The Seafood market was valued 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. The fish segment was the largest contributor to the market with a value of USD 101,526.2 Million in 2019 and is estimated to reach USD 125,914 Million at a CAGR of 2.7% during the 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, foodservice and institutions. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and the Rest of the world. Based on the Seafood market analysis; by type, the fish segment was the most prominent category and is expected to remain dominant in the 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 the 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 the 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 the 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 is further fueling the growth of the market. Exclusive restaurants providing exotic seafood cuisine and changing are the factors responsible for the growth of the Seafood market globally. There is a rising demand for sustainable and eco-friendly production of seafood to fulfill the rising demand for seafood in an ethical manner. Growth in the distribution networks and rising affluent class demanding for luxury food has caused 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 the 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 helped in driving demand within the Seafood market. It is imperative for the Seafood industry to summarize seafood as an important part of its offerings. The need to reciprocate the demand of consumers of all ages and preferences has popularized seafood across the globe. The 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 an important consideration from the perspective of market growth.
Besides, the growing demand for 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 a 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 for organized food services and growing trends of out-of-home dining in the market are expected to boost the growth of the Seafood market along with premium services such as crustaceans, across both quick and full-service restaurants.
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