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The global processed seafood market size experienced a crucial rise in the recent decade due to a surge in demand for convenience and nutritious food. Seafood is a high-protein food with low in total fat and calories have attracted health-conscious consumers attention. Presence of a large proportion of additional health benefit contents such as vitamins and minerals and essential fatty acids (omega-3 fatty acids) make seafood products highly preferred dietary sources by the consumers.
Rapid globalization in recent decades have received prominent attention of global market players and it also reduced the economic distance among the countries. The trend also significantly influenced the food choices of consumers across the world. Growth in the working population has changed the food habit as well as spending pattern of consumers, wherein busy lifestyle have begun to demand increased processed food to meet the diet habits. The global processed food sector that includes confectionery, beverages, food ingredients, dairy, frozen and convenience food etc., have seen tremendous growth in tandem with the changing food habits of consumers.
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China, U.S., Russia, Chile, and Norway were the top five frozen fish exporting countries in 2017. China is a major frozen fish exporter and its exports valued at US$ 2.74 billion in 2017, which has seen a growth of 3.8% (CAGR) during the period from 2012 to 2017. Increased global trade of seafood and strict trade regulations have escalated the need for adoption of advanced processing techniques by international as well as local market players, which is further fueling the market growth of processed seafood.
Key market players operating in the global processed seafood market are focusing on the production of innovative processed seafood products. Mergers & acquisitions have also remained a prominent market strategy and have been adopted by several key market players to expand its product portfolio and global reach. Trident Seafood, Universal Seafood, Mowi ASA, and China National Fishery Corporation (CNFC) are some of the key players in the global processed seafood market growth.
Seafood processing is a crucial part of the seafood value chain, and it is essential to meet the growing world demand for processed seafood. Freezing, canning, smoking, and drying are some of the most common seafood processing techniques that are used worldwide. Scaling, slaughtering, filleting, and gutting are the most widely used equipment across the seafood processing industry.
Expanding global population and diversified demand for protein-rich food products across the world expected to boost the demand for processed seafood during the forecast period. Rapid urbanization has led to increased demand for processed food, as they offer convenience to the consumers; hence the factor is projected to fuel the processed seafood market share. Furthermore, the cost efficiency of processed seafood as compared to raw seafood is another crucial reason that can aid the market growth in the upcoming years.
Lack of advanced processing techniques and equipment for seafood processing can restrain the growth of the market. Furthermore, the shortage of well-equipped cold storage network, coupled with stringent governmental regulations and policies for fishing can hinder the market growth during the forecast period.
By Distribution Channel
By product type, the global processed seafood market segmented into frozen seafood, canned seafood, smoked seafood, dried products, and others. Frozen seafood segment is projected to be the dominant segment throughout the forecast period, due to increased demand for frozen food products across the globe. Increase in a number of producers and suppliers of frozen seafood and advancements in frozen food processing techniques is expected to aid the market growth in the upcoming years. Canned seafood segment is expected to witness a rapid rise during the forecast period, due to their increased demand across developed economies, such as the U.S.
Among the distribution channel, supermarkets/hypermarkets segment is anticipated to be the leading segment responsible for maximum sales of processed seafood. Huge consumer dependency on supermarkets/hypermarkets for the purchase of grocery products or processed edibles is expected to contribute significantly to the growth of the segment.
The Asia Pacific holds the major market share in the global processed seafood market, and it is projected to expand at a significant pace during the forecast period, owing to the presence of countries such as China, Vietnam, and others. According to the Food and Agriculture Organization of the United Nations (FAO), Asian countries will continue to remain the major exporters of fish for human consumption. Processed seafood market in Europe and North America (mainly U.S.) is projected to witness a steep rise in the forthcoming years, due to changing consumer consumption pattern across the regions and increased imports of seafood.
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