Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Vietnam is experiencing minimal growth due to factors such as increasing competition, changing consumer preferences, and strict regulations on fishing practices. Despite this, the market is still driven by rising health consciousness and the convenience of online purchasing. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood all contribute to the overall market's growth rate.
Customer preferences: There has been a noticeable increase in demand for sustainable and ethically-sourced fish and seafood products in Vietnam. This trend is driven by growing concerns about overfishing and environmental degradation, as well as a desire for healthier and more sustainable food options. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to access a wider variety of fish and seafood products, including those that may be more environmentally-friendly. This has led to a shift towards more conscious and informed purchasing decisions in the Fish & Seafood Market within The Food market.
Trends in the market: In Vietnam, the Fish & Seafood market is experiencing a growing demand for sustainable and traceable seafood, driven by increasing consumer awareness and government regulations. This trend is expected to continue, with efforts towards sustainable fishing practices and certifications gaining momentum. This has significant implications for industry stakeholders, who must adapt to these changing consumer preferences and invest in sustainable practices to maintain their market share. Additionally, the rise of e-commerce and online food delivery services in Vietnam is also expected to drive growth in the Fish & Seafood market, presenting opportunities for digital transformation and innovation in the industry.
Local special circumstances: In Vietnam, the Fish & Seafood Market is heavily influenced by the country's long coastline and rich marine resources. The traditional fishing culture and culinary preferences also play a significant role in shaping the market. Additionally, the government's strict regulations on fishing practices and food safety standards have a major impact on the availability and quality of seafood products. These factors contribute to a unique market landscape, with a strong emphasis on sustainable fishing practices and an increasing demand for premium seafood products.
Underlying macroeconomic factors: The Fish & Seafood Market in Vietnam is heavily influenced by macroeconomic factors such as changing global trends, government policies, and economic health. Vietnam's economic growth and increasing disposable income have led to a rise in demand for high-quality seafood products. Additionally, the country's increasing population and growing tourism industry have contributed to the rising demand for fish and seafood. Moreover, Vietnam's favorable regulatory environment and investments in infrastructure development have further fueled market growth. However, challenges such as illegal fishing practices and environmental concerns may hinder the market's growth potential.
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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