Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Southern Europe is experiencing minimal growth due to factors such as fluctuating consumer demand, strict regulations on fishing and aquaculture, and declining fish stocks. However, the market is expected to grow in the future due to increasing health consciousness and the convenience of online seafood services.
Customer preferences: The rising popularity of sustainable and ethical food consumption is driving changes in consumer preferences in the Fish & Seafood Market within The Food market. This trend is particularly prominent in Southern Europe, where there is a strong cultural emphasis on locally sourced and environmentally friendly products. Additionally, as younger generations become more health-conscious, there is a growing demand for seafood with lower levels of mercury and other harmful substances. This has led to an increase in the production and availability of sustainably sourced fish and seafood options in the market.
Trends in the market: In Southern Europe, the Fish & Seafood Market is experiencing a surge in demand for sustainable and traceable seafood products. This trend is driven by consumer awareness and concern for the environment and ethical sourcing. As a result, seafood companies are investing in sustainable practices and certifications to meet this demand. Furthermore, there is a growing trend of using e-commerce platforms to purchase seafood, providing convenience and transparency for consumers. These trends are significant as they not only meet consumer preferences but also have a positive impact on the environment. They also present opportunities for industry stakeholders to differentiate their products and reach a wider market. However, there is a need for proper regulation and enforcement to ensure the accuracy of sustainability claims and prevent greenwashing.
Local special circumstances: In Southern Europe, the Fish & Seafood Market is heavily influenced by the Mediterranean diet, which is known for its emphasis on fresh seafood and olive oil. Additionally, strict regulations on fishing and aquaculture practices have led to a sustainable and high-quality seafood market. The cultural significance of seafood in countries like Spain, Italy, and Greece also drives demand and consumption. These factors contribute to a unique and thriving Fish & Seafood Market in Southern Europe.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as changing consumer preferences, global supply and demand, and trade policies. Countries with strong economic growth and favorable trade agreements are experiencing higher market growth compared to those with economic challenges and trade restrictions. Moreover, the rising awareness of the health benefits of fish and seafood consumption is driving market demand, along with increasing disposable incomes and urbanization in many Southern European countries. These factors are expected to continue driving market growth 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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