Fresh Fish - Panama

Panama

Highlights

Revenue in the Fresh Fish market amounts to US$454.40m in 2024. The market is expected to grow annually by 4.82% (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$100.40 are generated in 2024.
In the Fresh Fish market, volume is expected to amount to 22.60m kg by 2029. The Fresh Fish market is expected to show a volume growth of 4.3% in 2025.0.
The average volume per person in the Fresh Fish market is expected to amount to 4.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Fish Market in Panama is seeing minimal growth due to factors like limited access to technology, low health awareness, and lack of convenience in online services. Despite this, the market is still steadily growing within the larger Fish & Seafood Market in The Food market.

Customer preferences: As consumers become more health-conscious, there is a growing demand for fresh and sustainable seafood options in the Fresh Fish Market of the Fish & Seafood Market within The Food market. This trend is largely driven by the increasing awareness of the health benefits of consuming seafood, as well as the growing concern for the environmental impact of traditional fishing practices. With a rising number of consumers seeking healthier and more sustainable food choices, there has been a shift towards locally sourced and responsibly harvested seafood in the market. This has also led to a rise in popularity of niche seafood markets that offer a wider range of sustainable and specialty seafood products.

Trends in the market: In Panama, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by consumers' increasing awareness of the environmental and health benefits of consuming sustainable seafood. As a result, industry stakeholders are investing in sustainable sourcing practices and promoting transparency in their supply chains. This trend is expected to continue in the coming years, as consumers become more conscious of their food choices and demand for sustainable options. Additionally, advancements in technology are enabling companies to track and trace their seafood products, providing assurance to consumers and meeting their growing demand for transparency. This trend is significant as it not only benefits the environment but also creates a positive image for companies and enhances consumer trust. However, it also poses challenges for smaller businesses that may struggle to meet the higher costs associated with sustainable sourcing. Overall, the trajectory of this trend is expected to result in a more sustainable and transparent Fresh Fish Market in Panama, benefiting both consumers and industry stakeholders.

Local special circumstances: In Panama, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's geographic location as a major hub for international trade. This has led to a diverse selection of fresh fish and seafood from various parts of the world, catering to the demand of both locals and tourists. Additionally, Panama's rich fishing culture and tradition also play a significant role in shaping the market dynamics, with traditional fishing methods and local fishing communities being a key aspect of the market. Furthermore, Panama's strict regulations and sustainable fishing practices also contribute to the unique factors that differentiate it from other fish and seafood markets.

Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Panama is greatly affected by macroeconomic factors such as global trade policies, domestic economic stability, and consumer spending habits. As a small country heavily reliant on international trade, any changes in global trade agreements or tariffs can have a significant impact on the availability and cost of fresh fish in Panama. Additionally, the overall health of the Panamanian economy and consumer confidence can influence consumer spending on fresh fish, as well as investments in the local fishing industry. Fiscal policies, such as taxes and subsidies, can also affect the competitiveness of the fresh fish market in Panama. Therefore, it is important for businesses operating in this market to closely monitor and adapt to these macroeconomic factors to remain competitive and profitable.

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.