Market Overview:
The seafood market size was USD 310.75 billion in 2021. The industry is expected to grow from USD 333.25 billion in 2022 to USD 605.46 billion by 2029, exhibiting a CAGR of 8.92% over the forecast period. The rise can be attributed to a range of factors including rising disposable income and surging per capita consumption.
This information is cited by Fortune Business Insights™ in its research report, titled “Seafood Market, 2022-2029”.
Segments:
Fish Segment to Register Substantial Surge Due to Various Benefits
On the basis of type, the market is fragmented into molluscs, crustaceans, fish, and others. The fish segment is expected to record a commendable share over the forecast period due to a range of benefits such as diversity and freshness. Based on region, the market can be subdivided into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Fresh Segment to Record Commendable Growth Owing to Surging Demand for Premium Products
On the basis of form, the industry is segmented into processed and fresh products. The fresh segment is anticipated to register appreciable growth considering the soaring demand for premium and natural products. Additional factors favoring the industry expansion comprise numerous health-imparting properties and various quality attributes.
Supermarkets/Hypermarkets Segment to Record Considerable Growth Due to Availability of Various Solutions
The supermarkets/hypermarkets segment is poised to depict substantial growth over the estimated period. The surge can be attributed to the changing lifestyle and growing urbanization. Additional aspects favoring segmental growth comprise the extensive availability of a range of solutions under a single roof.
Source: https://www.fortunebusinessinsights.com/industry-reports/seafood-market-101469
Global Seafood Market Dynamics
Seafood Market Driver
The rise of the seafood sector has been aided by increased disposable money and awareness of the health and wellbeing benefits of eating sea fish. Some studies have demonstrated a clear correlation between the eating of fatty fish and heart disease. Fatty fish is a great option for individuals with heart problems since it has a good quantity of Omega 3 fatty acid chain, which is made up of EPA and DHA. The global fish sector is driven by the health advantages of seafood.
A major factor in the fish market's leadership is the rising participation of several new companies due to the various administrative authorities' schemes for seafood farmers and those who export processed products, which are developed in response to the growing demand for seafood.
Report Coverage:
The report provides an in-depth coverage of the significant trends that are poised to propel the business landscape over the forthcoming years. It further gives a comprehensive analysis of the vital steps taken by leading industry participants for the consolidation of their market position. Additional aspects include the key factors that are set to impel industry growth over the forecast period.
Regional Insights:
Asia Pacific to Lead Driven by Rising Urbanization and Growing Population
Asia Pacific seafood market share is expected to record lucrative expansion over the coming years. The surge can be attributed to various factors including the growing urbanization trend and the growth of population. Europe is estimated to depict a notable surge over the forecast period. The escalation can be credited to the increased earnings and soaring working population.
Competitive Landscape:
Industry Players Strike Partnership Deals to Strengthen Market Position
Major seafood companies are entering partnership deals and agreements for expanding their product reach. Besides, various industry participants are undertaking research activities for the development of new products. Some of the additional initiatives include the formation of alliances, acquisitions, mergers, and others.
Key Industry Development:
June 2022 – Yummyli launched a new Android version app, dubbed ‘Yummyli by Uniflavor Foods’. The app will help customers to purchase high-quality mutton, chicken, and other ready-to-cook products.
List of Key Players Mentioned in the Report:
Nippon Suisan Kaisha Ltd. (Japan)
Maruha Nichiro (Japan)
Mowi ASA (Norway)
Charoen Pokphand Foods Group (Thailand)
Dongwon Group (South Korea)
Marubeni Corporation (Japan)
Mitsubishi Corporation (Japan)
OUG Holdings (Japan)
Thai Union Group Public Company Limited (Thailand)
Trident Seafoods Corporation (U.S.)