Key regions: Japan, United States, Philippines, Russia, China
The processed fish and seafood market in Portugal is experiencing minimal growth, influenced by factors such as fluctuating consumer demand, high competition between sub-markets, and limited availability of fresh seafood. These challenges are hindering the market's growth potential and driving a slow increase in overall market size. However, the market is expected to see a slight uptick in growth due to increasing demand for convenient and ready-to-eat seafood products.
Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for sustainably sourced and ethically produced processed fish and seafood products in Portugal. Additionally, the rise of flexitarian diets and plant-based alternatives is driving a shift towards more diverse and innovative options in the market. This is further fueled by the increasing availability of online grocery shopping and home delivery services, making it easier for consumers to access a wider range of products.
Trends in the market: In Portugal, the Processed Fish & Seafood Market is experiencing a surge in demand for sustainable and ethically-sourced products. This trend is driven by consumer awareness of the environmental impact of overfishing and the importance of preserving marine ecosystems. As a result, seafood companies are investing in sustainable practices and certifications to meet consumer demand. This trend is expected to continue, with a focus on transparency and traceability in the supply chain. Additionally, there is a growing market for plant-based seafood alternatives, as consumers seek out healthier and more environmentally-friendly options. This trend has the potential to disrupt the traditional fish & seafood market and presents opportunities for industry stakeholders to adapt and innovate.
Local special circumstances: In Portugal, the Processed Fish & Seafood market is heavily influenced by the country's rich fishing tradition and coastal location. The production and consumption of seafood are deeply ingrained in the Portuguese culture, leading to a high demand for processed fish and seafood products. Additionally, the strict regulations and standards for fishing and seafood processing ensure high-quality and sustainable products, making Portugal a major player in the global seafood market. The country's geographical location also grants easy access to a diverse range of seafood, contributing to the variety and freshness of its processed fish and seafood offerings. These factors, combined with the growing popularity of healthy and convenient food options, have contributed to the steady growth of the Processed Fish & Seafood market in Portugal.
Underlying macroeconomic factors: The Processed Fish & Seafood Market within The Food market in Portugal is influenced by macroeconomic factors such as economic stability, consumer spending, and government policies. With a stable and growing economy, consumers are more willing to spend on processed fish and seafood products. In addition, government initiatives to promote healthy eating habits and support the seafood industry further contribute to the market's growth. Furthermore, the increasing demand for healthy and convenient food options, as well as the rising awareness of the health benefits of consuming fish and seafood, are driving the market's growth 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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