The Global Seafood market was valued at USD 180.15 Billion in 2021 and is expected to grow at a CAGR of 9.40% during the forecast period of 2023-2028. Over the next ten years, there will likely be a significant increase in the total amount of seafood consumed worldwide, which has increased at a rate twice as fast as population growth. Price, health and food safety, and quality level will continue to be the primary influences on how much fish is consumed globally; this is the dominant prevailing trend.
A huge obstacle to the commercial development of these food trends is price sensitivity. Even concerned consumers are constrained by their budgets when choosing fish, and this will impact whether premium pricing is appropriate. Choices for local seafood versus foreign seafood products will be influenced by similarities, traditions, and unique production techniques that differentiate them apart in domestic and international markets.
The consumer trend of emphasizing healthful and low-fat foods as well as the rising popularity of Asian cuisine like sushi are the main factors driving seafood consumption globally. The demand for marine proteins is rising for a number of reasons in both developed and developing countries. High demand driven by urbanization and rising incomes, an increase in fisheries and aquaculture production, advancements in post-harvest techniques, and an expansion of product distribution channels is the leading reasons for the rise in global consumption. Changes in eating trends will also increase demand as people are putting more emphasis on good nutrition, diet, and health.
The demand for fish and other seafood is expected to rise as a consequence of advances in aquaculture production, decreasing costs, and shifting cultural preferences. The transition to sugary and fatty foods, as well as nutritional concerns and non-communicable diseases that are emerging in developing regions, could all be addressed by increasing the supply of seafood and diverting export markets of seafood towards domestic consumption in some countries, such as India and Chile.
Scope of the Report
• The report analyses the Seafood Market by Value (USD Billion).
• The report analyses the Seafood Market by Volume (Million Tonnes) for the global and regional markets.
• The report presents the analysis of the Seafood market for the historical period of 2018-2021, the base year 2022 and the forecast period of 2023-2028.
• The report analyses the Seafood Market by Seafood Type (Fish, Shrimp, Crustacean, Other Seafood).
• The report analyses the Seafood Market by Seafood Form (Fresh/chilled, Frozen/canned, Processed).
• The report analyses the Seafood Market by Sales Channel (Supermarket/hypermarket, Convenience Store, E-commerce)
• The Global Seafood Market has been analysed by countries (United States, Canada, Brazil, Mexico, Germany, France, United Kingdom, Spain, Italy, China, Japan, India, Indonesia, South Korea, Thailand).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by Seafood Type, by Seafood Form, by Sales Channel.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Thai Union Group PLC, Mowi ASA, Mitsubishi Corporation, Nissui Corporation, Maruha Nichiro Corporation, Leroy Seafood Group, Atlantic Sapphire, Charoen Pokphand Foods Public Company Limited, SalMar Group, Austevoll Seafood ASA.
Key Target Audience
• Seafood Farmers/ Producers/ Vendors
• Supply chain Distributors
• Consulting and Advisory Firms
• Research and Development Organizations
• Government and Regulatory Authorities