IMARC Group, a leading market research company, has recently released a report titled “Seafood Market Report by Type (Fish, Shrimps, and Others), Form (Fresh/Chilled, Frozen/Canned, Processed), Distribution Channel (Off Trade, On Trade), and Region”. The study provides a detailed analysis of the industry, including the seafood market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How much is the seafood market worth?
The global seafood market size reached US$ 346.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 433.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Global Seafood Market Trends:
Health-conscious consumers are increasingly recognizing the nutritional benefits of seafood. Seafood is a rich source of essential nutrients such as omega-3 fatty acids, high-quality proteins, and various vitamins and minerals. The growing awareness of these health benefits has led to a rising preference for seafood as a healthy dietary choice.
Globalization and advancements in transportation have made seafood more accessible across the globe. Improved cold chain logistics and efficient distribution networks enable the transportation of seafood from remote fishing grounds to consumer markets, ensuring a year-round supply.
Additionally, the seafood industry is witnessing innovations in sustainable aquaculture practices. Responsible aquaculture not only meets the increasing demand but also addresses environmental concerns. Consumers are inclined towards sustainably sourced seafood, which supports the preservation of marine ecosystems.
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Factors Affecting the Growth of the Seafood Industry:
- Consumer Preferences and Health Awareness:
The growth of the seafood market is significantly influenced by shifting consumer preferences and increased health awareness. As people become more conscious of their dietary choices, there is a growing demand for healthier, protein-rich food options, which positions seafood as a favorable choice. This shift is partly driven by the recognition of the health benefits associated with seafood, such as high levels of omega-3 fatty acids, which are essential for heart health, cognitive development, and overall wellness. Additionally, the rising popularity of diverse cuisines and gourmet cooking that prominently feature seafood also contributes to its increased consumption. However, consumer concerns about sustainability and ethical sourcing can affect purchasing decisions, thereby influencing market growth.
- Environmental and Sustainability Concerns:
Environmental and sustainability issues have a profound impact on the seafood market. The health of marine ecosystems directly affects the availability and quality of seafood. Overfishing, climate change, and pollution are critical concerns that can lead to the depletion of certain fish populations, impacting supply chains. Consequently, there is an increasing focus on sustainable fishing practices and aquaculture development to ensure a steady supply of seafood without harming marine ecosystems. The industry is also witnessing a rise in certifications and labels indicating sustainable practices, which are becoming important factors in consumer buying decisions. This trend towards sustainability is reshaping the market, as producers and suppliers adapt to meet these new environmental standards.
- Technological Advancements and Supply Chain Efficiency:
Technological advancements are key drivers in the growth of the seafood market. Innovations in fishing, processing, and packaging technologies have enhanced product quality, extended shelf life, and improved overall efficiency. Techniques such as flash-freezing preserve the freshness of seafood, allowing for longer transport distances and expanding market reach. Additionally, the integration of technology in supply chain management, including sophisticated tracking and logistics systems, ensures more efficient distribution and minimizes waste. This increased efficiency not only helps in meeting the rising global demand but also plays a critical role in maintaining the affordability of seafood products. However, the industry must continually adapt to technological changes to remain competitive and meet consumer expectations.
Seafood Market Report Segmentation:
By Type:
- Fish
- Shrimps
- Others
Fish represented the largest segment due to its widespread availability and diverse culinary applications.
By Form:
- Fresh/Chilled
- Frozen/Canned
- Processed
Fresh/chilled seafood represented the largest segment because of consumer preference for freshness and perceived quality.
By Distribution Channel:
- Off Trade
- On Trade
Off-trade channels dominated due to their extensive reach and convenience for bulk purchasing.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Asia Pacific emerged as the largest market, driven by high consumption rates and a rich tradition of seafood in regional diets.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- American Seafoods Company LLC
- Cermaq Group AS (Mitsubishi Corporation)
- Grieg Seafood
- Kangamiut Seafood A/S
- Lee Fishing Company
- Maruha Nichiro Corporation
- Mowi ASA
- Pacific Seafood
- Phillips Foods Inc.
- Royal Greenland A/S
- Sysco Corporation
- Thai Union Group PCL
- Trident Seafoods Corporation
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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