Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Singapore is experiencing limited growth, influenced by factors such as consumer preference for fresh and locally sourced products, increasing health consciousness, and the convenience of online purchasing. These factors are driving demand in the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, but the market's overall growth remains negligible due to high competition and limited availability of resources.
Customer preferences: Consumers in Singapore are increasingly opting for sustainable and ethically-sourced fish and seafood products, as awareness of environmental concerns and ethical consumption grows. This trend is driven by a younger, more socially conscious demographic looking for products that align with their values. Additionally, the rising popularity of plant-based diets and flexitarianism has led to a growing demand for alternative seafood options, such as plant-based seafood substitutes. This shift towards sustainable and ethical consumption is also reflected in the increasing availability of certifications and labels that indicate responsible and sustainable sourcing practices.
Trends in the market: In Singapore, the Fish & Seafood Market is experiencing a surge in demand for sustainably-sourced products, driven by consumers' increasing awareness and concern for the environment. This trend is expected to continue as more consumers prioritize ethical and eco-friendly consumption. Furthermore, there is a growing trend of online seafood delivery services, providing convenience and accessibility for consumers. These trends have significant implications for industry stakeholders, who must adapt to meet the changing demands and preferences of consumers. The rise of sustainable and online seafood options also presents opportunities for companies to differentiate themselves and capture a larger market share.
Local special circumstances: In Singapore's Fish & Seafood Market, the presence of strict food safety regulations and a strong emphasis on sustainable fishing practices sets it apart from other markets. This has led to the development of innovative technologies for tracking and tracing seafood products, as well as a growing demand for ethically-sourced seafood. Additionally, the country's diverse cultural influences have resulted in a unique blend of traditional and modern seafood dishes, making it a popular destination for food tourists.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Singapore's strong economy and stable political environment make it an attractive market for seafood products. Additionally, the country's growing disposable income and increasing demand for healthy and sustainable food options are driving the growth of the Fish & Seafood Market. Furthermore, government initiatives and investments in the aquaculture industry are helping to boost production and meet the growing demand for fish and seafood products in Singapore.
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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Mon - Fri, 9am - 6pm (EST)
