The fish and seafood market - Portugal

The global seafood market, which includes the fish distribution market, has been experiencing steady growth, with an expected CAGR of approximately 2.5% from 2020 to 2027, potentially reaching a value of $194 billion by 2027. Despite this growth, there are structural challenges such as the depletion of marine species, affecting sustainability and market dynamics. In 2017, 66% of global fish stocks were at ecologically sustainable levels, a decline from 90% in 1974. The seafood consumption trend has also been on the rise, with per capita consumption increasing from 6 kg in 1950 to 20 kg in 2018, influenced by factors like population growth, higher disposable incomes, and improved distribution channels. Portugal stands out with the highest per capita seafood consumption in the EU at 56.8 kg yearly, attributing to its cultural significance and culinary heritage. The Portuguese market is distinctive, with a preference for traditional products such as cod (bacalhau) and sardines, displaying cyclicality in demand especially during the holiday season. The market exhibits a concentration among a few large players, with small producers struggling to match up. In terms of trade, Portugal imports significantly more seafood than it exports, with Spain being its primary trade partner for imports (36.56%) and exports (61.38%) post-2020. The EU's Common Fisheries Policy (CFP) continues to manage the sector with mechanisms like TACs and MSYs to ensure sustainable fishing practices, and the country's foreign trade has remained steady with a coverage rate around 43% since 2015.

Trends in the Portuguese seafood market

In the analysis of the Portuguese seafood market, we observe a rapidly growing demand for seafood products. At the heart of this surge in consumption are factors like the steady increase in the world population, higher disposable income, changing lifestyles, and evolving food preferences. Despite this growth, challenges such as the depletion of marine species have surfaced, potentially slowing market progress. Portugal stands out in this market due to its strong fish culture, with per capita seafood consumption soaring to impressive heights. In fact, Portugal, with its consumption of around 56 to 60 kilograms per capita annually, ranks among the top consumers globally, far exceeding European counterparts like Spain, which stands at about 40 to 50 kilograms per capita. The seafood market in Portugal is estimated at a significant value, equating to roughly 1 to 2 percent of the country's GDP. The preference among the Portuguese is toward fresh seafood, which dominates consumption. A notable aspect of the market is the high demand for processed seafood, particularly cod, which is deeply enshrined in the cultural fabric of the country, signifying more than half of the processed fish and non-fresh seafood sales. As we look closer at the commercial landscape, the market is heavily influenced by a few large conglomerates. Over the past few years, the number of companies in the processing and conservation of seafood products has seen a decrease, an indication of market consolidation. In terms of the fishing fleet size, there has been a decline from 8,700 to about 7,700 vessels since 2008. From the demographic perspective, the average Portuguese fisherman is middle-aged, working mainly in the Northern or Central regions, which collectively account for more than half of the country's professional fishermen. On the foreign trade front, Portugal's market dynamics are quite pronounced. The nation is more inclined towards imports, with a coverage rate averaging around 43 percent. This entails that Portugal's imports of seafood significantly outnumber exports, with Spain being the primary source of these imports, followed by Sweden and the Netherlands. In conclusion, Portugal's fish distribution market is a testament to the country's robust appetite for seafood, a preference that's rooted in tradition and influenced by the vast array of products available across the globe. Despite structural obstacles and market consolidation, the demand for fish and seafood in Portugal is expected to maintain its upward trajectory, particularly for products like cod which have a special place in the Portuguese diet and culture.

Key Players in the Portuguese Seafood Market

The Portuguese seafood market showcases a dynamic blend of local heritage companies and influential international players that have captured significant market shares through their expertise in processing, distribution, and retailing. As we delve into this segment of the market, we spotlight the leading entities that have made their mark.

• Traditional Canneries Setting the Standard Firstly, Cofaco - Comercial e Fabril de Conservas SA stands out as a beacon of Portuguese tradition in seafood canning. Known for preserving a wide range of seafood, Cofaco has established a strong reputation for quality that resonates with the cultural affinity for fish such as the cherished bacalhau. Ramirez, another bastion of the Portuguese canning industry, echoes this rich heritage. As one of the oldest operating canneries in the world, Ramirez has preserved the time-honored flavors of Portugal, securing its place in the hearts and kitchens across the nation.
• Processing and Distribution Titans Nomad Foods Ltd from the United Kingdom penetrates the market with a vast portfolio of frozen seafood products. As a formidable force in the industry, Nomad Foods caters to a broad European audience, ensuring a consistent supply of processed seafood delights. Grupo Pescanova SA, hailing from Spain, further enriches the Portuguese market with a plethora of seafood offerings. Known for their commitment to quality, Pescanova has carved out a significant niche in both processing and distributing seafood products. Angulas Aguinaga SA, another Spanish entity, boasts a fusion of innovation and tradition in its product line. Specializing in unique seafood preparations, the company has adeptly responded to varying consumer tastes and preferences. Conserveira do Sul Lda remains a notable mention, representing Portugal's vibrant local scene. Though smaller in scale compared to its international counterparts, this company has cemented its presence through dedication to the authenticity and excellence of its processed seafood products.
• Supermarket Sector's Pinnacle Players Pingo Doce stands tall as a supermarket giant in the Portuguese landscape. Its extensive network of stores provides a vital link between consumers and a comprehensive selection of seafood. Pingo Doce's emphasis on quality and accessibility has made it a go-to destination for fresh and processed seafood shopping. These players, with their diverse strengths and specializations, collectively uphold the robust structure of the Portuguese seafood market. From traditional canning methods to global import and export operations, they each play an integral part in fostering a vibrant seafood culture that’s deeply ingrained in Portugal’s identity.

Inforamtion

• Number of pages : ~ 40 pages
• Format : Digital and PDF versions
• Last update : 01/04/2021

Summary and extracts

List of charts presented in this market study

• Seafood consumption
• Sales on the market for fish and fishery products
• Global trends in the status of marine fish stocks
• Use categories of fish and fishery products and per capita consumption
• Consommation de produits de mer frais des ménages (en valeur)
• Indice de Prix à la Consommation de Poissons
• Chiffre d'affaires des entreprises de préparation et de conservation de poissons, crustacés et mollusques
• Critères d'achat de poissons et fruits de mer
• Ventes de poisson et fruits de mer frais
• Ventes de poissons et fruits de mer transformés
• Part des ventes pour des produits de poisson transformés
• Google Trends pour le mot "bacalhau"
• Nombre d'entreprises dans la transformation et conservation de produits de mer
• Flotte de bateaux de pêche
• Part de chaque région dans le total de pêcheurs
• Principaux produits de la mer importés
• Répartition des lancements de produits
• Pays d'origine des importations de produits de la mer
• Pays de destination des exportations de produits de la mer