Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Southern Africa is experiencing minimal growth due to factors such as limited consumer awareness, high pricing and limited availability. Despite the convenience of online services, the traditional market remains dominant in this region. However, with increasing health consciousness and advancements in digital technologies, there is potential for growth in the future.
Customer preferences: Consumers in Southern Africa are showing a growing interest in sustainably sourced and ethically produced seafood products. This trend is driven by a heightened awareness of the environmental impact of fishing practices and a desire for transparency in the supply chain. As a result, there is a growing demand for certified sustainable seafood and traceability systems that allow consumers to track the origin of their seafood. This shift towards responsible and ethical consumption is also influenced by the region's cultural emphasis on communal living and respect for nature.
Trends in the market: In Southern Africa, the Fish & Seafood market is experiencing a rise in demand for sustainably sourced products, driven by consumer awareness and government regulations. This trend is expected to continue as consumers become more conscious of their impact on the environment and demand for ethically sourced seafood. This presents opportunities for industry stakeholders to invest in sustainable practices and certifications. Additionally, the use of e-commerce platforms for purchasing seafood has been on the rise, providing convenience for consumers and expanding market reach for suppliers. However, this trend also brings challenges such as food safety concerns and the need for proper logistics and cold chain management. Overall, the trajectory of these trends suggests a shift towards a more sustainable and technologically advanced seafood market in Southern Africa.
Local special circumstances: In Southern Africa, the Fish & Seafood Market is heavily influenced by the region's abundance of coastal resources and strong cultural ties to fishing and seafood consumption. However, market dynamics are also shaped by regulatory factors, such as fishing quotas and trade agreements. Additionally, the recent growth in aquaculture ventures has expanded the market, providing consumers with a wider range of locally-produced options. These unique factors contribute to the region's distinct fish and seafood market landscape, setting it apart from other global markets.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. Countries with strong economic growth and stable fiscal policies are experiencing higher demand for fish and seafood products. Additionally, the rise of health and wellness trends has also contributed to the growth of this market, as consumers are increasingly seeking healthier food options. Moreover, government initiatives promoting sustainable fishing practices and investments in aquaculture are also driving market growth.
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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