Market delineation of fish species in Spain

Spain is the one of the most important markets for fish and shellfish within Europe and the world. Despite this, few attempts have been made to estimate demand relationships. This is largely due to the large number of species on the market. Before such studies can be conducted, inter-relationships between species need to be defined so that appropriate groupings can be established. In this report, the main fish species in the Spanish market are subjected to econometric testing in order to determine whether a sole market exists containing all the species, and/or to identify any sub-markets. The market delineation analysis is undertaken using a both bivariate and multivariate cointegration methodology.