Key regions: Japan, United States, Philippines, Russia, China
The Processed Fish & Seafood Market in Southeast Asia is seeing minimal growth, influenced by factors such as increasing demand for canned, dried & smoked fish, and fish fingers & portions, as well as the growing health consciousness among consumers and the convenience of online services. However, challenges such as supply chain disruptions and fluctuations in fish prices are impacting the market's growth rate.
Customer preferences: Consumers in Southeast Asia are showing a growing preference for sustainable and ethically-sourced processed fish and seafood products. This trend is driven by a rising awareness of environmental issues and a desire for healthier and more responsible food choices. As a result, companies in the market are increasingly focusing on sustainable sourcing and transparent supply chains to meet the changing demands of consumers. Moreover, the growing popularity of plant-based diets and flexitarianism is also driving the demand for alternative protein sources in the processed fish and seafood market.
Trends in the market: In Southeast Asia, the Processed Fish & Seafood Market is experiencing a surge in demand for sustainable and traceable seafood products. This trend is driven by consumers' growing awareness of the environmental impact of conventional fishing practices and their increasing preference for ethically sourced seafood. As a result, companies in the market are adopting eco-friendly and transparent production methods to meet this demand. This trend is expected to continue and potentially lead to higher market growth, as consumers become more conscious of their food choices and demand for sustainable seafood increases. Additionally, there is a growing trend towards incorporating technology in seafood processing and packaging, with the use of AI and blockchain technology to improve efficiency and traceability. This presents opportunities for industry stakeholders to differentiate their products and meet evolving consumer preferences.
Local special circumstances: In Southeast Asia, the Processed Fish & Seafood Market is heavily influenced by the region's rich marine resources and cultural preferences for seafood. Additionally, regulatory policies promoting sustainable fishing practices have shaped the market, leading to a focus on traceability and ethical sourcing. In countries like Thailand and Vietnam, where seafood is a staple food, there is a strong demand for value-added fish and seafood products, driving growth in the processed fish and seafood market. Furthermore, the increasing popularity of ready-to-eat seafood snacks and convenient frozen seafood options has been fueled by the fast-paced urban lifestyle in the region.
Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is greatly impacted by macroeconomic factors in Southeast Asia. The region's strong economic growth, along with increasing disposable income and changing consumer preferences, has led to a rise in demand for processed fish and seafood. Additionally, favorable government policies, such as investments in infrastructure and regulatory support, have created a conducive environment for market growth. However, challenges such as fluctuating raw material prices, trade regulations, and environmental concerns may hinder market growth in the region. Furthermore, the rising health consciousness and increasing prevalence of chronic diseases in Southeast Asia are expected to drive the demand for healthy and convenient processed fish and seafood products.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
