DUBLIN--(BUSINESS WIRE)--Sep 12, 2022--
The "Seafood - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Seafood Market to Reach $134 Billion by 2026
The global market for Seafood estimated at US$116.8 Billion in the year 2022, is projected to reach a revised size of US$134 Billion by 2026, growing at a CAGR of 2.9% over the analysis period.
Seafood, referring to edible marine and aquatic creatures including finfish, molluscs and crustaceans, has been an integral part of food for mankind since the beginning of evolution. Right from hunter-gatherer period through to modern civilization, fish and seafood remained a part and part of human food, and importance of seafood remains pivotal especially among communities living in and around coastal areas and large riverine systems.
Demand for seafood also arises from the restaurant and food service sectors. In the coming years, retail sales of seafood will be impacted by consumers` demand for meal solutions, and the availability of wider product choices that are good for health and easy to prepare. Newly introduced seafood species such as kobia, tilapia and barramundi will continue to attract consumer attention, thus, spurring-up overall sales.
Ground Fish, one of the segments analyzed in the report, is projected to record a 2.6% CAGR and reach US$37.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pelagics segment is readjusted to a revised 3.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.4 Billion in 2022, While China is Forecast to Reach $51.2 Billion by 2026
The Seafood market in the U.S. is estimated at US$6.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$51.2 Billion by the year 2026 trailing a CAGR of 3.7% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR.
Technological advancements made in production, processing, packaging & distribution of fishery and seafood products are wielding a strong positive influence on seafood demand patterns across the world. Leveraging high-tech improvements in processing technologies, a range of products are being offered in primary and secondary versions such as whole gutted fish, fillets, loins, kebabs, steaks and cutlets; and value-added variants such as grilled, marinated, pre-fried, smoked, salted, seasoned, dusted, breaded, and stuffed fish etc., are attracting more number of consumers.
Seafood consumption is also growing in developing and less developed countries in Asia-Pacific, Latin America, the Middle East and Africa. Rising per capita fish consumption in countries such as China, India and other East, South and Southeast Asian countries is driving overall seafood volume growth. Going forward, developing countries are poised to account for more than 80% of total new seafood consumption by 2030.
Tuna Segment to Reach $16.3 Billion by 2026
Tuna is considered to be the most favorite seafood in the west and accounts for nearly 25% of the total seafood consumption. Tunas are usually fast swimmers, covering thousands of miles in a few weeks. Tuna can be classified as white and light tuna. Out of the 12 different types of fishes that are sold as tuna only albacore is a white tuna.
The remaining species such as yellowfin, bigeye, bluffing, and skipjack are classified as light tuna. In the global Tuna segment, USA, Canada, Japan, China and Europe will drive the 2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.9 Billion will reach a projected size of US$9.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2026, while Latin America will expand at a 2.4% CAGR through the analysis period.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Seafood Market: Consumption Determined by Availability Rather than Affordability
- Asia-Pacific Leads the Global Seafood Sector
- Impact of COVID-19 and Looming Economic Recession on Seafood Industry
- COVID-19 Pandemic Disrupts Fish Trade with Dismal Demand and Supply Issues
- COVID-19 Pandemic Creates Notable Demand Vacuum in Seafood Industry
- As the World Stares at a Recession, Seafood Industry Prospects Dampen
- Leading Players in the World Seafood Market
- Recent Market Activity
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
- Seafood: Impacted by the Vagaries of Global Politics, Economics, and Weather
- Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
- Concerns over Depleting Fish Stocks Curtail Capture Production Volumes
- Aquaculture Market Continues to Soar Driven by Massive Production and Consumption in Developing Countries
- A Snapshot of Widely Consumed Fish Species
- Stable Economic Scenario to Underpin Volume Sales
- Steady Growth Projected over the Next Few Years
- Asia-Pacific: The Dominant Force in the Global Seafood Sector
- Seafood: An Edible Marine and Aquatic Commodity for Meeting Food Security and Nutrition Needs
- Aquaculture as a Viable Mode of Seafood Production Set to Replace Capture Production in the Long Run
2. FOCUS ON SELECT PLAYERS (Total 237 Featured)
- Amalgam Frozen Foods Pvt. Ltd. (AFFL)
- American Seafoods Company
- Austevoll Seafood ASA
- Cooke, Inc.
- Dongwon F&B
- Faroe Seafood
- Handy Seafood, Inc.
