Market Insights Consumer Food Fish & Seafood

Fresh Seafood - Russia

Russia

Revenue in the Fresh Seafood market amounts to €2.48bn in 2024. The market is expected to grow annually by 7.74% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€11,140m in 2024).
In relation to total population figures, per person revenues of €17.22 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 46.56m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 2.0% in 2025.
The average volume per person in the Fresh Seafood market is expected to amount to 0.3kg in 2024.

Key regions: South Korea, Canada, China, Japan, United States

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Región

Comparación de regiones

Moneda

Analyst Opinion

The Fresh Seafood Market in Russia has seen moderate growth due to factors such as consumer preference for locally sourced seafood, stricter regulations on fishing and harvesting, and the rise of sustainable seafood practices. Despite being a popular choice for consumers, the market's growth rate is subdued due to limited supply and higher prices from sustainable practices.

Customer preferences: As the demand for healthy and sustainable food options continues to rise, consumers in Russia are increasingly turning towards fresh seafood. This trend is driven by a growing awareness of the health benefits of seafood, as well as a desire for locally sourced and environmentally responsible products. Additionally, with the rise of online grocery shopping and home delivery services, consumers are able to access a wider variety of fresh seafood options, further driving the growth of the market.

Trends in the market: In Russia, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced and locally caught seafood. This trend is driven by increasing awareness of the importance of sustainable fishing practices and the growing demand for high-quality, fresh seafood among health-conscious consumers. As a result, there has been a rise in partnerships between seafood companies and local fishermen, as well as a focus on traceability and transparency in the supply chain. These trends are expected to continue, with potential implications for stakeholders including increased competition and the need for innovative solutions to meet consumer demands.

Local special circumstances: In Russia, the Fresh Seafood market is heavily influenced by the country's vast coastline and abundant freshwater resources. This has led to a wide variety of locally caught fish and seafood being available, including sturgeon, salmon, and caviar. Additionally, the cultural preference for fresh, high-quality seafood has driven the demand for premium, locally sourced products. On the regulatory front, strict import regulations and a focus on food safety have also contributed to the dominance of domestic suppliers in the market.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Russia is heavily impacted by macroeconomic factors such as economic stability, consumer spending power, and government regulations. With the recent economic growth and rising disposable income in Russia, the demand for high-quality and sustainably sourced seafood is on the rise. Moreover, the increasing focus on food safety and sustainability by the government is driving the market growth for fresh seafood. However, challenges such as logistical issues and import restrictions can hinder the market growth in the country. Overall, the market is expected to witness steady growth due to the favorable economic conditions and increasing demand for healthy and premium seafood products in Russia.

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.