Key regions: South Korea, Canada, China, Japan, United States
The Fresh Seafood Market in Portugal has seen minimal growth due to factors such as changing consumer preferences, declining fish stocks, and increased competition from other protein sources. Despite the challenges, the market is still driven by the convenience and health benefits of consuming fresh seafood.
Customer preferences: As more consumers prioritize healthy and sustainable food choices, the Fresh Seafood Market of the Fish & Seafood Market within The Food market has seen a rise in demand for locally-sourced and ethically-caught seafood. This trend is driven by a growing awareness of the environmental impact of large-scale fishing and a desire for transparency in the food supply chain. Additionally, there has been an increase in demand for ready-to-cook seafood meals and meal kits, catering to busy lifestyles and a desire for convenience.
Trends in the market: In Portugal, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainable sourcing and environmentally-friendly practices. This trend is driven by consumer demand for ethically sourced seafood and increased government regulations on fishing practices. As a result, industry stakeholders are investing in sustainable fishing methods and certification programs. This trajectory is expected to continue, with potential implications for the market including higher prices for sustainably sourced seafood and increased competition among suppliers to meet ethical standards.
Local special circumstances: In Portugal, the Fresh Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the country's long coastline and rich maritime history. The abundance of fresh seafood and traditional fishing methods have created a unique market with a strong focus on sustainability and traditional cooking techniques. Additionally, Portugal's strict fishing regulations and certifications have helped to maintain the quality and authenticity of its seafood products. This has led to a strong demand for Portuguese seafood both domestically and internationally, making it a highly competitive and dynamic market.
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, and fiscal policies. Countries with stable and growing economies tend to have a higher demand for fresh seafood, while countries with struggling economies may see a decrease in demand. Additionally, government policies and regulations related to food safety and import/export can also impact the market. Other financial indicators such as consumer spending and disposable income also play a significant role in determining the performance of the market. Furthermore, the increasing focus on sustainability and environmental concerns is also shaping the market, as consumers are becoming more conscious about their food choices and the impact on the environment. Overall, the Fresh Seafood Market is expected to experience steady growth, driven by favorable macroeconomic conditions and changing consumer preferences.
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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