Market Overview:
The seafood market size was USD 310.75 billion in 2021. The industry is expected to grow from USD 333.25 billion in 2022 to USD 605.46 billion by 2029, exhibiting a CAGR of 8.92% over the forecast period. The rise can be attributed to a range of factors including rising disposable income and surging per capita consumption.
This information is cited by Fortune Business Insights™ in its research report, titled “Seafood Market, 2022-2029”.
Segments:
Fish Segment to Register Substantial Surge Due to Various Benefits
On the basis of type, the market is fragmented into molluscs, crustaceans, fish, and others. The fish segment is expected to record a commendable share over the forecast period due to a range of benefits such as diversity and freshness. Based on region, the market can be subdivided into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Fresh Segment to Record Commendable Growth Owing to Surging Demand for Premium Products
On the basis of form, the industry is segmented into processed and fresh products. The fresh segment is anticipated to register appreciable growth considering the soaring demand for premium and natural products. Additional factors favoring the industry expansion comprise numerous health-imparting properties and various quality attributes.
Supermarkets/Hypermarkets Segment to Record Considerable Growth Due to Availability of Various Solutions
The supermarkets/hypermarkets segment is poised to depict substantial growth over the estimated period. The surge can be attributed to the changing lifestyle and growing urbanization. Additional aspects favoring segmental growth comprise the extensive availability of a range of solutions under a single roof.
Source: https://www.fortunebusinessinsights.com/industry-reports/seafood-market-101469
Report Coverage:
The report covers important trends that are expected to drive business growth in the coming years. It also provides a detailed analysis of the major actions taken by leading companies to strengthen their market position. Additionally, it highlights the key factors that will likely boost industry growth during the forecast period.
Drivers and Restraints:
Market Share to Rise Propelled by Increasing Advancements in Processing Techniques
The seafood market is growing due to increasing demand for processed food in developing countries and the rising popularity of convenience food among millennials. Recently, there has been a significant rise in the demand for easy-to-cook products, thanks to better storage facilities and advancements in processing techniques.
However, the industry expansion is likely to be hampered by an increase in the consumption of plant-based foods.
Regional Insights:
Asia Pacific to Lead Driven by Rising Urbanization and Growing Population
Asia Pacific seafood market share is expected to record lucrative expansion over the coming years. The surge can be attributed to various factors including the growing urbanization trend and the growth of population. Europe is estimated to depict a notable surge over the forecast period. The escalation can be credited to the increased earnings and soaring working population.
Competitive Landscape:
Industry Players Strike Partnership Deals to Strengthen Market Position
Major seafood companies are forming partnerships and agreements to expand their product reach. Additionally, many companies are conducting research to develop new products. Other initiatives include forming alliances, acquiring other companies, and merging with others.
Key Industry Development:
June 2022 – Yummyli launched a new Android version app, dubbed ‘Yummyli by Uniflavor Foods’. The app will help customers to purchase high-quality mutton, chicken, and other ready-to-cook products.
List of Key Players Mentioned in the Report:
- Nippon Suisan Kaisha Ltd. (Japan)
- Maruha Nichiro (Japan)
- Mowi ASA (Norway)
- Charoen Pokphand Foods Group (Thailand)
- Dongwon Group (South Korea)
- Marubeni Corporation (Japan)
- Mitsubishi Corporation (Japan)
- OUG Holdings (Japan)
- Thai Union Group Public Company Limited (Thailand)
- Trident Seafoods Corporation (U.S.)
