market growth is driven by the increasing demand for processed fish and seafood products, especially in South Korea. The country's strong economic growth and stable political environment have led to higher consumer spending power, resulting in a higher demand for premium and convenient food options. Additionally, the government's initiatives to promote the consumption of fish and seafood, coupled with favorable trade policies, have further boosted the market growth. However, fluctuations in global seafood prices, currency exchange rates, and trade tensions can impact the market's performance in the country.
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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