Fresh Seafood - Bulgaria

Bulgaria

Highlights

Revenue in the Fresh Seafood market amounts to US$39.15m in 2024. The market is expected to grow annually by 4.75% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$12bn in 2024).
In relation to total population figures, per person revenues of US$5.92 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 1.20m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 3.1% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Bulgaria is experiencing minimal growth, influenced by factors such as fluctuating consumer demand, economic instability, and increasing competition. Despite these challenges, the market continues to expand due to the convenience and variety of online seafood options.

Customer preferences: Consumers in Bulgaria are increasingly turning to fresh seafood as a healthier and more sustainable protein source. With a growing awareness of the health benefits of a Mediterranean diet, there has been a surge in demand for products like mussels, squid, and octopus. Additionally, as more people prioritize convenience and time-saving options, there has been a rise in online seafood delivery services. This shift towards fresh and convenient seafood options is driven by a desire for a healthier lifestyle and a growing appreciation for sustainable food choices.

Trends in the market: In Bulgaria, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable and traceable seafood products. Consumers are increasingly demanding transparency in the supply chain and are willing to pay a premium for ethically sourced seafood. This trend is expected to continue as consumers become more conscious of their impact on the environment and the health benefits of consuming sustainably caught seafood. As a result, industry stakeholders must adapt by implementing sustainable practices and investing in traceability technology to meet consumer demands and maintain a competitive edge in the market.

Local special circumstances: In Bulgaria, the Fresh Seafood Market has a unique advantage due to its access to the Black Sea, resulting in a wide variety of fresh fish and seafood offerings. This geographical factor also allows for a thriving aquaculture industry, with locally grown fish and shellfish being highly sought after in the market. Additionally, Bulgaria's rich culinary heritage and strong seafood traditions contribute to the popularity of the Fresh Seafood Market, making it a significant part of the country's food culture. However, the market is also heavily regulated by the government to ensure the safety and quality of seafood products, with strict standards and inspections in place. These regulations play a crucial role in maintaining consumer trust and influencing market dynamics.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market in Bulgaria is influenced by several macroeconomic factors. One of the primary drivers of the market is the country's strong economic growth and stable fiscal policies. Global economic trends also play a significant role, with increasing demand for seafood products in both developed and developing countries. Additionally, Bulgaria's favorable regulatory environment and investment in the seafood industry have contributed to the market's growth. However, limited seafood farming infrastructure and supply chain challenges may hinder the market's potential. Moreover, the growing health consciousness among consumers and the increasing demand for healthy and sustainable food options are also driving the market's growth.

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.