Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Portugal has seen a negligible growth rate due to various factors, such as fluctuating seafood prices, increasing competition, and consumer preference for alternative protein sources. Despite the convenience of online seafood services, the market is struggling to keep up with changing consumer trends.
Customer preferences: Consumers in Portugal are becoming more health-conscious and are choosing fresh fish as a healthier and sustainable protein option. This trend is driven by the growing awareness of the benefits of a Mediterranean diet and the increasing concern for the environment. Additionally, there is a shift towards smaller, independent fish markets and direct-to-consumer sales, reflecting a desire for locally sourced and traceable seafood. This also aligns with the cultural importance of fresh, high-quality ingredients in Portuguese cuisine. As a result, there is a growing demand for a wider variety of fish species, highlighting the changing preferences and evolving tastes of consumers.
Trends in the market: In Portugal, the Fresh Fish Market within the Fish & Seafood Market is experiencing a rise in demand for sustainable and traceable seafood products. This trend is driven by increasing consumer awareness and demand for ethically-sourced seafood. As a result, industry stakeholders are investing in technologies such as blockchain to track the journey of seafood from catch to plate. Additionally, there is a growing trend of online fish markets in Portugal, providing consumers with convenient and contactless options for purchasing fresh seafood. These trends highlight the importance of sustainability and technology in the seafood industry, and present opportunities for industry players to differentiate themselves and meet evolving consumer preferences.
Local special circumstances: In Portugal, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's rich coastal geography and fishing tradition. This results in a strong emphasis on fresh, locally caught seafood and a preference for traditional preparation methods. Additionally, strict regulations on sustainable fishing practices have led to a reputation for high-quality, environmentally friendly seafood. These factors contribute to a unique market dynamic that sets it apart from other seafood markets around the world.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Portugal is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. With Portugal being a small but open economy, its performance is highly dependent on global economic conditions. The country's economic growth, inflation rates, and exchange rates all impact consumer purchasing power and thus, the demand for fresh fish and seafood products. Additionally, government policies such as trade agreements, tax rates, and regulations on fishing and aquaculture also play a significant role in shaping the market. Furthermore, the overall health of the Portuguese economy, including unemployment rates, consumer confidence, and disposable income, can greatly affect consumer spending on food products, including fresh fish and seafood.
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.
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