Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Russia has been experiencing mild growth, driven by factors such as increasing consumer demand for fresh and processed products, growing health consciousness, and the convenience of online purchasing. Despite this growth, the market is impacted by challenges such as changing consumer preferences and fluctuating fish and seafood prices.
Customer preferences: As the Russian population becomes more health-conscious, there has been a notable increase in demand for sustainably sourced fish and seafood options. This trend is fueled by a growing awareness of the environmental impact of traditional fishing methods and a desire for healthier food choices. Additionally, there is a growing interest in exotic seafood options, driven by the influence of international travel and cultural diversity in the country. As a result, seafood retailers are diversifying their offerings to cater to these evolving consumer preferences.
Trends in the market: In Russia, the Fish & Seafood Market is experiencing a trend towards sustainability and ethical sourcing. Consumers are increasingly concerned about the environmental impact of their food choices and are demanding transparency from industry stakeholders. This trend is expected to continue, with the government implementing stricter regulations and consumers becoming more conscious of their seafood consumption. This has implications for the industry, as companies will need to adapt their practices to meet these demands and maintain their customer base. Additionally, there is a growing trend towards premium seafood products, as consumers are willing to pay more for high quality and sustainably sourced options. This trend presents opportunities for industry stakeholders to differentiate their products and target a niche market.
Local special circumstances: In Russia, the Fish & Seafood market is heavily influenced by the country's vast coastlines and rich fishing resources. The cultural preference for fresh seafood also drives the market, with a strong demand for locally caught and prepared products. Moreover, strict regulations and inspections by the Federal Service for Veterinary and Phytosanitary Surveillance ensure the safety and quality of fish and seafood products, creating trust among consumers. These factors contribute to the unique dynamics of the Russian Fish & Seafood market, setting it apart from other markets in the Food industry.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Russia is heavily influenced by macroeconomic factors such as the country's economic health, global economic trends, fiscal policies, and other financial indicators. Specifically, the market is impacted by Russia's economic growth and stability, as well as the demand for fish and seafood in the global market. Additionally, government policies and investments in the fishing industry, as well as the overall health of the Russian economy, also play a significant role in shaping the performance of the Fish & Seafood Market 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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