Dietary patterns across the globe have undergone significant transformation, partly, due to globalization and cross-culturalism. Food habits of various regions have intermingled, and seafood market has had a substantial gain from it. Market Research Future (MRFR) has extensively pointed out the key factors influencing the global seafood market revenue over the forecast period of 2018-2023 in its latest study. MRFR projects an upbeat, positive outlook for the seafood market in coming years.
Seafood is widely consumed across the globe on account of its taste and as well as health benefits. Being a lean protein, it is the preferred choice of weigh-watchers. Seafood has the right kind of fats, is rich in omega-3 fatty acids known as eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) which aid in the management of cardiovascular diseases. Seafood is prescribed by doctors to cater to the nutrition requirements of the body.
Seafood certification made mandatory by governments is likely to steer the market on a positive trajectory. Ratings have increased the acceptability of seafood products as they assure consumers about the safety of food which generates more demand.
Change in shopper attitude due to concerns such as sustainability and animal welfare have induced greater demand within the seafood market. Livestock production corresponds to greenhouse gas emissions and several other environmental consequences due to which seafood has been gaining significant traction as an alternative. Towering focus on healthy and sustainable food due to the growing influence of the media as well as influencers; consumers are progressively turning to seafood as a preferred choice of protein.
The ever-expanding restaurant sector and growing focus on seafood are also among major drivers of seafood demand growth. The preference for seafood has changed over the years. There is heightened demand for high-end products like hake, mackerel, squid, salmon, shrimp and prawn, trout, tuna, catfish, and lobster along with interest in exotic species. This is further accelerated by the rise in spending capabilities of consumers which is fueling the growth of the seafood market.
On the other hand, the growth of the market might be hindered by diseases in aquaculture, regulatory constraints, and growth of the veganism culture across the globe. Rising mercury levels in oceans have evoked major concerns among consumers which has led to a shift to sweet-water fish and this can hamper the growth of the market over the forecast period.
To get more info: https://www.marketresearchfuture.com/press-release/seafood-industry
Competitive Landscape
Trident Seafoods Corp. (US), Thai Union Group PCL (Thailand), Dongwon Group (South Korea), Princes, Ltd. (UK), Austevoll Seafood ASA (Norway), Zhanjiang Guolian Aquatic Products Co., Ltd. (China), Amalgam Enterprises (India), Cooke Aquaculture, Inc. (Canada), Tri Marine International, Inc. (US), and Lyons Seafoods, Ltd. (UK) are renowned players in the seafood market.
Segmentation
The seafood market has been segmented based on type, category, and distribution channel.
By type, the seafood market has been segmented into fish, crustaceans, mollusks, and others.
By category, the seafood market has been segmented into dried seafood, salted seafood, smoked seafood, frozen seafood, and others.
By distribution channel, the seafood market has been segmented into store-based and non-store based. The non-store-based segment has a limited market share as these channels tend to keep their price significantly higher as compared to supermarkets and hypermarkets. However, the non-store-based segment is anticipated to witness significant growth over the forecast period. The tendency among millennial consumers to indulge in ready-to-eat seafood preparations such as sushi through online channels is likely to drive the segment.
Regional Analysis
North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC) are the key seafood markets.
The APAC seafood market is the largest among all. Massive aquaculture production in the coastal areas of Eastern and South Eastern parts of Asia-Pacific is a key factor driving the growth of the market. Seafood is majorly consumed in Japan, Australia, and Thailand which bodes well for the growth of the market. Moreover, the presence of a sizeable seafood consuming population in the region coupled with an increase in spending capacity has driven the APAC seafood market.
Europe seafood market follows the APAC market closely. Growing preference for healthier meat options and increasing aquaculture in the region is boosting the market growth. Moreover, the presence of some largest seafood consuming countries in Europe such as Portugal, Germany, Spain, and Italy give Europe leverage over other regions. In countries such as Scandinavia and Norway, various indigenous local dishes are seafood reliant which induces demand for seafood.
North America market is driven by a shift in dietary trends and surging awareness regarding healthier meat options. The food service industry in the region is increasingly selling seafood due to the growing popularity of various seafood such as sushi, caviar, and others.
