Processed Fish & Seafood - Panama

Revenue in the Processed Fish & Seafood market amounts to US$191.20m in 2024. The market is expected to grow annually by 6.39% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$32bn in 2024).
In relation to total population figures, per person revenues of US$42.23 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 22.48m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 6.4% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 4.1kg in 2024.

Definition:

The Processed Fish & Seafood market covers all types of fish and seafood that have either been smoked, dried, canned, salted or given chemical preservatives.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.

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Canned, dried and smoked fish
Processed seafood
Surimi-based products
Fish sticks, Fish nuggets

Fresh and frozen fish
Fresh and frozen seafood
Ready-to-eat meals
Caviar and prepared and preserved shark fins
Out-of-home consumption

The Processed Fish & Seafood market in Panama is facing subdued growth, influenced by factors such as increasing health consciousness among consumers, convenience offered by online services, and the availability of canned, dried & smoked fish and fish fingers & portions. Despite this, the market is expected to experience significant growth due to its strong presence within the larger Food Market.

Customer preferences: As consumers become more health-conscious, there has been a rise in demand for sustainably sourced and organic processed fish and seafood products. Additionally, with the growing popularity of plant-based diets, there has been a shift towards alternative protein sources such as plant-based seafood substitutes. This trend is driven by a desire for healthier and more environmentally friendly food options, especially among younger demographics.

Trends in the market: In Panama, the Processed Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainable and ethically sourced products. This trend is driven by increasing consumer awareness and interest in responsible consumption. As a result, industry stakeholders are placing a greater emphasis on transparency and traceability in their supply chains. This trajectory is significant as it highlights the need for companies to adapt to changing consumer preferences and values. It also presents opportunities for new market players to enter with innovative, sustainable solutions. Additionally, this trend could potentially lead to a shift in consumer behavior towards more conscious and responsible purchasing decisions.

Local special circumstances: In Panama, the Processed Fish & Seafood Market is heavily influenced by the country's rich fishing industry and its strategic location between the Pacific Ocean and the Caribbean Sea. The cultural preference for seafood in Panama has led to a variety of unique processing techniques, such as marinating and curing, that differentiate its products from others in the region. Additionally, the country's strict regulations on fishing practices and sustainability have resulted in a high-quality and eco-friendly reputation for its seafood products.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is strongly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Countries with stable and growing economies, along with favorable fiscal policies, are experiencing higher market growth compared to those with economic instability and unfavorable policies. Additionally, increasing demand for healthy and convenient food options is driving the growth of the processed fish & seafood market, as consumers are becoming more health-conscious and seeking out convenient meal solutions. Furthermore, investments in technology and infrastructure are also contributing to market growth, as advanced processing techniques and packaging technologies are improving the quality and shelf life of processed fish & seafood products.

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.