Fish & Seafood - Bulgaria

Bulgaria

Highlights

Revenue in the Fish & Seafood market amounts to US$457.30m in 2024. The market is expected to grow annually by 3.84% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$97bn in 2024).
In relation to total population figures, per person revenues of US$69.09 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 31.77m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 1.8% in 2025.0.
The average volume per person in the Fish & Seafood market is expected to amount to 4.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fish & Seafood market in Bulgaria has shown slow growth, influenced by factors such as consumer preference for fresh and local products, increasing health consciousness, and the convenience of online purchasing. However, challenges in supply chain and distribution, as well as competition from other protein sources, have limited the market's growth potential.

Customer preferences: As consumers in Bulgaria become more health-conscious, there has been a noticeable increase in demand for sustainably sourced and locally caught fish and seafood. This trend is driven by a growing awareness of the impact of food production on the environment, as well as a desire for fresher and healthier options. Additionally, with the rise of e-commerce and online grocery shopping, consumers are also increasingly turning to online platforms to purchase fish and seafood, making convenience a key factor in their purchasing decisions.

Trends in the market: In Bulgaria, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced and organic products. This trend is driven by growing consumer awareness of the health and environmental benefits of consuming ethically sourced seafood. As a result, industry stakeholders are investing in sustainable fishing practices and certifications to meet this demand. Additionally, there is a growing trend of online seafood marketplaces, providing consumers with convenient access to a wider variety of products. This trend is expected to continue, with potential implications for traditional brick-and-mortar seafood retailers who may need to adapt their business models to remain competitive.

Local special circumstances: In Bulgaria, the Fish & Seafood Market is heavily influenced by the country's geographical location, situated along the Black Sea and surrounded by numerous rivers and lakes. This allows for a diverse range of fresh seafood to be readily available, making it a staple in the local cuisine. Additionally, the cultural preference for seafood, particularly during religious holidays, drives demand for the market. The government's strict regulations on fishing and aquaculture also play a significant role in ensuring the quality and sustainability of the market.

Underlying macroeconomic factors: The Fish & Seafood Market in Bulgaria is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. With the country's strong reliance on exports, any shifts in global demand for fish and seafood can greatly impact the market. Additionally, the overall health of the Bulgarian economy, including inflation rates and GDP growth, can affect consumer spending on food products. Fiscal policies, such as taxes and tariffs, also play a role in shaping the market by influencing the cost of production and trade. These factors, combined with the country's geographical location and access to resources, contribute to the performance of the Fish & Seafood Market in Bulgaria.

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.