The ‘Global Fish and Seafood Market Report, Share, Size, Price, Demand, Analysis, Outlook and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global fish and seafood market, assessing the market on the basis of its segments like types, products, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7.4%
The superior taste of fish and seafood, along with the high nutritional content of the product, is driving the market demand. Fish and seafood contain high protein, omega-3 fatty acids, vitamin B12, and essential minerals, such as potassium and zinc. Hence, the increasing inclination of millennials towards fitness and bodybuilding is driving the fish and seafood market.
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In addition to this, consumption of seafood prevents chronic disorders such as heart failure, depression, and liver cancer, among others. In this regard, the increasing awareness about the benefits of the product is further increasing the demand.
Over the forecast period, the anticipated increase in the population is likely to propel the demand for fishes to cope with the growing nutritional requirements. Moreover, the rapid urbanisation across the emerging economies is leading to an increase in the footfall in supermarkets and convenience stores leading to augmented sale of canned and frozen fish products.
In terms of region, North America accounts for a significant share of the fish and seafood market. The market growth is being driven by the growing popularity of shrimp and tuna across the United States of America. Meanwhile, Europe is likely to witness stable growth owing to the steady demand for traditional fish-based dishes, such as fish and chips, across countries like the United Kingdom.
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Fish and Seafood Industry Definition and Major Segments
Fish and seafood is defined as a type of food which is derived from fishes or various sea animals, such as lobster, crab, sea horse, and octopus, among others. Humans have been consuming fish and seafood since the ancient times and this food is commonly utilised across major continents. Fish and seafood are high in protein and low in calories, which is a major driving factor for the fish and seafood market.
Based on type, the market can be segmented into:
On the basis of product, the market has been classified into:
- Fresh Fish and Seafood
- Canned Fish and Seafood
- Frozen Fish and Seafood
- Other Fish and Seafood
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fish and Seafood Market Trends
The key trends in the global fish and seafood market include the advancements in aquaculture due to the abundance of sea animals, such as shrimp and tuna. The emergence of innovative fish farming activities is bolstering the productivity, thereby, leading to a heightened market growth.
Meanwhile, the growing expansion of e-commerce industry is another crucial trend in the market. Seafood delivery platforms are accelerating the sale of raw fish, crabs, or prawn, among others. These platforms offer high quality sea meat, which is gaining traction among the population.
The increasing inclination of the population towards plant-based food products are likely to heighten the popularity of superfood seaweed, such as sea nuggets and weed burgers, thereby, adding further growth of market.
Moreover, the increasing dine-out activities among the active adults, to consume healthy and delicious sea food delicacies, are likely to boost the incorporation of oyster-based dishes in the menus. In addition to this, the increasing number of restaurant chains across the developing countries, attributable to the high economic growth, is anticipated to provide significant impetus to the market in the coming years.
However, the growing trend of veganism is likely to hinder the sale of fish, which might pose as a challenge in the market.
Key Market Players
The major players in the fish and seafood market report are:
- High Liner Foods Incorporated
- Leroy Seafood Group
- Lyons Seafoods Limited
- Mowi ASA
- Maruha Nichiro Seafoods Inc
- Thai Union Group PCL.
- Trident Seafoods Corporation
- Pacific Seafood
- Austevoll Seafood ASA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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