Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in South America has seen slow growth due to various factors such as declining consumption, increasing competition from other protein sources, and strict regulations on fishing practices. However, the market is expected to pick up pace with the increasing demand for sustainably sourced and healthy seafood options.
Customer preferences: Consumers in South America are becoming more health-conscious and are increasingly looking for sustainable and ethically sourced fish and seafood options. This trend is driven by growing awareness of the environmental impact of fishing practices and a desire for healthier and cleaner eating. As a result, there has been a rise in demand for certified sustainable and organic fish and seafood products. This shift towards ethical and sustainable consumption is also influenced by a growing interest in wellness and conscious living among consumers in the region.
Trends in the market: In South America, the Fish & Seafood Market within The Food market is seeing a rise in demand for sustainably sourced seafood. Consumers are increasingly concerned about the environmental impact of their food choices and are seeking out certified sustainable options. This trend is expected to continue as more companies prioritize sustainability in their sourcing and production processes. This could lead to increased competition among industry stakeholders to meet these consumer demands and potential partnerships with sustainability organizations. Additionally, there may be opportunities for premium pricing for sustainably sourced seafood products.
Local special circumstances: In South America, the Fish & Seafood Market within The Food market is influenced by the region's rich and diverse marine life. The vast coastline and abundance of freshwater sources create a unique environment for various species of fish and seafood. Additionally, cultural preferences and traditional fishing methods play a significant role in shaping the market. Regulatory bodies also heavily regulate the industry, ensuring sustainable fishing practices and safe consumption of seafood. These factors contribute to the vibrant and dynamic nature of the Fish & Seafood market in South America.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in South America is heavily influenced by macroeconomic factors such as trade policies, global economic trends, and national economic health. Countries with strong economic growth and favorable trade policies are experiencing higher demand for fish and seafood products, resulting in increased market growth. Additionally, investments in infrastructure and technology in the region are driving the production and export of fish and seafood products, leading to a positive impact on market performance. Furthermore, the growing health consciousness among consumers and the increasing prevalence of chronic diseases are also driving the demand for healthy and sustainable fish and seafood products in the region.
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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