The global seafood market is projected to grow at a CAGR of 5.8% during the forecast period, 2020 to 2025.

  • The global demand for seafood is expected to witness a dramatic growth over the forecast period, and as predicted by the FAO that by 2030, on an excess value of 40 million additional tons of seafood, which is an increment of almost 30% will be required to meet the growing demand. As in the global population growth is a factor in this rising demand, along with this the growing per capita consumption followed by the affluent nations demand for imported seafood products is all set to stregthen the market further.
  • China is one the single larget market for seafood and has grown substantially over the past years. Furthermore, the growing consumption of China on the global fish markets and trade has intensified, leading to an intensive supply chain towards the region. Accoridng to FAO, China’s per capita fish consumption grew to 33.1 kilograms per year in 2010 and has increased further. In particularly a sizeable increase in aquaculture production within the country, has led the country to keep in pace with the consumption demand from the population along with an income growth.



Key Market Trends

Strong Inclination toward few Seafood Products owing to higher Nutritional Benefits and consumer appeal

Factors, like high per capita consumption, increased import of edible seafood, strong penetration of organized retail, along with foodservice industry, rising consumer expenditure on various seafood dishes like sushi, are some of the major factors behind the growth of the market studied. For instance, United States is one of the largest importers of seafood by value. The total import value of edible and nonedible fishery products was USD 40.3 billion in 2018, an increase of USD 1.9 billion or 5% compared with 2017. This, figure clearly depicts that there has been a significant demand for seafood across the United States, which is increasing year-by-year.

Moreover, as per US Commercial Fisheries and Seafood Industry, approximately 80% of total catch seafood, i.e., fresh and frozen are consumed as a human food, which proves that there’s a significant demand for seafood across the country.Furthermore, owing to significant demand for seafood across these countries, apart from manufacturers, even retailers have introduced their own seafood brands as a part of strategic expansion. For instance, Walmart Inc.

Increasing demand for seafood across food service industry in Asia Pacific region

Over the past years, Asia Pacific has grown to be one of the promient markets for food service restaurants, owing to opportunities facilitated by the developing economies. Furthermore, in recent years, the level of online ordering from restaurants is increasing at a remarkable rate thereby availing opportunities for the restaurants to scale up their sales channels & revenue.

Across Asia Pacific, developing economies such as China and India are becoming the centers of some of the most popular fish related cuisines in the world. That being said, the country has a strong tradition of making and consuming authentic fish related dishes, that can be witnessed by the level of offerings across restaurants menu. Along with this, the rising demand of organized food services and growing trend of out-of-home dining in the markets are expected to boost the growth of sea foods along with premium servings that includes crustaceans, across both quick serivce and full serivce restaurants.

Competitive Landscape

Major Players operating in the market are concentrating on augmenting their product offerings, thus producing a wider range of seafood products, such as fillets, portions, rings, and others. Moreover, the product ranges of key players are dominated by fillets and portions, owing to high cosumer demand from these countries as they are highly used in the foodservice as well as retailed sectors.

Some companies have also been involved in strategic collaborations with digital marketing and other companies to improve their supply chain and management efficiency. Also, these initiatives help the retailers to trust the products and secure the farming for long-term industry growth. Merger and acquisition strategies, followed by expansion, are some of the most preferred strategies among the seafood industries globally.

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