Fresh Fish - Bulgaria

Bulgaria

Highlights

Revenue in the Fresh Fish market amounts to US$246.80m in 2024. The market is expected to grow annually by 4.50% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$57bn in 2024).
In relation to total population figures, per person revenues of US$37.29 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 13.94m kg by 2029. The Fresh Fish market is expected to show a volume growth of 3.6% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 1.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Bulgaria has been slowly growing due to factors such as consumer health awareness and the convenience of online services. However, the market's growth rate remains negligible, possibly due to economic challenges and competition from other food markets.

Customer preferences: As health and wellness continue to gain importance in Bulgarian culture, consumers are increasingly looking for fresh, sustainable options in their seafood choices. This has led to a rise in demand for locally sourced and organic fish, as well as a preference for smaller, independent fishmongers over larger supermarket chains. Additionally, with the rise of health-conscious consumers, there has been an increase in demand for seafood with high levels of omega-3 fatty acids, such as salmon and mackerel, which are believed to have numerous health benefits.

Trends in the market: In Bulgaria, the Fresh Fish Market within the Fish & Seafood Market is experiencing a surge in demand for local, sustainably sourced fish. This trend is driven by consumers' growing awareness of health and environmental concerns. As a result, there has been an increase in the availability of locally caught fish in supermarkets and specialty stores. This trajectory is significant as it supports the development of the local fishing industry and promotes sustainable fishing practices. However, it also poses challenges for industry stakeholders, such as the need for proper labeling and certification to ensure the authenticity of locally sourced fish. Additionally, there may be potential implications for smaller fish markets and traditional fishing methods, as consumers shift towards purchasing from larger retailers.

Local special circumstances: In Bulgaria, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by its coastal location and rich fishing traditions. The country's proximity to the Black Sea and Mediterranean Sea allows for a wide variety of seafood to be caught and sold. Additionally, strict regulations on fishing and sustainable practices have been implemented to protect the local marine ecosystem. These unique factors contribute to a diverse and thriving fish and seafood market in Bulgaria, attracting both locals and tourists alike.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Bulgaria is influenced by a variety of macroeconomic factors. These include the country's economic health, global economic trends, fiscal policies, and other financial indicators. Bulgaria's strong economic growth and stable political environment have helped to create a favorable market for fresh fish. Additionally, the country's increasing focus on sustainable fishing practices and the growing demand for healthy and protein-rich food options are contributing to the growth of the market. However, challenges such as limited investment in infrastructure and regulatory barriers can hinder market growth. The rising global demand for fresh fish and seafood, as well as the increasing awareness of the health benefits of consuming fish, are also important macroeconomic factors driving the growth of this market.

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.