Seafood Market Valuation to Reach USD 193,913.8 Million by 2030 at 2.4% CAGR - Report by Market Research Future (MRFR)

Seafood Market Research Report Trends and Insights Information by Type (Fish, Crustaceans, Mollusks, and others), by Category (Dried Seafood, Salted Seafood, Smoked Seafood, Frozen Seafood and others), by Distribution Channel (Store, Non-Store) and Region - Competitive Market Growth, Size, Share and Forecast to 2030

New York, New York, UNITED STATES

New York, US, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Seafood Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), Seafood Market Information By Type, Category, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 193,913.8 Million by 2030 at a 2.4% CAGR.

Market Synopsis:

The term "seafood" describes any edible aquatic animal that is not a mammal, including both oceanic and freshwater species. Providing more than 15% of the protein consumed by the world's population, fish and other seafood are considered essential nutrients for humans after cereals. For many customers, seafood is a significant source of protein in their diets. One of the food industries with the fastest global growth is fishing. Numerous species are employed to produce different types of seafood due to the broad variety of environmental and climatic conditions in aquaculture environments worldwide. In recent years, the world's seafood business has expanded quickly.

The seafood market is expanding primarily due to rising consumer interest in seafood dishes and the nutritional advantages of seafood. Due to their low cost and high nutritional value, shrimp are a preferred seafood to prepare at home or order in restaurants, and their popularity has grown among customers. On the other hand, due to increased prices and a decrease in supply, other marine items, including salmon, tuna, crabs, and lobsters, are finding it difficult to hold onto a larger market share. The high levels of protein and other essential seafood nutrients, including shellfish, fish, and other varieties, have sparked consumer interest.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 193,913.8 Million
Base Year2021
Forecast Period2022-2030
Historical Data2020
Forecast UnitsValue (USD Million)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Coveredby Type, Category, Distribution Channel and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Driversgrowing interest in seafood arrangements
dietary benefits associated with seafood

Market Competitive Landscape:

The principal contenders in the seafood market are:

  • Austevoll Seafood ASA (Norway)
  • Lyons Seafoods, Ltd. (UK)
  • Zhanjiang Guolian Aquatic Products Co., Ltd. (China)
  • Princes, Ltd. (UK)
  • Trident Seafoods Corp. (US)
  • Cooke Aquaculture, Inc. (Canada)
  • Thai Union Group PCL (Thailand)
  • Dongwon Group (South Korea)
  • Tri Marine International, Inc. (US)
  • Amalgam Enterprises (India)

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Market U.S.P. Covered:

Market Drivers:

The expansion of the seafood industry can be traced to consumer lifestyle changes and more understanding of the health advantages of seafood. Consumers who are not pescatarians are gradually altering their diets and greatly emulating them. Pescetarianism refers to eating vegetarian meals that contain seafood but exclude all types of meat, including beef, hog, chicken, and others. Due to customers' inclination for a healthy diet, this movement has been noticed. Meat and meat products can be unhealthy if consumed in large quantities since they frequently include harmful pesticides and chemicals. Customers are looking for other options as a result. The market is expanding quickly due to rising per capita demand, rising disposable income, and rising pescetarian consumer preferences worldwide.

Due to expanding health advantages, a rise in customers' good eating habits, and increased financial earnings, the trend for premium and high-end products has recently become more prominent. The industry has had to overcome many obstacles to maintain its place in the market; thus, it is important to push heavily for the consumption of products with the best nutritional profiles and the fewest negative environmental effects.

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Market Restraints:

The consumption of plant-based foods has increased as veganism has become more popular. Due to this aspect, producers of well-established fish markets are now concentrating more on introducing plant-based meat products, hurting market share. Additionally, vegan or plant-based meat is becoming more and more well-liked as celebrities begin to support and advocate veganism. The exhaustion of ocean species has constrained the market's growth; however, sustainable fishing may increase fish stocks to meet the growing demand. To tackle the inherent problems and further help the market become economically, fiscally, and socially sustainable, anglers and fish ranchers must work with processors, restaurants, retailers, wholesalers, and food service providers.

COVID 19 Analysis

The global seafood market is expanding to new heights in terms of production, distribution, and consumption. Due to changing dietary habits and increased awareness of the value of seafood-based goods, fish and other items are rising quickly. Due to the closure of manufacturing facilities and the decreased purchasing power of consumers, a shortfall in production capacity was seen because most countries were affected by the lockdown effects. Additionally, the pandemic phase's rise in home cooking made it easier to include such products in various cuisines, increasing their potential for expansion.

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Market Segmentation

By category, the market includes dried seafood, salted seafood, smoked seafood, and frozen seafood. By distribution channel, the market includes the store and non-store. By type, the market includes fish, mollusks, and crustaceans.

Regional Insights

Due to the abundant fish production in the region, the Asia-Pacific dominates the market with the highest percentage of the global seafood market. Since many countries in the Asia-Pacific have extensive beachfront areas, fish is a necessary component of the diet in many districts of the region. Fish is an essential part of cookery in places like Thailand and Japan, so it is consistently in demand. In addition, the region's population is also at an extremely critical level and rapidly urbanizing. The general improvement in the region's financial situation has been essential in raising discretionary salaries, which has increased fish consumption and interest.

The market grows as the economy gets better and disposable income increases. The global economy came to a standstill following the financial crises in Europe and China. However, the rapid economic growth that followed the crisis, particularly in developing nations, increased disposable income among middle-income groups, increasing the middle class. Additionally, the expansion of the market is driven by a rise in the disposable income of people in North America and the Asia-Pacific, as middle- and high-income consumers in metropolitan areas are changing their purchase patterns from necessary to premium products and services. This tendency encourages institutions and seafood suppliers to expand their offering of products and services to the seafood sector.

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