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Seafood Market Expected to Reach $155,316 Million by 2023

 
 

quote The preference for seafood is expected to increase in Asia-Pacific, owing to change in lifestyle of people and rise in disposable income. China is a high growth market and has the capacity to pay more for premium and high-quality seafood. quote

Shankar Bhandalkar
Sr. Research Analyst, Food & Beverages at Allied Market Research

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According to a new report published by Allied Market Research, titled, "Seafood Market by  Type, Retail Market Variety and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2018–2025," the global seafood market size was $125,445 million in 2017 and is projected to reach $155,316 million by 2023, registering a CAGR of 3.6% from 2017 to 2023. Fresh seafood is rich in proteins, vitamins, and minerals, and provides numerous health benefits. Seafood is an excellent source of two important omega-3 fatty acids known as EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). Omega-3 fatty acids are essential fatty acids that are obtained from food and are required for the development of a healthy heart. EPA and DHA help to reduce the risk of cardiovascular diseases. These acids also contribute to brain and vision development. Increase in awareness about the health benefits associated with seafood driving the of global seafood market growth.

In addition, disposable income of individuals in North America and the Asia-Pacific has witnessed an increase, thus acting as a major driver for the market, as medium- and high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This seafood market trend favors suppliers & institutions to enhance their product & service line in the seafood segment. In addition, growth in population and extensive availability of different species of fish are expected to boost the demand during the seafood market analysis period.

However, depletion of sea species has restrained the growth of seafood market; however, sustainable fishing may again increase the supply of seafood to meet the emerging demand. Collaboration of fishermen and fish farmers to processors, distributors, retailers, restaurants, and foodservice providers is expected to provide a solution to resolving the environmental issues and further help in making the seafood market environmentally, economically, and socially sustainable.

Key Findings of Seafood Market:

  • In terms of volume, the ground fish segment accounted for the highest volume in the global seafood market in 2017 and is estimated to grow at a CAGR of 1.6% by 2023.
  • In terms of volume, the pelagics segment is projected to grow at the significant CAGR of 2.6% during the forecast period.
  • Based on retail market variety, chilled segment was the highest contributor to the global market in terms of value and estimated to hold half of the market share by 2023.
  •  In terms of value, the frozen segment accounted for around 31% of the seafood market share in 2017, growing at a CAGR of 1.8% from 2017 to 2023.
  • Chilled and frozen segments collectively accounted for about 85.6% of the global seafood market in 2017, with the former constituting around 54.8% share.
  • Based on sales channel, the retail segment was the highest contributor to the global market registering a CAGR of 3.4% during the forecast period.
  • Asia-Pacific accounted for a prominent market share in 2017 and is anticipated to grow at a CAGR of 4.1% throughout the forecast period.Based on region,

North America and Europe jointly accounted for about 27% share of the global market in 2017, with the former constituting around 12% market share. From growth perspective of seafood market, Asia-Pacific and LAMEA are the two potential markets expected to grow at significant CAGRs of 4.1% and 2.8%, respectively, during the forecast period.

The key players in the global seafood industry have strategically focused on product launch as their key strategy to gain significant share in the market. Some of the key players analyzed in the market are Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai Union Group PCL, Lee Fishing Company and Leigh Fisheries.

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quote Seafood Market by Type (Cephalopods, Crustaceans, Molluscs, Flat Fish, Ground Fish, Salmonids, Tuna, Pelagics, Others (Marine Fish and Aquatic Products)), Retail Market Variety (Ambient, Frozen, and Chilled), and Sales Channel (Retail, Foodservice, and Institutional) - Global Opportunity Analysis and Industry Forecast, 2017-2023 quote

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