Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood market in Thailand is seeing minimal growth due to factors such as increasing demand for convenience, health consciousness among consumers, and adoption of digital technologies. Despite sub-markets like Canned, Dried & Smoked Fish and Fish Fingers & Portions, the overall market is impacted by these factors leading to a slow growth rate.
Customer preferences: In Thailand, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market has seen a rise in demand for sustainable and locally sourced products. This trend is attributed to the country's strong cultural ties to traditional fishing practices and the growing awareness of environmental sustainability. Additionally, there has been a shift towards healthier and cleaner food options, leading to an increase in demand for organic and natural processed fish and seafood products. This can be attributed to the changing lifestyle factors and preferences of consumers towards a more health-conscious approach.
Trends in the market: In Thailand, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards more sustainable and eco-friendly practices. This trend is being driven by consumer demand for ethically-sourced and environmentally-responsible products. Industry stakeholders are responding by implementing sustainable fishing methods, reducing waste and implementing stricter regulations. This shift towards sustainability is significant as it not only meets consumer demand, but also helps to preserve the marine ecosystem. However, this trend may also bring challenges for smaller businesses that may struggle to adapt to these new practices.
Local special circumstances: In Thailand, the Processed Fish & Seafood market is heavily influenced by the country's rich seafood culture and abundance of marine resources. The government's strict regulations on fishing practices and sustainable fishing methods have also shaped the market, leading to a growing demand for sustainably sourced and eco-friendly seafood products. Additionally, the country's strong tourism industry has also contributed to the growth of the market, with a rising demand for convenient and high-quality processed seafood products among both tourists and locals.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. For instance, countries with stable economic conditions and favorable regulatory environments for the food industry are likely to experience higher market growth compared to regions with economic instability and regulatory challenges. Furthermore, the growing demand for processed fish and seafood products is also influenced by the increasing global population and changing consumer preferences towards healthy and convenient food options.
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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