Market Overview:
The global seafood market size was USD 358.68 billion in 2023 and is projected to grow from USD 386.73 billion in 2024 to USD 837.17 billion by 2032, exhibiting a CAGR of 10.14% during the 2024-2032 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, 2024-2032”.
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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.)
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.
Report Coverage:
The report highlights important trends expected to drive business growth in the coming years. It includes a detailed analysis of the major actions taken by leading companies to strengthen their market position. Additionally, it outlines the key factors likely to boost industry growth during the forecast period.
Drivers and Restraints:
Market Share to Rise Propelled by Increasing Advancements in Processing Techniques
The seafood market is growing because of the rising demand for processed food in developing countries and the increasing popularity of convenience food among millennials. There has been a notable increase in the demand for easy-to-cook products, supported by improved storage facilities and advancements in processing techniques.
However, the industry's growth might be slowed by the increasing consumption of plant-based foods.
Source: https://www.fortunebusinessinsights.com/industry-reports/seafood-market-101469
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 forming partnerships and agreements to expand their product reach. Many of them are also conducting research to develop new products. Other strategies include forming alliances, acquiring other companies, and merging with 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.