Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Portugal is experiencing modest growth, influenced by factors such as increasing consumer health awareness and the convenience of online services. However, this growth is hindered by challenges such as sustainability concerns and competition from substitute products. The sub-markets of Fresh Fish, Fresh Seafood, and Processed Fish & Seafood play a significant role in shaping the overall market, with each facing unique opportunities and obstacles.
Customer preferences: Over the recent years, there has been a notable increase in demand for sustainably-sourced and ethically-produced fish and seafood products in Portugal. This trend is driven by the growing awareness of the environmental impact of overfishing and the importance of supporting local fishing communities. Additionally, the rise in health-consciousness among consumers has led to a preference for fresh and natural seafood options, further boosting the demand for locally-sourced and traceable products.
Trends in the market: In Portugal, the Fish & Seafood Market is experiencing a rise in demand for sustainably sourced seafood, driven by consumer awareness and government regulations. This trend is expected to continue as consumers prioritize environmentally friendly options. Additionally, there is a growing trend of online seafood retailers, offering convenience and a wider range of products. These trends have significant implications for industry stakeholders, who must adapt to meet consumer demands and remain competitive. This includes investing in sustainable sourcing practices and developing strong online presences to reach a larger customer base.
Local special circumstances: In Portugal, the Fish & Seafood Market is heavily influenced by the country's rich fishing tradition and extensive coastline. This has led to a strong focus on fresh and locally sourced seafood, with consumers valuing quality and sustainability. Additionally, strict EU regulations ensure food safety standards and traceability, giving Portuguese seafood a competitive edge in international markets. Furthermore, the country's strong cultural ties to seafood have resulted in a diverse and innovative culinary scene, with seafood dishes being a staple in traditional Portuguese cuisine. These unique factors drive the growth of the Fish & Seafood Market in Portugal, making it a highly sought-after market for seafood producers and consumers alike.
Underlying macroeconomic factors: The Fish & Seafood Market in Portugal is greatly impacted by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. As a country heavily dependent on seafood exports, Portugal's market is influenced by global economic conditions, such as demand for seafood and trade agreements. Additionally, Portugal's economic health and fiscal policies, such as taxes and subsidies, can greatly affect the production and consumption of fish and seafood products. Furthermore, fluctuations in exchange rates and inflation rates can also impact the market's performance, as they affect the purchasing power of consumers and the cost of production for suppliers. These macroeconomic factors play a crucial role in shaping the growth and stability of the Fish & Seafood Market in Portugal.
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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