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 rise can be attributed to a range of factors including rising disposable income and surging per capita consumption.
Industry Growth Affected on Account of Changing Lifestyle Patterns
The pandemic period recorded a shortage in production capacity. Several countries registered changing lifestyle patterns and an escalation in the importance of seafood-based products. This impacted the growth of the market to some extent. However, the market registered a rising demand for nutritionally-rich products in the latter half of 2020. This favored industry expansion to a considerable extent.
Fish Segment to Register Substantial Surge Due to Various Benefits
On the basis of type, the market is fragmented into molluscs, crustaceans, fish, and others. The fish segment is expected to record a commendable share over the forecast period due to a range of benefits such as diversity and freshness. Based on region, the market can be subdivided into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Fresh Segment to Record Commendable Growth Owing to Surging Demand for Premium Products
On the basis of form, the industry is segmented into processed and fresh products. The fresh segment is anticipated to register appreciable growth considering the soaring demand for premium and natural products. Additional factors favoring the industry expansion comprise numerous health-imparting properties and various quality attributes.
Supermarkets/Hypermarkets Segment to Record Considerable Growth Due to Availability of Various Solutions
The supermarkets/hypermarkets segment is poised to depict substantial growth over the estimated period. The surge can be attributed to the changing lifestyle and growing urbanization. Additional aspects favoring segmental growth comprise the extensive availability of a range of solutions under a single roof.
The report provides an in-depth coverage of the significant trends that are poised to propel the business landscape over the forthcoming years. It further gives a comprehensive analysis of the vital steps taken by leading industry participants for the consolidation of their market position. Additional aspects include the key factors that are set to impel industry growth over the forecast period.
Drivers and Restraints:
Market Share to Rise Propelled by Increasing Advancements in Processing Techniques
Seafood market growth can be attributed to the surging demand for processed food in developing countries and the rising consumption of convenience food among millennials. The recent years have recorded a considerable upsurge in the demand for easy-to-cook products driven by the availability of well-equipped storage chains and increasing advancements in processing techniques.
However, the industry expansion is likely to be hampered by an increase in the consumption of plant-based foods.
Asia Pacific to Lead Driven by Rising Urbanization and Growing Population
Asia Pacific seafood market share is expected to record lucrative expansion over the coming years. The surge can be attributed to various factors including the growing urbanization trend and the growth of population. Europe is estimated to depict a notable surge over the forecast period. The escalation can be credited to the increased earnings and soaring working population.
Industry Players Strike Partnership Deals to Strengthen Market Position
Major seafood companies are entering partnership deals and agreements for expanding their product reach. Besides, various industry participants are undertaking research activities for the development of new products. Some of the additional initiatives include the formation of alliances, acquisitions, mergers, and others.
Key Industry Development:
June 2022 – Yummyli launched a new Android version app, dubbed ‘Yummyli by Uniflavor Foods’. The app will help customers to purchase high-quality mutton, chicken, and other ready-to-cook products.
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)