Newark, NJ, Feb. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fish and seafood market is expected to grow from USD 146.78 billion in 2018 to USD 206.89 billion by 2026 at a CAGR of 9.3% during the forecast period from 2019-2026.
From the past few years, the fish and seafood market has been witnessing the steady growth. One of the major factor driving the demand for fish and seafood is growing adoption of processed food, across the globe. Today, consumers have busy lifestyle, thus, consumers prefers processed food which is not only healthy but also convenient and saves a lot of time and efforts, as they are available in the ready to cook packaging.
Seafood includes fish, molluscs, crustaceans, other aquatic animals, aquatic plants and microphytes. Seafood is considered as an excellent source of essential fatty acids and therefore plays a crucial role in a healthy diet. It contains substantial amounts of protein, minerals, and vitamins. It is also low in saturated fats and is a significant source of omega-3 fatty acids, docosahexaenoic acid (DHA), and eicosapentaenoic acid (EPA). Such food products provide essential nutrients to infants and children and serve as a rich source of minerals like selenium, zinc, iodine, and iron.
Global fish and seafood market is expected to witness rapid growth over the forecast period, owing to rise in consciousness about the health benefits associated with seafood. In addition to this, growing demand of seafood through e-commerce is one of the driving factor, fuelling the growth of market. But depletion of wild fish stocks is anticipated to hamper market growth over the forecast period. However, rise in collaborations between foodservice providers and manufacturers is estimated to provide new opportunities in the global market which may influence the market growth.
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Key players operating in the global fish and seafood market include Pacific Seafood, Kangamiut Seafood A/S, American Seafoods Company, Phillips Foods, Inc., Trident Seafoods Corporation, Marine Harvest ASA, Thai Union Group PCL, HIRO, Lee Fishing Company, and Leigh Fisheries among others. To enhance their market position in the global fish and seafood market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership. Major players are continuously focused on new product developments and venture capital investments to obtain market share.
- For instance, in October 2019, Pacific Seafood Group, announced the launch of new value-added line of frozen and seasoned shrimp in 31-40 count sizes, and be made available in two flavours; scampi and honey jalapeno. These products are available in 20/16 oz. retail bags.
- In October 2019, Thai Union Group PCL announced the plan to launch “zero fishmeal product range” in 2020, as a part of Thai Union’s feedmill “action plan”.
- In September 2019, Phillips Foods, Inc., announced the expansion of its production of meat and seafood soups at a new 15,000-square-foot facility in the US state of Maryland.
- In July 2019, Foodstuffs, New Zealand's biggest grocery distributor, announced the acquisition of Leigh Fisheries and its quota, to bring more value to quality seafood.
The salmonids segment hold the largest market share and valued at USD 43.59 billion in 2018
The type segment is classified as cephalopods, flatfish, crustaceans, molluscs, groundfish, salmonids, tuna, pelagics, and others. The salmonids segment hold the largest market share and valued at USD 43.59 billion in 2018. The salmonids fish segments offer various added benefits such as high proteins, vitamins, and fatty acids. Increasing awareness among consumers pertaining to the health benefits offered by salmonids is expected to expand its demand in the near future.
The retail segment held the highest market share of 49.20% in 2018
The sales channel segment is divided into segments such as retail, foodservice and institutional. The retail segment is dominating the market with the highest share of 49.20% in 2018 due to the increasing preference of people for shopping food products from stores rather than online portals. In addition, fresh seafood availability in the supermarket and hypermarket is expected to supplement the growth of the retail segment in the near future.
The chilled segment is dominating the market with the highest share 51.20% in 2018
Retail market variety segment includes frozen, ambient, and chilled. The chilled segment is dominating the market with the highest share 51.20% in 2018. Increased demand for quality food, growing health consciousness among people, and changing demographics are the main factors fuelling the growth of this segment.
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Regional Segment Analysis of the Fish and Seafood Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region held the largest market share and valued at USD 60.47 billion in 2018. This is mainly due to the rise in population plus a large number of people who consume fish across the region. In addition to this, countries like India, Japan, Thailand, China, Australia, Bangladesh, Singapore, and Malaysia are the key contributors to the growth of the market. North America is a rapidly growing region in the global fish and seafood market. This is mainly attributed to growing demand for processed fish and seafood in the countries such as U.S. and Canada.
About the report:
The global fish and seafood market is analysed on the basis of value (USD Billion), volume (Kilo Tons), export (Kilo Tons), and import (Kilo Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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