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Mercado vs. feira

In Portuguese, the words mercado and feira both translate to market in English, but they are used in different contexts. Here is a comprehensive breakdown of these two terms.

Mercado

A1
Mercado generally refers to a market as a physical place where a variety of goods are bought and sold, typically housed in a permanent structure. It can also refer to the broader concept of the marketplace or the economic market.
Ele foi ao mercado para comprar frutas e legumes.
(He went to the market to buy fruits and vegetables.)
O mercado financeiro está em alta esta semana.
(The financial market is up this week.)
Existe um mercado de flores no centro da cidade.
(There is a flower market in the city center.)

Feira

A2
Feira refers specifically to an open-air market, often temporary or periodic, where various merchants and vendors sell goods directly to consumers. It can also refer to fairs and exhibitions.
Aos domingos, uma grande feira na praça principal.
(On Sundays, there is a large market in the main square.)
Comprei artesanatos incríveis na feira de artesanato do bairro.
(I bought incredible handicrafts at the neighborhood craft fair.)
Vamos à feira de tecnologia no próximo mês.
(Let's go to the technology fair next month.)

Summary

In summary, mercado usually refers to a more permanent and structured place for commerce or even the concept of a marketplace, while feira pertains to temporary, open-air markets or special fairs.