Rise in awareness regarding health benefits associated with seafood, change in lifestyle and consumer preference, and disposable income of people propel the growth of the global seafood market.
PORTLAND, Oregon, May 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Seafood Market by Type (Fish, Crustaceans, Mollusca, Others), and By Application (Retail, Institutions and Food Service): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global seafood industry was estimated at $159.31 billion in 2019, and is anticipated to hit $193.91 billion by 2027, registering a CAGR of 2.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in awareness regarding health benefits associated with seafood, change in lifestyle and consumer preference, and disposable income of people fuel the growth of the global seafood market. In addition, the extensive availability of a variety of different species boost the market growth. On the other hand, depletion of wild fish stock impedes the growth to certain extent. However, surge in collaboration between manufacturers and food service providers anticipates to create lucrative opportunities in the near future.
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COVID-19 scenario-
- Seafood market has witnessed a slide during the pandemic. The demand for fresh seafood has plummeted as hotels, catering services, and restaurants have shuttered.. On the other hand, trading services have been faltered due to the restrictions imposed on transportation.
- While major seafood companies in developed economies trying to deal with the dropping demands, disrupted supply chains, and limited cold storage capacity, the small scale fishermen, on the other hand, are facing the consequences more severely.
- The sectors consuming a large amount of seafood including EU, US, China, and others have been under complete lockdown. However, in certain regions, governments are working to simplify entrance procedures for food products by offering digital certificates.
- The World Health Organization (WHO) and other organizations including the European Union are also working and supporting to continue the trade of food and essentials.
The fish segment to dominate by 2027-
Based on type, the fish segment contributed to more than three-fifths of the global seafood market share in 2019, and is expected to lead the trail by the end of 2027. Furthermore, the same segment is anticipated to manifest the fastest CAGR of 2.7% from 2020 to 2027. Rise in demand for fish due to the health benefits associated with its consumption drives the growth of the segment.
The retail segment to maintain the dominant share-
Based on application, the retail segment accounted for more than two-thirds of the global seafood market revenue in 2019, and is expected to rule the roost till 2027. The improvement in infrastructure of supply channels and increase in affordability of seafood products through various retail channels, including both online and offline channels augment the growth of the segment. In addition, one stop solutions provided by large retail stores and discounts offered by these stores increase their popularity among the populace, which further boosts the growth. However, the food service segment would manifest the fastest CAGR of 2.8% during the study period. Increase in popularity of food service establishments coupled with superior services offered by these establishments including home delivery option, busy schedule of consumers, and rapid increase in fast food restaurants drive the segment.
Asia-Pacific to rule the roost, North America to grow considerably-
Based on region, Asia-Pacific generated the highest share in 2019, holding around two-third of the global seafood market. In addition, the region is projected to portray the fastest CAGR of 2.7% from 2020 to 2027. This is due to surge in disposable income, increase in trend of dining out, and rise in number of fast food restaurants in this region. Simultaneously, North America would register the CAGR of 1.6% by 2027.
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Key players in the industry-
- Kangamiut Seafood A/S
- American Seafoods Company
- Phillips Foods, Inc.
- Pacific Seafood
- Trident Seafoods Corporation.
- Thai Union Group PCL
- Lee Fishing Company
- Leigh Fisheries
- Marine Harvest ASA
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