Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Southeast Asia has been experiencing minimal growth, influenced by factors such as increasing consumer health awareness, convenience of online services, and adoption of digital technologies. This trend is seen across the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood.
Customer preferences: As Southeast Asian countries experience rapid economic growth and urbanization, consumer preferences in the Fish & Seafood Market within The Food market are shifting towards convenience and sustainability. This has led to an increase in demand for pre-packaged, ready-to-eat seafood products and sustainably sourced seafood options. Additionally, the rising health consciousness among consumers has led to a growing demand for organic and natural seafood products. These emerging trends are driven by cultural values and the growing influence of Western lifestyles in the region.
Trends in the market: In Southeast Asia, there is a growing demand for sustainable and traceable seafood products, driven by consumer awareness and government initiatives. This trend is expected to continue, with companies investing in technologies such as blockchain to ensure transparency in the supply chain. Additionally, there is a rising interest in alternative protein sources like plant-based seafood, driven by health and environmental concerns. These trends present opportunities for industry players to differentiate themselves and cater to evolving consumer preferences.
Local special circumstances: In Southeast Asia, the Fish & Seafood Market is heavily influenced by the region's geographical location and cultural preferences. With a large coastal population, seafood is a staple in the local diet and demand for fresh and sustainable options is high. Additionally, government regulations on fishing and aquaculture play a significant role in shaping the market. For example, in Indonesia, strict regulations on shrimp farming have led to a rise in organic and sustainable shrimp production. In Thailand, the popularity of street food and night markets has created a thriving market for seafood on-the-go, catering to the fast-paced lifestyle of urban consumers.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Southeast Asia is heavily influenced by macroeconomic factors such as trade policies, economic stability, and consumer spending. The region's strong economic growth, coupled with rising disposable incomes, has led to an increase in demand for seafood products. Additionally, government initiatives to promote sustainable fishing practices and investments in aquaculture have also positively impacted the market. However, challenges such as overfishing and environmental concerns pose a threat to the market's growth. Overall, the market is expected to continue its upward trend, driven by favorable economic conditions and increasing consumer awareness about sustainable seafood sourcing.
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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