According to Fortune Business Insights 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 surge can be credited to various aspects including soaring per capita consumption and escalating disposable income.
Fortune Business Insights™ cites this information in its research report, titled “Seafood Market, 2022-2029”.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/industry-reports/seafood-market-101469
Segments:
Fish Segment to Record Notable Growth Owing to the Benefit of Freshness
Based on type, the industry is subdivided into molluscs, fish, crustaceans, and others. The fish segment is anticipated to register substantial expansion over the analysis period. The surge can be credited to various factors such as freshness and diversity. Considering the regional landscape, the market can be segmented into Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
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.)
Fresh Segment to Register Commendable Growth Owing to Various Health-Imparting Properties
Based on form, the market is fragmented into fresh and processed products. Of these, the fresh segment is poised to record lucrative expansion over the forecast period. The rise can be attributed to the escalating demand for natural and premium products. Some of the additional aspects favoring the market expansion comprise a range of quality attributes and various health-imparting properties.
Supermarkets/Hypermarkets Segment to Gain Traction Due to Increasing Urbanization
The supermarkets/hypermarkets segment is expected to record a notable surge over the analysis period. The rise can be attributed to increasing urbanization and changing lifestyle. Additional factors favoring segmental expansion comprise the wide availability of various solutions under a single roof.
Report Coverage:
The report provides an in-depth analysis of the prominent factors that are expected to impel industry expansion over the forecast period. It further gives a coverage of the major aspects that are likely to influence the industry landscape over the estimated period. Besides, the report gives an account of the significant steps taken by leading market participants for strengthening their market foothold.
Drivers and Restraints:
Market Growth to be Favored by Increasing Processed Food Demand in Developing Countries
Prominent factors favoring seafood market growth comprise the soaring processed food demand and the increasing convenience food consumption by millennials. Additional factors impelling product demand comprise the escalating advancements in processing techniques.
However, the market expansion could be hampered by the growing consumption of plant-based foods.
Regional Insights:
Asia Pacific to Emerge Prominent Owing to Rising Urbanization
Asia Pacific seafood market share is poised to register remarkable growth through the analysis period. The regional growth is being driven by numerous factors including increasing population and growing urbanization.
The Europe market is expected to record commendable growth over the estimated period. The rise can be attributed to the increasing working population and escalated earnings.
Competitive Landscape:
Leading Companies Ink Acquisition and Collaboration Agreements to Strengthen Industry Foothold
Prominent seafood companies are entering collaborative agreements for the enhancement of business prospects. Besides, various industry participants are adopting a range of strategic initiatives to gain a strong market footing. Some of the additional initiatives comprise increasing participation in trade conferences.
Key Industry Development:
September 2020 – The Island Institute and Luke Lobster’s inked a partnership for developing an e-commerce platform for farmed and wild seafood producers. The collaboration is aimed at enhancing the availability and production of scallops, crabs, lobsters, and other products.
