Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in South Korea has been experiencing negligible growth, influenced by factors such as increasing demand for fresh and processed seafood, health consciousness among consumers, and the convenience of online purchasing. This trend is expected to continue due to the country's strong fishing industry and growing interest in healthy and sustainable food options.
Customer preferences: Consumers in South Korea are increasingly turning to sustainable and ethically-sourced fish and seafood products, driven by a growing awareness of environmental issues and a desire for healthier food options. This trend is reflected in the rise of seafood restaurants and markets promoting local and responsibly-sourced products. Additionally, there has been a shift towards convenience, with ready-to-eat and pre-packaged fish and seafood products becoming more popular as busy lifestyles and smaller households become the norm. These changes in consumer preferences are also influencing the development of eco-friendly packaging and distribution methods in the fish and seafood market.
Trends in the market: In South Korea, the Fish & Seafood Market within The Food market is experiencing a growing trend towards sustainable and ethical sourcing of seafood products. Consumers are becoming increasingly aware of the environmental impacts of overfishing and are demanding more transparency in the supply chain. As a result, industry stakeholders are now prioritizing sustainable practices and certifications in order to meet consumer demands and maintain a competitive edge in the market. This trend is expected to continue, with potential implications for stakeholders including increased costs for sustainable sourcing and potential market share loss for those not meeting consumer demands.
Local special circumstances: In South Korea, the Fish & Seafood Market within The Food market is shaped by the country's geographical location, surrounded by the sea. This has led to a strong seafood culture and demand for fresh, high-quality seafood products. Additionally, South Korea's strict food safety regulations have further reinforced consumer trust in the market. Furthermore, the country's increasing health consciousness has resulted in a growing demand for healthy and sustainable seafood options, driving the market towards more environmentally friendly practices.
Underlying macroeconomic factors: The Fish & Seafood Market in South Korea is heavily influenced by macroeconomic factors such as trade policies, economic stability, and consumer spending power. With a strong focus on export-oriented economies, South Korea's seafood industry benefits from favorable trade agreements and an established global presence. Additionally, the country's growing economic stability and rising middle class population have led to increased demand for high-quality seafood products, driving market growth. However, fluctuations in global economic trends and shifts in consumer preferences can also impact the market, making it necessary for industry players to closely monitor these macroeconomic factors for continued success.
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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