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North America Seafood Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Product Type, and Distribution Channel

North America Seafood Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Product Type, and Distribution Channel

  • December 2020
  • 114 pages
  • ID: 6004221
  • Format: PDF
  • The Insight Partners
Up to $1000 off Until Feb 28th 2021

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The North America seafood market is expected to reach US$ 29,629.37 million by 2027 from US$ 22,526.38 million in 2019; it is anticipated to grow at a CAGR of 3.6% during 2020-2027.
As per the Food and Drug Administration (FDA), seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans.Rising per capita consumption, along with escalating demand for imported seafood products in the US and Canada, is strengthening the North America seafood market.

The demand for seafood products across specialty restaurants is growing at a high pace.Moreover, coastal regions are making efforts to develop advanced supply chains for the export and supply of seafood.

The growth of the seafood market highly depends on the ease of procuring seafood from coastal regions.Furthermore, the improvement in economic condition and gradual increase in disposable income levels also complement the market growth.

Mexico is witnessing strong urbanization trend, and it has boosted the disposable income of middle-income groups, subsequently changing the consumption preference from essential to premium food products among medium- as well as high-income consumers in urban areas. This trend propels seafood companies and suppliers to improve their products and services.
On the basis of product type, the seafood market is segmented into fresh, frozen, canned, and others.The fresh seafood segment holds the largest share of the North America seafood market.

Various factors such as sedentary lifestyle habits, rising income levels, increasing chronic disease prevalence, and escalating health- and wellness-related awareness have resulted in a shift in individuals’ consumption patterns.Consumers are highly focusing on reducing or eliminating carbohydrate-loaded food products from their daily diet and including the consumption of proteinecious foodstuff such as fish in it.

Consumers are adding tuna, and salmon, among others, in pasta, burger, salad, tartar sauce, and other dishes.Moreover, hotel and restaurant managements are leveraging this shift in preference and offering a wide variety of seafood dishes.

To gain consumer attraction, chefs have perfected new recipes and dishes majorly made with fish, trout, and prawns. The popularity of these recipes has aided in the demand for the seafood market. The food industry is likely to encapsulate seafood as a vital part of its offerings.
The North America seafood market is further segmented into the US, Canada, and Mexico.The US is dominating the seafood market in North America.

It is a primary market for seafood in North America, followed by Canada.According to the National Oceanic and Atmospheric Administration (NOAA), fishing and seafood consumption in the US increased in 2017, with the continuation of a growing trend of landings and value of US fisheries.

As per the “Fisheries of the United States” report released by NOAA, in 2018, Americans consumed average 16.1 pounds of seafood. Factors such as increased edible seafood import, high per capita consumption, organized retail and food service industry penetration, and growing consumer preference toward several seafood dishes such as sushi are among the significant factors that fuel the growth of the market.
American Seafoods Company LLC; Kangamiut Seafood A/C; Pacific American Fish Co. Inc.; Royal Greenland A/S; Mowi ASA; The Union Group PCL; Grupo Nueva Pescanova; Trident Seafoods Corporation; SeaPak Shrimp & Seafood Company are among the major players in the North America seafood market.
The overall North America seafood market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the seafood market.

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