Fish & Seafood - Azerbaijan

Azerbaijan

Revenue in the Fish & Seafood market amounts to €564.20m in 2024. The market is expected to grow annually by 7.77% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€89bn in 2024).
In relation to total population figures, per person revenues of €53.92 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 44.70m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 2.4% in 2025.
The average volume per person in the Fish & Seafood market is expected to amount to 3.7kg in 2024.

Key regions: United Kingdom, United States, India, Canada, China

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Región

Comparación de regiones

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Analyst Opinion

The Fish & Seafood market in Azerbaijan is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online services. Despite the slow growth rate, the market is expected to see further expansion due to the rising demand for fresh and processed fish and seafood.

Customer preferences: As the population in Azerbaijan becomes more health-conscious, there has been a noticeable increase in demand for sustainable and ethically-sourced seafood. Consumers are also showing a preference for locally-sourced fish, reflecting a growing interest in supporting local industries and reducing carbon footprint. This trend is further driven by a rise in awareness of the environmental impact of overfishing and the need for responsible and sustainable fishing practices.

Trends in the market: In Azerbaijan, the Fish & Seafood Market is seeing a shift towards sustainable and environmentally-friendly practices. This trend is driven by the growing awareness of consumers towards the impact of their food choices on the environment. As a result, seafood companies are investing in eco-friendly production methods and certifications, such as the Aquaculture Stewardship Council certification. This trend is expected to continue as consumers become more conscious about sustainability, creating opportunities for industry stakeholders to differentiate their products and cater to the growing demand for sustainable seafood.

Local special circumstances: In Azerbaijan, the Fish & Seafood Market is heavily influenced by its unique geographical location between the Caspian Sea and the Caucasus Mountains. This has led to a strong fishing and aquaculture industry, with local regulations promoting sustainable practices and a focus on locally-sourced products. Additionally, cultural preferences for fresh seafood have driven the growth of local fish markets and restaurants, creating a strong demand for high-quality, locally-caught fish and seafood. These factors have differentiated the market from others, creating a strong demand for locally-sourced and sustainable fish and seafood products.

Underlying macroeconomic factors: The Fish & Seafood Market in Azerbaijan is influenced by various macroeconomic factors, such as global economic trends, national economic health, fiscal policies, and financial indicators. For instance, the market is heavily impacted by the country's GDP growth, which directly affects consumer spending and purchasing power. Additionally, favorable government policies and investments in the fishing industry have led to increased production and exports, contributing to the market's growth. Furthermore, increasing health consciousness among consumers and the growing demand for sustainable and healthy seafood options are also driving the market's expansion in Azerbaijan.

Methodology

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.