Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Zimbabwe is experiencing steady growth, driven by factors such as increasing consumer awareness of health benefits, rising demand for fresh and processed options, and the convenience of online purchasing. Despite average growth, factors such as limited availability of certain species and fluctuating market prices may impact the market's overall growth rate.
Customer preferences: With the rising awareness of sustainable food practices, consumers in Zimbabwe are increasingly seeking locally-sourced and ethically-produced fish and seafood options. This trend is driven by a growing demand for environmentally-conscious products and a desire to support local producers. Additionally, there is a growing preference for healthier and more natural seafood, leading to a shift away from processed and imported products. This shift towards sustainable and local seafood is also reflected in the growing popularity of seafood festivals and events that promote and celebrate traditional fishing methods and locally-sourced seafood.
Trends in the market: In Zimbabwe, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced and locally caught seafood. This trend is driven by consumers' increasing concern for the environment and their desire for fresher and healthier food options. As a result, the market is seeing a shift towards more transparent and eco-friendly practices by industry stakeholders. This trend is expected to continue as consumers become more conscious of their food choices and the impact on the environment. It also presents opportunities for local fishermen and seafood businesses to differentiate themselves and meet the growing demand for sustainable seafood. Additionally, with the rise of e-commerce, there is potential for online platforms to connect consumers directly with local fishermen, further supporting the trend towards sustainable and locally sourced seafood.
Local special circumstances: In Zimbabwe, the Fish & Seafood market is heavily influenced by the country's geographical location and landlocked status. This has led to a reliance on imported seafood, making it more expensive and less accessible to the general population. Additionally, cultural preferences and dietary habits have also shaped the market, with a strong demand for fresh fish and seafood in traditional dishes. The government's regulatory policies on fishing and aquaculture also play a significant role in the market's dynamics, with strict regulations on fishing quotas and export restrictions. These unique local factors make the market in Zimbabwe distinct from other markets, creating challenges and opportunities for businesses operating in the Fish & Seafood industry.
Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Zimbabwe is heavily influenced by macroeconomic factors such as inflation rates, foreign exchange rates, and government policies. The country's struggling economy, with high inflation and a weak local currency, has resulted in lower purchasing power and reduced consumer spending on seafood products. Additionally, the high cost of production, limited infrastructure, and trade restrictions have also hindered the growth of the market. However, with the recent stabilization of the economy and the government's efforts to attract foreign investment, the market is expected to witness moderate growth in the coming years.
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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