Processed Fish & Seafood - Puerto Rico

Revenue in the Processed Fish & Seafood market amounts to US$150.30m in 2024. The market is expected to grow annually by 3.85% (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$45.98 are generated in 2024.
In the Processed Fish & Seafood market, volume is expected to amount to 14.92m kg by 2029. The Processed Fish & Seafood market is expected to show a volume growth of 2.3% in 2025.0.
The average volume per person in the Processed Fish & Seafood market is expected to amount to 4.2kg 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 Puerto Rico is experiencing a stagnant growth rate due to various factors such as limited consumer awareness, high competition, and limited availability of raw materials. The sub-markets of Canned, Dried & Smoked Fish and Fish Fingers & Portions are also facing similar challenges, leading to negligible growth. Despite this, the convenience offered by online purchasing and increasing health consciousness among consumers may drive future growth in the market.

Customer preferences: Consumers in Puerto Rico are showing a growing interest in sustainable and locally sourced processed fish and seafood products. This is driven by a cultural emphasis on supporting local businesses and preserving the environment. Additionally, there is a trend towards healthier and cleaner eating habits, leading to an increased demand for minimally processed and additive-free options. This shift in consumer preferences aligns with the growing awareness of the impact of processed foods on health and wellness.

Trends in the market: In Puerto Rico, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is experiencing a shift towards sustainability and traceability. This is driven by consumer demand for ethically sourced and environmentally friendly products. As a result, companies are implementing more sustainable practices in their production processes and using technology to track the journey of their products from source to consumer. This trend is expected to continue, with potential implications for industry stakeholders including increased competition, changes in consumer preferences, and potential regulatory changes to ensure sustainability standards are met.

Local special circumstances: In Puerto Rico, the Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market is heavily influenced by the island's geographical location and cultural heritage. With a strong fishing tradition and access to a variety of seafood, Puerto Rico offers a unique blend of traditional and modern processing techniques. Additionally, the market is regulated by the Puerto Rican Department of Agriculture, ensuring high quality standards and sustainable practices. These factors contribute to a diverse and dynamic market, with a focus on fresh and locally sourced products. Furthermore, the island's strong tourism industry also plays a significant role in driving demand for processed fish and seafood, as visitors seek out authentic and fresh Puerto Rican cuisine.

Underlying macroeconomic factors: The Processed Fish & Seafood Market of the Fish & Seafood Market within The Food market market in Puerto Rico is impacted by various macroeconomic factors. These include global economic trends, such as changes in consumer preferences and trade policies, which can affect the availability and demand for processed fish and seafood. The national economic health of Puerto Rico also plays a crucial role, as the country's GDP growth and inflation rates can impact consumer spending power and overall market performance. Fiscal policies, such as taxes and subsidies, can also influence the cost of production and pricing of processed fish and seafood products. Other relevant financial indicators, such as exchange rates and interest rates, can also impact the competitiveness of Puerto Rico's processed fish and seafood market in the global market.

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.