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Seafood Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Seafood Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6018874
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the seafood market include Grupo Pescanova; Marine Harvest ASA; Thai Union Frozen Products; Royal Greenland and John Westfoods.

The global seafood market is expected to grow from $240.63 billion in 2020 to $252.61 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $335.82 billion in 2025 at a CAGR of 7%.

The seafood market consists of sales of seafood by entities (organizations, sole traders and partnerships) that produce canned seafood, smoke, salt and dry seafood, eviscerate fresh fish, shuck and pack fresh shellfish, process marine fats and oils and/or freeze seafood. Establishments known as floating factory ships that gather and process seafood into canned seafood products are also included in this industry. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The seafood market is segmented into crustaceans; fish and other seafood.

Asia Pacific was the largest region in the global seafood market, accounting for 39% of the market in 2020. Western Europe was the second largest region accounting for 38% of the global seafood market. Africa was the smallest region in the global seafood market.

Fish processing establishments are using high pressure processing (HPP) technology to improve operational efficiency. HPP is a non-thermal technology in which the fish is submerged in a liquid placed in a pressure vessel and uses pressures of about 6000 times the average air pressure at sea level to pasteurize fish meat. High pressure processing replaces the need for heating fish produce and chemicals are used for fish preservation. It increases yield by 20-50% and saves processing time and costs. HPP effectively kills microbes and extends the shelf life of the processed fish by 2 to 4 times, without adversely affecting its freshness, flavor, color, texture and nutritional value. HPP technologies developed by Avure Technologies and Food Science Australia are being widely used in fish processing. The Seafood Company, a Singapore-based company, is using HPP technology for seafood processing.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the seafood manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the seafood manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. According to “The Agricultural Outlook” by the OECD and FAO, global cereal production was projected to increase by 13% by 2027. Crop production, farming activities and trade volumes will have to increase in order to meet increased population. Therefore, companies in this market are expected to benefit from rising demand for food and beverage products including seafood manufacturing market due to rising population, during the forecast period.

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