According to our latest market study on “Seafood Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type (Fish, Crustaceans, Mollusca and Others), Product Type (Fresh, Frozen, Canned and Others), Distribution Channel (Supermarket & Hypermarket, Convenience Store, Specialty Store, Online, and Others),” the market accounted for US$ 158,910.17 million 2019 and is expected to grow at a CAGR of 2.9% during 2020-2027 to reach US$ 198,854.86 million by 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
As per the Food and Drug Administration, seafood encompasses all commercially obtained saltwater and freshwater fish, molluscan shellfish, and crustaceans. The demand for seafood is anticipated to witness a dramatic growth across the globe owing to its health benefits. Seafood provides numerous health benefits to consumers which drives seafood consumption among consumers. Rise in health consciousness among consumer’s further helps in market expansion. Seafood is a high-protein food, which is low in calories, total fat, and saturated fat. It consists of adequate amount of the essential amino acids to ensure healthy growth and optimal fetal development.
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Key players present in the global seafood market include American Seafoods Company LLC, Kangamiut Seafood A/C, Lee Fishing Company, Pacific American Fish Co. Inc., Royal Greenland A/S, Mowi ASA, The Union Group PCL, Grupo Nueva Pescanova, Trident Seafoods Corporation, and SeaPak Shrimp & Seafood Company. These companies are implementing new product developments and mergers and acquisitions to enlarge the customer base and gain significant market share across the world, which, in turn, permit the players to maintain their brand name globally.
Asia Pacific is expected to hold the largest share of the global seafood market during the forecast period. Countries in the region, such as Japan, China, and South Korea, have a traditional significance of fish in their cultures, and hence, the high demand for fish in these countries is likely to fuel the growth of the seafood market. In addition to fresh seafood, canned seafood is also highly embraced by the region’s population. For instance, tuna is highly popular among the Asian people attributed to its appealing taste and ability to blend well with multiple flavors. The canned tuna products penetrating the Asian market are exhibiting unique flavors apart from the conventional ones.
COVID-19 outbreak started in Wuhan, China, in December 2019 and has across the globe. The US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and Mexico are among the most-affected nations in terms of confirmed cases and reported deaths, as of November 2020. According to the WHO, there are ~50,676,072 affirmed cases and 1,261,075 death cases all around. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global food & beverages industry is one of the major businesses enduring supply chain breaks, and manufacturing disruptions due to lockdown and office shutdowns. China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories leading regions, such as Asia Pacific and Europe, is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the global seafood market growth.
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Market Insights
Increased Demand for Frozen and Canned Seafood
With the proliferating demand for processed seafood, the market for frozen and canned seafood products is skyrocketing across the globe. Frozen seafood products are processed before which aids in preventing the bacterial formation on the food products and increases their shelf life. Similarly, canned fishes are processed and preserved in a sealed airtight container made of aluminum or tin. Canned fish usually has a shelf life of one to five years. Canned seafood products are gaining immense traction among consumers owing to rising demand for convenience foods. The escalating consumer preference toward convenience foods indirectly favors the canned seafood products, such as canned tuna, canned salmon, and canned mackerel.
Product Type Insights
Based on product type, the seafood market is segmented into fresh, frozen, canned, and others. In 2019, the fresh segment dominated the market. Fresh seafood is highly preferred by the majority of the consumers owing to its health benefits. Various factors, such as sedentary lifestyle habits, rising income levels, increasing prevalence of chronic conditions, and escalating awareness about health and wellness, have resulted in a shift in individuals’ consumption patterns. Consumers are highly focusing on reducing or eliminating carbohydrate-loaded food products from their daily diet and include the consumption of protein-rich food items, such as fish. Consumers are heavily employing seafood, such as tuna and salmon, to prepare pasta, burgers, salads, tartar sauce, and other dishes that are consumed as a part of the daily diet. Attributed to increasing inclination of consumers toward seafood, hotels, and restaurants offer a wide variety of seafood dishes. To gain consumer attraction, chefs have perfected new recipes and dishes majorly made with fish, trout, and prawns. The popularity of these recipes has aided in the growth of the seafood market. The food industry needs to encapsulate seafood as a vital part of its offerings. The necessity to reciprocate to consumers of all ages and preferences has popularized seafood around the world.
Seafood Market, byType
Fish
Crustaceans
Mollusca
Others
Seafood Market, by Product Type
Fresh
Frozen
Canned
Others
Seafood Market, by Distribution Channel
Supermarket and Hypermarket
Convenience Store
Specialty Store
Online
Others
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