Global Seafood Industry Research 2017-2030 amid COVID-19

The Seafood market was value at USD 159.3 Billion in 2019 and is expected to reach USD 193.9 Billion by 2027 by registering a CAGR of 2.5 percent from 2020 to 2027. Fish segment was the largest contributor of the market with value of USD 101,526.2 Million in 2019 and is estimated to reach at USD 125,914 Million at a CAGR of 2.7% during forecast period.

The seafood market is segmented on the basis of type; it is divided into fish, crustaceans, mollusca and others (marine animals, roe and medusozoa). On the basis of product form; fresh & live, frozen, canned and chilled. On the basis of application, it is classified into retail, food service and institutions. Based on region, it is analyzed across North America, Europe, Asia-Pacific and Rest of the world. Based on the Seafood market analysis; by type, fish segment was the most prominent category and is expected to remain dominant in forecast period. Asia-Pacific holds the largest market share in the Seafood Market. Based on the application, the retail segment was the leading segment in Seafood market. The growth in this segment is attributed to the growing popularity of fish as a high protein alternative to meat. Moreover the demand of fish is supplemented by growing numbers of meat eaters and rise of awareness about the health benefits of eating fish. Although, the mollusca segment is expected to grow at 2.3 percent during the forecast period.

Competitive Landscape

The key players in this market are Pacific seafood, American Seafoods Company, Kangamiut Seafood A/S, Philips Foods Inc., Trident Seafoods Corporation, Thai Union Group PCL, Marine Harvest ASA, Lee Fishing Company and Leigh Fisheries.

Major players are focusing on augmenting their product offerings, hence producing a wider range of seafood products, such as fillets, portions, rings and others. The product ranges of key players are currently dominated by fillets and portions owing to the growing consumer demand from key countries as they are highly used in foodservice and retailed sectors.

Some companies are also being involved in strategic collaborations with digital marketing and other companies to improve their management and supply chain. These initiatives help the retailers to trust their products and secure the farming for long-term industry growth. Mergers and acquisition strategies along with expansion are some of the most preferred strategies among seafood industries globally.

Market Drivers

The key drivers of Seafood market are innovations and variations in Seafood dishes and demand for protein based and fat free food worldwide. Factors like growing per capita consumption, increased import of seafood, rising consumer expenditure are further fueling the growth of market.  Exclusive restaurants providing exotic seafood cuisine and changing are the some factors responsible for the growth of Seafood market globally. There is rising demand of sustainable and eco-friendly production of seafood to fulfill the rising demand of seafood in ethical manner. Growth in distribution network and rising affluent class demanding for luxury food has cause the demand to increase globally.

Presently several seafood restaurants have focused on offering sustainable seafood options such as Miya’s in the U.S. and Fisheries innovation in Scotland. These Seafood providers focus on sustainable seafood options like catfish and tilapia. These factors can collectively influence the growth in Seafood market.

Market Opportunities

Chefs have perfected new recipes and dishes primarily made with fishes, trout and prawns. The popularity of these types of recipes has help in driving demand within Seafood market. It is imperative for the Seafood industry to summarize seafood as an important part of its offerings. The need of reciprocate the demand of consumers of all ages and preferences has popularized seafood across the globe. Use of Tuna in making bagels, sandwiches and baguettes has also created fresh demand in this market. New seafood recipes have been introduced to people who are living in non-coastal and arid areas; this can be a important consideration on the perspective of market growth.

Besides, growing demand of Seafood in China and India has played a vital role in the growth of Seafood market. The Asia Pacific Seafood market is expected to grow at blistering pace as new sellers are consistently emerging in this market. Innovative farm practice, slaughtering and packaging techniques have made this market highly lucrative. Along with this, rising demand of organized food services and growing trend of out-of-home dining in the market are expected to boost the growth of Seafood market along with premium services such as crustaceans, across both quick and full service restaurants.