Seafood Market Overview:
Global Seafood Market was valued at $120,848 million in 2016, and is expected to reach $155,316 million by 2023, registering a CAGR of 3.6% during the forecast period. Fish & seafood is largely consumed in Asia-Pacific, with over two-thirds share in the global market. Rise in consumer awareness about healthy nutrition is expected to boost the global seafood market growth during the forecast period.
The global seafood market is driven by increase in population, rise in disposable income of consumers, and growth of high end and premium seafood. In addition, surge in consumption of seafood as one of the premium food products is expected to augment the demand for seafood across the globe. However, depletion of wild fish stocks is expected to hamper the market growth during the forecast period. Conversely, increase in collaborations between manufacturers and foodservice providers is estimated to provide new opportunities in the global market.
Global Seafood Market: Segmentation
The global seafood market is segmented based on type, retail market variety, sales channel, and geography. Based on type, it is divided into cephalopods, crustaceans, molluscs, flat fish, ground fish, salmonids, tuna, pelagics, and others (marine fish and aquatic products). On the basis of retail market variety, it is classified into ambient, frozen, and chilled. Based on sales channel, it is categorized into retail, foodservice, and institutional. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pockets
In 2016, the salmonids and flat fish segments accounted for over one-tenth share of the global market. The salmonids and flat fish segments are the top investment pockets, as they offer various added benefits such as, high proteins, vitamins, and fatty acids. Increasing awareness among consumers pertaining to the health benefits offered by salmonids is anticipated to augment its demand in the near future.
Asia-pacific Seafood Market
The consumption of seafood in Asia-Pacific is expected to rise, owing to growth in population, ease of availability of seafood, and stable economic growth. Seafood is widely accepted by the Australian, Indian, and Chinese customers, as they are relatively cheaper and convenient option for diet. Changes in standards of living and growth in aquaculture production are the primary factors driving the market growth in the Asia-Pacific region. The retail segment is anticipated to hold a significant share in the Asia-Pacific seafood market.
Asia-Pacific Seafood Market, by Retail Sales Channel, 2016-2023 ($million)
The demand for fishmeal and fish oil is expected to witness significant growth due to fast expansion of the global aquaculture market. The key players have adopted product launch as their key strategy to gain significant share in the market.
The key players profiled in the report include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai Union Group PCL, HIRO, Lee Fishing Company, and Leigh Fisheries.
The other players not profiled in the report include Grupo Freiremar, Morrisons, Seattle Fish Company, Tesco PLC., True World Foods, Grieg Seafood, Metro Seafood, Midseas Corp., and Ocean Fresh Seafoods.
- The report provides an extensive analysis of the current trends and emerging estimations in the global seafood market.
- In-depth analysis of the industry is conducted through market estimations of key segments from 2017 to 2023.
- Competitive intelligence of leading manufacturers & distributors of seafood helps in understanding the competitive scenario across geographies.
- Comprehensive analysis of factors that drive and restrain the market growth is provided in the report.
- Extensive analysis of the industry is conducted by following key product positioning and by monitoring the top competitors within the market framework.
- The key players are profiled along with their strategies to determine the competitive outlook of the market.
Seafood Market Key Segments:
- Flat Fish
- Ground Fish
- Others (Marine Fish and Aquatic Products)
By Retail Market Variety
By Sales Channel
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA