ID: MRFR/F-B & N/1439-HCR | February 2021 | Region: Global | 110 pages
Seafood Market Overview
The MRFR report suggests that the global seafood market will record healthy growth over the forecasted era from 2020 and 2027.
Seafood refers to edible aquatic animals, except mammals, including ocean and freshwater creatures. Fish and other seafood are considered one of the most vital foods for humans after cereals, supplying over 15 percent of the global population’s protein intake. The global seafood market has witnessed rapid growth in the past few years. The growth of the seafood market is primarily accredited to the growing interest in seafood arrangements and dietary benefits associated with seafood. The high protein content and other vital supplements of seafood such as shellfish, fish, and much more have led to increased interest among shoppers. Furthermore, the factors such as nonstop expansion sought after for high protein food, expanding globalization of the fish esteem chain, improvement of food innovation, rising development of the coordinated retail industry, and sound development of the food administration industry is also projected to boost demand for seafood across the globe. On the other hand, the increase in costs for certain species and deficiencies in the inventory of cultivated fish and salmon is anticipated to hamper the market’s growth over the coming years.
Both the local market for seafood and fares from India was hit hard by the worldwide COVID-19 situation. Eateries and shopping centers were closed the nation over in the lockdown time frame, prompting the decrease in sought-after fish. Travel and exchange limitations were likewise forced with an end goal to moderate the spread of the infection. As a result, weddings and huge scope festivities were put off, and public development was close to stopping for a while in 2020.
The fish and Seafood Market are rapidly arriving at its pre-COVID levels. A solid development rate is normal over the estimated period driven by the financial restoration in the greater part of the non-industrial countries. Notwithstanding, uncommon circumstances because of expected third and further waves are making a standpoint. This examination attempts to assess various situations of the COVID pandemic on the eventual fate of the Fish and Seafood Market from 2001 to 2028.
The interest in seafood across claim to fame cafés is expanding into developing at a sound speed lately. An enormous populace of individuals likes to eat fish over different foods, which is a significant driver of market interest. Moreover, beachfront locales are putting forth deliberate attempts to foster vigorous inventory chains for trading and providing fish. The development of this market generally relies upon the simplicity of securing fish from seaside districts. A few fish cafés and chains have advanced across the worldwide scene, and this factor will contribute toward market growth and development. Consequently, the all-out volume of incomes inside the worldwide Market is set to increment at a sensational speed.
An increase in costs for significant species like salmon, shrimp, fish cod, herring, squid, scallops, mackerel, mussels, and octopus affects the development of the Seafood Market. In addition, deficiencies in the inventory of cultivated fish and salmon have expanded the costs of fishes in a global market. Inaccurate naming of ocean bottom examples and substitutes for ocean depths is likewise impeding the development of the seafood market. High contamination caused by plastic waste and changing climatic conditions hamper the creation of fish and subsequently block the development of the worldwide Market.
An enhanced joint effort among makers and food specialist organizations is relied upon to give worthwhile freedoms to development for the worldwide Seafood Market Size. However, the food administration section must develop at a higher development rate during the estimated time frame. The development in this fragment can be described as the comfort it gives over the preparing feast. Also, the choice of home conveyances, quickly expanding the number of developing pattern of eating and effectively support the development of the market.
Exhaustion of ocean species has limited the market development; be that as it may, maintainable fishing may expand fish stock to satisfy the arising need. A joint effort of anglers and fish ranchers with processors, merchants, retailers, eateries, and foodservice suppliers is required to resolve the natural issues and further assist in making the market ecologically monetarily and socially economical. Accordingly, this lead, on the whole, to contribute toward the development of the worldwide Market.
Cumulative Growth Analysis:
Wise and imaginative bundling strategies and government rules are some key factors that have impacted the development of this market. Developing interest in high protein food sources, a wide assortment of alternatives, and the speed with which fish can be arranged are other indispensable elements supporting this market's development. Furthermore, with wellbeing and environmentalism getting increasingly more famous worldwide, there is a consistently developing interest for economically created moral fish.
Based on Type, this market is divided into cephalopods, shellfish, mollusks, level fish, groundfish, salmonids, fish, pelagic. The level fish portion is projected to enroll the quickest CAGR of 4.7% during the conjecture time frame. Notwithstanding, the groundfish portion held the biggest offer in 2017, offering more than one-fifth of the market.
By Retail Market:
Based on Retail Market Segmentation, this market is separated into surrounding, frozen, and chilled. The chilled section held the biggest offer in 2017, offering the greater part of the market. Also, the fragment is projected to show the quickest CAGR of 4.0% during the estimated time frame.
By Distribution Channel:
Based on Distribution Channels, this market is fragmented into retail, foodservice, and institutional. The retail fragment held the lion's offer in 2017, representing almost three-fourths of the market. In any case, the food service portion is required to enlist the quickest CAGR of 4.6% during the estimated time frame.
The Asia Pacific leads the market with the most elevated portion of the Worldwide Seafood Market because of the great creation of fish in the area. Fish makes up an indispensable part of the eating routine in numerous districts of the Asia Pacific as numerous nations have enormous beachfront regions. In nations like Thailand and Japan, fish is fundamental in cooking and, as such, is reliably sought after. Besides, the area has a really critical populace size which is urbanizing at a fast rate. The overall expansion in the area's monetary status has been key in expanding expendable salaries, which have prompted the expanded utilization and interest for fish. As per the Market Report, the wellbeing awareness and acknowledgment of fish as sound meat have additionally affected the development of the market in the district.
Major Market Players:
The Key Players of the Seafood Market:
Frequently Asked Questions (FAQ) :
Wide popularity, rising demand, awareness about the nutritional contents, and preference for maintaining a healthy diet among, are major tailwinds pushing the growth of the Global Seafood Market.
Asia Pacific holds the largest share in the Global Seafood Market, followed by Europe and North America, respectively.
Zhanjiang Guolian Aquatic Products Co., Ltd., Dongwon Group., Thai Union Group PCL, Princes, Ltd., Tri Marine International, Inc., Amalgam Enterprises, Cooke Aquaculture, Inc., Austevoll Seafood ASA, Trident Seafoods Corp., and Lyons Seafoods, Ltd., are some of the top players operating in the Global Seafood Market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global seafood market adopt to gain a larger competitive advantage.