Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood Market in Thailand is seeing minimal growth due to factors such as declining fish stocks, stricter regulations, and changing consumer preferences towards plant-based diets. This trend is further impacted by the sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood, with an increasing focus on sustainable fishing practices and healthier food options. The market's negligible growth rate can also be attributed to rising competition from other protein sources and the high cost of imported seafood.
Customer preferences: In recent years, there has been a growing trend of consumers in Thailand prioritizing sustainable and ethical food practices. This has led to an increase in demand for traceable and responsibly sourced fish and seafood products. Additionally, there is a rise in popularity of plant-based seafood alternatives, driven by a growing interest in plant-based diets and environmental concerns. As consumers become more conscious of the impact of their food choices, there is a shift towards sustainable and healthier options in the Fish & Seafood Market within The Food market. This trend is driven by a combination of cultural values, environmental awareness, and changing attitudes towards health and wellness.
Trends in the market: In Thailand, the Fish & Seafood Market is experiencing a surge in demand for sustainably sourced products, driven by increasing consumer awareness and concern for the environment. This trend is expected to continue, with government initiatives promoting responsible fishing practices and certifications gaining popularity. As a result, industry stakeholders are investing in sustainable sourcing and transparent supply chains to meet consumer preferences and comply with regulations. Additionally, the rise of e-commerce platforms is providing consumers with more options for purchasing sustainable fish and seafood products, further driving the market's growth. These developments highlight the importance of sustainability in the Fish & Seafood Market in Thailand and present opportunities for industry players to differentiate themselves and meet the evolving demands of consumers.
Local special circumstances: In Thailand, the Fish & Seafood Market is heavily influenced by the country's location and abundance of natural resources. The coastal location allows for easy access to fresh seafood, leading to a thriving market for both domestic consumption and export. Additionally, the cultural preference for seafood in Thai cuisine drives the demand for a variety of fish and seafood products. Government regulations also play a role, with strict standards for fishing and aquaculture practices to maintain the quality and sustainability of the market. This unique combination of factors sets the Fish & Seafood Market in Thailand apart from other markets and contributes to its dynamic growth.
Underlying macroeconomic factors: The Fish & Seafood Market in Thailand is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a major exporter of fish and seafood, Thailand's market performance is highly dependent on global demand and prices. Furthermore, the country's economic health and fiscal policies impact consumer spending and purchasing power, which in turn affects the demand for fish and seafood products. Other relevant financial indicators, such as exchange rates and inflation, also play a significant role in shaping the market dynamics for fish and seafood in Thailand. These factors, along with the country's strong fishing and aquaculture industry, contribute to the overall growth and stability of the Fish & Seafood Market in Thailand.
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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