The size of the seafood market will exceed approximately USD 210.4 billion by

Ottawa, Oct. 13, 2022 (GLOBE NEWSWIRE) — Recently released report on “seafood market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2022-2030”.

Seafood mainly refers to edible aquatic beings with the exception of mammals including freshwater and oceanic creatures. Fish and other seafood are among the vital foods for humans other than cereals, providing more than 15% of the protein intake of the population. The global seafood market has grown rapidly.

The fish segment was the largest contributor to the market with $101,526.2 million in 2019 and is expected to reach $125,914.3 million by 2030, at a CAGR of 2.7% during the period forecast.

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Key Knowledge:

  • The fish type segment captured 56% revenue share in 2021.
  • The retail app segment captured 69% revenue share in 2021.
  • The food services segment is poised to grow at a CAGR of 4.3% from 2022 to 2030.
  • The Asia-Pacific region accounted for a revenue share of approximately 39.6% in 2021.

Regional overviews

In countries like Thailand and Japan, fish is a staple in their diet. Also, the region has a critical population size that is modernizing at a rapid rate. The overall growth in the economic status of the region has been a significant factor in increasing usable wages, which has supported the growing utilization and curiosity for seafood. Asia-Pacific leads the market with the maximum share of the global seafood market owing to the large fish production in the region. Fish forms an irreplaceable part of the dietary habits in a large number of Asia-Pacific districts, as the nations have huge seaside borders.

Report Highlights.

  • Based on type, the fish segment has seen the strongest growth in the market until recent years. The fish segment is expected to hold a dominant market share over the forecast period as it is a high protein alternative and there is an increasing demand for the fish segment. Fish provides a diet high in protein and low in saturated fat. Vitamin A, vitamin B and omega-3 fatty acids are extremely essential for maintaining eye and brain health.
  • Based on an application, the retail segment is the biggest contributor to the market. The retail segment is expected to dominate the market over the forecast period. As there is increased disposable income and little time for cooking, the retail sector is expected to grow.

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Report scope

Report attributes Details
Market size in 2021 $163.1 billion
Revenue forecasts by 2030 $210.4 billion
CAGR 2.87% from 2022 to 2030
Year of reference 2021
forecast year 2022 to 2030
Key players Grupo Nueva Pescanova, Mark Food Inc., Inland Seafood, Kyokuyo Co. Ltd., Stone Seafood Company, Nippon Suisan Kaisha, Royal Greenland, Marine Harvest ASA, SeaPak Shrimp & Seafood Co., Cuulong Fish, Abba Seafoods, John Westfoods, EWOS Group, Charoen Pokphand Foods, Thai Union Frozen Products, Dongwon Industries C, Maruha Nichiro Corporation, Skretting, Trident Seafoods, Pacific American Fish Co. (PAFCO), Slade Gordon & Co., Austevoll, East Coast Seafood and others.

Market Ddynamic

Drivers

A few fish chains and restaurants have made progress in the international market, and this factor will support the growth and development of the seafood market. As a result, the revenue volume in the market is expected to increase at a significant speed. Seafood involvement in food centers is growing. A very large number of people like to eat fish over other foods, which is a major driver for the growth of the market. Additionally, waterfront residents offer dedicated trials to foster inventory chains for businesses and the fish trade. The growth of this market generally depends on the ease of obtaining fish from coastal areas.

Constraints

A combined effort of fish farmers with processors, retailers, wholesalers, merchants, restaurants and suppliers is needed to resolve natural barriers and additional support to make the market socially, environmentally and financially efficient. As a result, this has led to contribute to the growth of the global market. The depletion of ocean reserves has limited market growth; however, sustainable fishing helps expand the fish supply to meet growing needs.

Opportunities

The advancement in this fragment can be elaborated as the ease it gives to the preparation of the feast. In addition, the choice to rapidly expand the variety of developing consumption patterns and effectively contribute to market growth. A combined effort between manufacturers and food expert organizations depends on significant liberties being given to the development of the global seafood market size. However, the food administration department must grow at a pace higher during the forecast period.

Challenges

Incorrect naming of ocean floor examples and replacements of water body depths are hampering the growth of the seafood market. global market growth. An increase in the price of specific species such as shrimp, cod, salmon, herring, scallops, mackerel, squid, mussels and octopus affects the development of the seafood market. gaps in the inventory of artificially produced fish and salmon varieties have driven up the costs of fish in a global market.

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RECENT DEVELOPMENTS

  • December 2021 – An Indian AI known as Seafood Market Startup Boosted by Captain Fresh, has called for the closing of a Series B fundraising round with $40 million. The funds will be used to develop technological interventions and advanced technological integrations across the production and demand network. The innovations involve a trading marketplace, the application of artificial intelligence, automation and pricing, and quality assurance using AI “to move huge volumes with precision.”
  • February 2022 – a San Francisco-based seafood culture startup, unveiled a savings of $100 million in Series B funding. The round was organized by L Catterton, a private sector investment firm, including several big investors like Robert Downey Jr., Leonardo DiCaprio and others.

Market segmentation

By type

  • Fish
  • Shellfish
  • molluscs
  • Cephalopods
  • Groundfish
  • Salmonidae
  • pelagics
  • Tuna
  • Others

By request

  • Retailers
  • food service
  • Establishments

By nature

By origin

By end use

  • Food
  • Pharmaceutical
  • Beauty products
  • Industrial
  • Biotechnology
  • Household Retail

By category

  • Frozen seafood
  • Salted seafood
  • Dried seafood
  • Smoked seafood
  • Others

By distribution channel

  • Supermarkets/Hypermarkets
  • convenience stores
  • Specialty stores
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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