Fresh Seafood - Panama

Panama

Highlights

Revenue in the Fresh Seafood market amounts to US$169.30m in 2024. The market is expected to grow annually by 7.69% (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$37.40 are generated in 2024.
In the Fresh Seafood market, volume is expected to amount to 6.07m kg by 2029. The Fresh Seafood market is expected to show a volume growth of 7.8% in 2025.0.
The average volume per person in the Fresh Seafood market is expected to amount to 1.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Seafood Market in Panama is experiencing subdued growth due to factors such as increasing competition, fluctuating consumer demand, and limited access to technology. Despite these challenges, the market continues to see growth driven by rising health consciousness and the convenience of online seafood services.

Customer preferences: As consumers become more health-conscious and environmentally-aware, sustainable and ethically-sourced seafood options are gaining popularity. This trend is driven by a growing awareness of the negative impacts of overfishing and the desire for healthier and more responsible food choices. Additionally, the rise of e-commerce platforms has made it easier for consumers to access and purchase fresh seafood directly from local fishermen, supporting the local economy and promoting a closer connection to the source of their food.

Trends in the market: In Panama, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably-sourced seafood. This trend is driven by consumers' increasing awareness of the environmental impact of seafood production and their desire for ethically-sourced products. As a result, seafood companies are investing in sustainable fishing practices and certifications, such as Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC). This trend is expected to continue as consumers prioritize ethical and sustainable consumption, creating opportunities for industry players to differentiate themselves and attract environmentally-conscious customers. Additionally, the rise of e-commerce and online food delivery services has made it easier for consumers to access a wider variety of fresh seafood, further driving the growth of the market.

Local special circumstances: In Panama, the Fresh Seafood Market within the Fish & Seafood Market is heavily influenced by the country's unique geographical location as a major maritime hub. The market is also shaped by the cultural significance of seafood in Panama's cuisine, with a strong demand for locally caught and sustainably sourced seafood. Additionally, the government has implemented strict regulations on fishing practices, ensuring the market's sustainability and quality. These factors contribute to the market's dynamic growth and popularity among both locals and tourists.

Underlying macroeconomic factors: The Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with stable economic conditions and favorable fiscal policies tend to have a higher demand for fresh seafood, leading to a growth in the market. Additionally, increasing disposable incomes and changing consumer preferences towards healthy and sustainable food options are also driving the demand for fresh seafood products. The market is also impacted by factors such as trade policies, currency exchange rates, and government regulations on fishing and aquaculture. Furthermore, the growing awareness about the health benefits of consuming seafood and the rising popularity of fusion cuisines using seafood as a key ingredient are contributing to the market 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.