- Hansung Enterprise Co. Ltd
- High Liner Foods Incorporated
- Kangamiut Seafood A/S
- Lee Fishing Company
- Leroy Seafood Group
- Lyons Seafoods Limited
- Mowi ASA
- Pacific Seafood
- Phillips Foods, Inc.
- Princes, Ltd.
- Sajo Group
- Shanghai Fisheries Group Co., Ltd.
- Stolt Sea Farm
- Surapon Foods Public Company Limited
- Tassal Group Limited
- Thai Union Group PCL
- Tri Marine International, Inc.
- Trident Seafoods Corporation
- Young`s Seafood Limited
- Zhanjiang Guolian Aquatic Products Co., Ltd.
3. MARKET TRENDS & DRIVERS
- Growing Preference for Healthy, Nutritious, and Protein-Rich Diets Drive Healthy Demand for Seafood
- Seafood: A Primary Source of Omega-3 Fatty Acids
- The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
- Increasing Per Capita Seafood Consumption to Benefit Market Expansion
- Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
- Trans-Pacific Partnership (TPP): Supporting Growth of Seafood Industry
- Frozen Seafood Market: Advancements in Freezing Methods and Technologies Fuel Growth Prospects
- Retail Sector Growth Contributes to Sales Volume Expansion
- Products in Innovative Packaging Grab Consumer Attention
- Eco-Labeled Products in Demand
- Innovative Traceability Tools Improve Image of Seafood in Retail Channels
- Seafood Retailing Gains Momentum through Online and E-Commerce Platforms
- Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
- Canned Seafood Market Continues to Gain Traction
- Whie Low Value Fish Drive Volume Gains, High Value Fish Product Vital for Revenue Growth
- Crustaceans: Low-Volume, High-Revenue Generating Segment
- Molluscs: A Delicacy among Seafood Lovers
- Fishmeal & Fish Oil Remain Niche Revenue Contributors
- Scientific & Technological Advancements: Opportunity for the Market
- New Generation Processing Machines
- Innovative Technologies to Aid Sustainable Seafood Ecosystem
- A Glance at Select Product Innovations in Seafood Industry
- Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
- Key Issues & Challenges Hampering Growth Prospects
- Illegal, Unreported and Unregulated (IUU) Fishing
- Mislabeled Seafood
- Inadequate Fishing Policies
- Poor Storage Facilities
- Health Related Issues
- Production and Consumption Scenario for Select Fish & Seafood Species
- Fisheries: Among the Most Traded Food Commodities
- Packaging & Labeling
- Fresh Seafoods
- Frozen Seafoods
- Storing and Thawing
- IQF Packaging Frozen Fish
- Other Forms of Packaging Frozen Fish
- Other Seafood Categories
- Growing Preference for Healthy, Nutritious, Low-Fat, and Protein-Rich Diets Drive Healthy Demand for Seafood
- Brief Nutritional Data for Select Fish Species: A Snapshot
- The Vital Need to Meet Food Security Concerns of the Expanding Global Population Opens Up Growth Avenues
- Global Food Scenario: Fast Facts
- Increasing Per Capita Seafood Consumption to Benefit Market Expansion
- Surging Demand for Fresh/Live/Chilled Seafood Catapults the Category to the Dominant Position
- Popular Types of Fresh/Live/Chilled Seafood: A Snapshot
- Trans-Pacific Partnership (TPP) Lends Traction to Market Growth
- Advancements in Freezing Methods and Technologies Boosts Growth Prospects for Frozen Seafood
- Retail Sector Growth Contributes to Sales Volume Expansion
- Steady Demand for Safe and Convenient Seafood Sustains Market Growth for Prepared/ Preserved Seafood
- Cured Varieties Exhibit Fastest Growth
- Low Value Fish Drive Overall Volume Growth
- Molluscs: A Delicacy among Seafood Lovers
- Fishmeal & Fish Oil Remain Niche Revenue Contributors
- Exotic Seafood Preparations Focus on Delicate Flavors and Textures
- Scientific & Technological Advancements Strengthens Market Prospects
- Rising Awareness of Sustainable Procedures Drives Popularity of Small Scale Aquaculture
- Key Issues & Challenges Hampering Growth Prospects
4. GLOBAL MARKET PERSPECTIVE
- Global Politics, Economics, and Weather: Significant Impact on Seafood Industry
- Key Market Traits in a Nutshell
- Longstanding Growth Variables
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/h7j8rs
View source version on businesswire.com:https://www.businesswire.com/news/home/20220912005487/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
